Nigeria: Anchor eases the development of banking products and services

By : Adoni Conrad Quenum

Date : mardi, 07 février 2023 13:38

In recent years, fintech companies have driven the growth in venture financing in the African tech ecosystem. They attract billions of dollars, encouraging tech entrepreneurs to develop solutions adapted to local realities.

Anchor is a fintech solution developed by a Nigerian startup, allowing users to create financial products and services.

"We built Anchor to abstract away the complexities in building financial products, so businesses can get started in five minutes with a few lines of code. […] We have seen first-hand the painful process of closing banking partnerships, negotiating third-party contracts, and obtaining regulatory approvals. And more generally, the extensive time and effort required to launch financial products," explains Anchor co-founder Segun Adeyemi.

The fintech solution provides the infrastructure, the tools, and the documentation that can help developers easily develop financial products (KYC, fund transfers, account opening, etc) in minutes.

Anchor also offers flexible functionalities companies need to improve international performance. It also facilitates complicated financial operations. In 2022, it was selected to join the summer cohort of startup accelerator Y Combinator. This allowed it access to US$500,000 financing and access to an international pool of investors.

Adoni Conrad Quenum


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