Jamborow, the blockchain-based fintech platform looking to offer financial services to the unbanked in Africa, has reportedly raised $400, 000 ahead of its Nigeria launch.
The new raise from its shareholders apparently comes just weeks before the startup is expected to close a seed funding as it prepares to launch in new African markets.
The Jamborow ecosystem leverages blockchain by helping small savings groups like Chamas in Kenya to enable them use immutable ledgers to save and transact. The fintech also employs smart contracts for KYC to onboard users.
Jamborow is the brainchild of three founders – Moses Onitilo, George Olusegun, and John Kamara, who trace their roots in Africa having lived and worked in the diaspora for over 20 years.
In a recent podcast exclusive interview with BitcoinKE, co-founder, Moses Onitilo, narrated the startup’s early beginnings, its vision, and how it seeks to employ blockchain to solve the problem of the unbanked on the African continent.
“Jamborow is a one-stop shop for financial inclusion,” said Onitilo during the interview.
Jamborow has already partnered with a local radio station in Nigeria to offer financial education and help benefit the grassroot community.
The startup has also partnered with Utu, the Kenyan-based, tokenized and decentralized trust infrastructure that is helping companies build on top of its trust engine infrastructure.
Jamborow is expected to go live in late June 2020. It already has partnerships in Nigeria, Tanzania, Kenya and Ivory Coast. In total, the startup claims to have partnerships in at least 7 African countries.
NB: BitcoinKE will continue to update this post in the coming days and weeks on the recent raise.
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