Nigerian fintech company, Daya, is leveraging investment support from Boost Africa, a joint initiative of the European Investment Bank (EIB) and the European Union (EU), to develop innovative financial solutions aimed at simplifying cross-border payments and connecting African businesses to international markets.
The company is seeking to address persistent challenges associated with international financial transactions, including slow processing times, high transaction costs and complex payment procedures, which continue to constrain businesses operating across African borders and beyond.
For many African enterprises, accessing international markets often comes with significant financial and operational hurdles, particularly when making and receiving payments across different currencies and jurisdictions.
Daya is positioning itself as part of the emerging generation of African fintech companies working to bridge these gaps by developing payment solutions designed to make cross-border transactions faster, simpler and more accessible.
The company’s growth journey is receiving support through Boost Africa, an initiative established by the European Investment Bank in partnership with the European Commission, with the backing of the European Union, to strengthen Africa’s entrepreneurial ecosystem and promote innovation.
Through its investment model, Boost Africa provides financing to innovative African businesses indirectly through venture capital funds, enabling them to access the capital required to develop their products, expand operations and pursue new market opportunities.
Daya is backed by Janngo Capital, a venture capital firm supported by Boost Africa, highlighting how the initiative’s investment structure is helping channel resources to promising African enterprises with the potential to address critical development challenges.
The partnership also demonstrates the importance of venture capital in supporting technology-driven businesses, particularly in sectors such as financial technology, where innovation, infrastructure and market expansion often require significant financial resources.
In a video highlighting the company’s journey, Tomiwa “Aleph” Lasebikan shares the story behind Daya, the challenges that informed its establishment and the company’s ambition to transform how African businesses conduct financial transactions across international borders.
Lasebikan also highlights how investment support is contributing to the company’s development, illustrating the role external financing can play in transforming an entrepreneurial idea into a growing business with broader market ambitions.
Beyond providing financial resources, the investment model underscores the importance of creating an enabling environment for African entrepreneurs to develop sustainable businesses, strengthen their operations and compete in an increasingly interconnected global economy.
For businesses seeking to trade internationally, efficient payment systems are essential to maintaining commercial relationships, managing cash flows and accessing new customers and suppliers.
However, the complexity of cross-border transactions remains a major obstacle for many African businesses, making the development of accessible and efficient financial infrastructure increasingly important.
By focusing on these challenges, Daya is seeking to contribute to a more connected financial ecosystem in which businesses can transact beyond their domestic markets with fewer barriers.
The company’s ambitions also align with broader efforts by development finance institutions and international partners to support Africa’s digital transformation, encourage private-sector investment and promote the growth of innovative enterprises.
Through Boost Africa, the EIB and its partners are working to strengthen the continent’s startup ecosystem by supporting venture capital investment and helping entrepreneurs turn innovative ideas into commercially viable businesses.
The initiative reflects a broader recognition that Africa’s economic transformation requires not only financial resources but also investment in entrepreneurs, technology and businesses capable of creating solutions to challenges affecting the continent.
Daya’s experience with Janngo Capital therefore provides an illustration of how investment can extend beyond funding to support business development, innovation and the pursuit of opportunities in international markets.
As the company continues to pursue its expansion ambitions, its focus on simplifying cross-border payments could contribute to efforts to improve financial connectivity and enable more African businesses to participate in global commerce.
The video documenting Daya’s journey forms part of the broader effort to showcase businesses benefiting from investment initiatives such as Boost Africa and the role of partnerships in supporting Africa’s next generation of entrepreneurs.
The video can be watched through the following link: https://youtu.be/2U-EIoN-VgA
