Awabah, the Nigeria-based startup providing pension access to Africa’s informal sector, has been accepted into the Techstars London accelerator programme.
The company broke the news in a press statement shared with reporters on Saturday.
The statement announced that Awabah will join nine others startups in the class of 2021 and have funds funnelled to them by the accelerator.
“Awabah, a digital platform providing pension access to Africa’s self-employed, today announced that it has been accepted into the Techstars London accelerator program,” the statement reads.
“The startup is dedicated to making micro-pension services available to those in the informal sector and those whose employers are not legally required to deduct and remit pension. It will join nine other startups in the class of 2021 and secure funding from the accelerator as it sets its sights on African expansion.
“The Lagos-based company, founded by Tunji Andrews, Tina Ajishebiyawo, and Gboyega Olatunde, is building wealth for Africa’s informal, particularly self-employed population by ensuring that they are able to plan for a dignified life after retirement.
“Awabah launched in November of 2020, signed up over 700 clients in its first two months, and has been dedicated to advancing the cause for future financial inclusion and security in Africa ever since.
“The company’s motto is that “people who know better can do better”. This means that building financial literacy is a big part of its customer acquisition strategy. It has leaned heavily on digital town hall meetings to meet, educate and acquire customers.
“In July 2021, the company raised $200,000 in angel backing from early-stage investors like ODBA and Co Ventures and Correlation Capital. This new funding helped Awabah to roll out its services in Lagos and Ibadan. The startup has plans to start providing services in 5 more Nigerian cities over the next 6 months.”