South African fintech Adumo obtains $ 15 million to strengthen its payment solutions

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While covid-19 has accentuated the use of digital payment solutions on the continent, fintech Adumo wants to seize this digital opportunity to extend its payment solutions and other financial services in its main markets in Africa .

Adumo, a South African financial technology firm engaged in providing payment solutions and financial services will secure a $ 15 million investment from the International Finance Corporation (IFC) and its vehicle, IFC Financial Institutions Growth Fund.

Sérgio Pimenta (photo), IFC's vice president for the Middle East and Africa said, with this investment in Adumo, we will help small businesses take advantage of the digital economy that is bigger than ever before. Helping small businesses access finance and financial services in an affordable and sustainable way is a priority because of their potential not only to grow the economy but also to create jobs.

The progression of the pandemic on the continent has accentuated within businesses and households, the use of digital payment solutions. Adumo, which operates in this sector, intends to seize this opportunity to not only strengthen its solutions for retailers and actors in the informal sector, but also to expand its presence in Africa.

FinTech announces innovative payment services and targeted lending solutions for companies operating in the 13 African countries in which it operates. Formerly known as Crossfin Transactional Solutions, Adumo processes transactions worth R66 billion annually and claims over 30,000 active customers.