Awabah, a Nigerian fintech startup that provides micro pension services for people in formal and informal employment, announced over the weekend that it has been accepted into the Techstars London accelerator program alongside nine other startups.
This is coming after the digital pension startup raised $200K from early-stage angel investors, which include Correlation Capital and ODBA and Co Ventures in July.
Awabah used the earlier funding to roll out its services in Lagos and Ibadan. It also banked another $120,000 after joining the Techstars London accelerator program.
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 pensions.
The startup has signed up over 700 clients since it launched. It plans to expand and serve customers in five more Nigerian cities over the next six months and expand to Ghana.
“Awabah in simple terms is an aggregator of wealth creation tools that are sorely lacking on the continent,” Tunji Andrews, Cofounder of Awabah explained “We onboard the financial service providers, break their products into bite-size chunks, sprinkle a bit of the Awabah magic on it, and give this leverage to our customers. What’s even greater is that our services come completely at no charge to the customer. Financial services should liberate, not enslave,” he concluded.