DafriGroup PLC Injects $5 Million Seed Funding in DafriBank
The latest investment is aligned with DafriGroup’s commitment to drive economic opportunities in cities across the African continent. The group targets startups, with high growth potential, using emerging technology tools to provide revolutionary solutions to meet modern challenges in underserved communities.
The $5 million investment will help launch DafriBank as a fully formed self-sustaining and innovative digital-only bank with a full range of products and services. In addition, the financing will support the development and expansion of the bank’s short and long term goals.
“DafriGroup is on a mission to ensure that Africa fulfils its economic potential by empowering businesses across the continent.” said the group Chairman Xolane Ndhlovu. “The board’s decision to invest in DafriBank rests on the massive potential embodied by its unique digital banking solutions turning one of the continent’s difficult challenge into a global business opportunity, and we are excited to see the bank become an industry juggernaut,” he said.
DafriBank’s CEO Ramaswamy Easwara also shared the following sentiment: ‘I am incredibly grateful to DafriGroup for this generous investment especially in this critical early stages of our development that will ensure we hit the ground running. This investment, along with our fully developed business plan, industry experience, and expertise will bring our goal of providing the best digital-banking services to fruition.”
About DafriGroup PLC
DafriGroup is a public limited company established in 2019 by Xolane Ndhlovu who currently leads the company as the chairman. The flagship of the company is DafriGroup PLC registered in South Africa, Nigeria, and Botswana with its headquarters in South Africa. The company has a diverse range of interests in multiple industries as evidenced by its fast-growing list of subsidiaries including UMEH, DafriTechnologies, DafriBank, DafriExchange, DafriAir, OMAHA Hotels, DafriEstate, Royal IVY, and UMEH Motors among others serving millions of customers in Africa and on a global scale. More Information can be accessed at www.dafrigroup.com
About DafriBank PLC
DafriBank is a multifunctional African digital-only bank that will provide a wide range of financial services including money deposits, transfers, exchange, to diversified clients. The Fintech company is set to launch in the 3rd Quarter of 2021 with headquarters in South Africa and will maintain offices in multiple locations all over Africa. Visit www.dafribank.com for more information.
