DOT

What they do:

Dot is one of Africa’s fastest growing neobanks committed to facilitating reliable and easily accessible financial services for retail and MSME customers on the continent. Their core mission is to enhance the lives of customers by digitizing last-mile delivery to provide comprehensive services in payments, banking, and insurance. Dot leverages an extensive network of Dot agents to reach customers in tier 2 and tier 3 cities across Nigeria. Their approach involves acquiring banking customers through these agents, allowing them to seamlessly cross-sell a range of payments, banking, and insurance products.

Why we invested:

Dot presents a compelling opportunity driven by the remarkably low credit card penetration in Nigeria, despite its substantial economic size. In a global ranking of 137 countries based on estimated credit card penetration, Nigeria stands at 124th. Recent 2021 data indicates that merely around three percent of the population in Nigeria owns a credit card. The company's key value proposition revolves around providing businesses and individuals with on-demand access to financial services through their extensive agent network, positioning itself to fill the gap of the underserved financial landscape and the vast market potential in Nigeria.

The Founder:

Kehinde Ilesanmi is a seasoned finance and investment professional, driven by a profound passion for bringing innovation to underserved markets. With a wealth of experience encompassing investments, capital raising, and M&A activities across various sectors, his specific expertise lies in the Financial Services sector in Africa. Presently, Kehinde is channeling his focus and expertise into the development of a cutting-edge fintech platform, dedicated to catering to the evolving needs of the next generation of underbanked and underserved retail, as well as MSME customers in Africa.

Active in:

Nigeria