A US$ 4.5 million private equity fund from Alitheia IDF helped Seamfix, a Nigerian startup providing identity management services; the funds will support their expansion plans into other African nations.
Government organisations like the Nigerian National Identity Management Commission (NIMC) and telecom firms like Airtel, Glo, and MTN are just a few of the many clients that use Seamfix’s services.
Ghana, South Africa, Ethiopia, Kenya, and Uganda are among the nations where the startup intends to extend its services. These are countries that are already digitising important services and hence require excellent identity management services.
The money from Alitheia IDF came from its US$ 100 million fund, which is used to support entrepreneurs and enterprises with a gender diversity throughout the continent, giving them access to vital resources that would elevate marginalised communities.
“This is particularly pertinent, when you consider that studies show that low-income women in emerging economies are less likely to have a digital ID, which further hinders their ability to participate in economic value creation and access opportunities,”
said Alitheia IDF principal partner Tokunboh Ishmael.
When physical identity was the norm, digital identification had the potential to expand access to services that were either difficult or impossible to obtain. A recent McKinsey analysis claims that this surge in service delivery has the potential to unlock 70% of Africa’s economic potential and increase GDP in African nations by 6%.
“We are excited to share the news of this new investment, which represents a critical turning point in our efforts to link Africa with the rest of the world and shape the future of digital ID verification throughout the continent. Our creativity and dedication to enabling people and businesses in Africa to enjoy all the benefits that come with having a digital identity are driven by the conviction that digital identification is a right, not a privilege.
This investment not only confirms our goal, but it also gives us the ability to reach a wider audience and pursue new innovations. Emewelu expressed gratitude for Alitheia IDF’s support and dedication to the cause, adding, “We are thrilled to spearhead the effort to create a technologically accessible Africa.
