The Nigerian /UK based real estate company, Kwaba announced they’ve successfully obtained funding to further its agenda of providing some help to middle-class individuals. The start-up firm established the digital real estate platform to promote a stress-free tenant-hood, whereas they created a strategized means for an individual to pay rent in installment. Kwaba website platform also offers aid to search for available apartments for rent and grants its customers accessibility to loans.
Kwaba poses as an opportunity for Nigerian tenants as the firm is into strict real estate and property program that only offers finance solutions to settle rental issues, ‘rent now, pay later’. The real estate company only grants loans to customers that intend to acquire land and properties within the context of its operating policies.
Therefore, Kwaba International Limited has participated in a series of empowerment programs sponsored by banks that generate funds for start-up FinTech firms as a means of investment to ascertain growth. During the early days of 2020, the real estate firm secured funding worth $20,000 from LABS Accelerator funding, a program that is supported by ARM Investments.
Still on the subject of raising funds by the start-up company to process it services to gain additional business growth, Ingressive Capital offered Kwaba $10 million venture capital as investments to assists the start-up firm in attaining the level of growth that is expected of a digital platform during this favorable market season. Ingressive Capital aims at appreciating the potential Kwaba processes as a channel to spread funding to start-up firms across Africa.
Just as the pandemic season has resulted in the enormous improvement in the global digital economy, it also restricted some other socio-economic activities that cannot transact businesses without physical contact; the online marketplace has proven to be the safest location to process comfortable services. However, the post-pandemics period is expected to be the toughest season in this generation, whereas the COVID-19 outbreak further increased the level of unemployment which stands as a global problem.
The director of funds representing Ingressive Capital gave further explanations that approximately 60% of unemployed individuals in Nigerian would be unable to foot their bills, which also covers rent respective to the disadvantage of the pandemic. Kwaba’s major agenda includes giving financial aid to tenants that are in the category of owing rent due to financial instability. Providing financial solutions by the real estate and property management company that aims to promote comfort during the forthcoming harsh post-COVID-19 era.
Uwem Uwemakpan, the Director of Funds Operation at Ingressive Capital, said: “By investing in Kwaba, we are helping the banked and the unbanked in Nigeria to have access to loans and credits that would give them a better life. COVID-19 financially impacted lots of Nigerians negatively and there has been a surge in the need for credit and we are glad that we can help make people’s lives a little better and provide shelter indirectly through Kwaba. We are glad to be a part of this innovation changing the housing industry in Nigeria.”
As a means to correct the defect imposed by the pandemic on Nigerians, Kwaba real estate platform is not restricted to those who cannot fully manage to sort rent payment, but also help to conquer bigger achievements respective to land and property investments. Just as the digital sector experience’s steady growth as the main source of generating revenue in the economy, the African digital economy intends to take advantage of the favourable market season to also generate revenue into the African economy.