In the first West African investment for its recently closed pan-African ICT infrastructure fund, Convergence Partners announced that it is investing $20 million for a minority stake in Venture Garden Nigeria (VGN), a diversified fintech company with significant operations in Nigeria. The injection of fresh capital from the $200 million Convergence Partners Communications Infrastructure Fund (CPCIF) will be used to accelerate VGN’s growth plans in Nigeria as well as the broader West African region.
VGN is a holding company for a group of financial technology businesses that provide data-driven, end-to-end payment processing and reconciliation technology platforms. The company offers tailored solutions to clients in a range of industry verticals including financial services, education, aviation, power, downstream oil and gas and cyber security.
“Innovative financial technology is a key component of the African development story, as it enhances efficiency and governance, and enables service provision to the broader population,” commented Convergence CEO Brandon Doyle.”…VGN is a very exciting investment opportunity for us.”
Neither the size of the stake nor the terms of the deal were disclosed.