twitteryou tubeacpRSS Feed

Lamar Holding, the Bahrain-based energy investment company, has announced that it has invested US$1mn in Nigerian payment application development company, TechAdvance

TechAdvance runs a network of subsidiaries, each of which focuses on different verticals in emerging markets including utility bill payments, digital financial services, and transportation software.

Lamar’s investment will support TechAdvance’s strategy to expand its global expansion substantially, and help the company shift from being a technology Business Process Outsourcing (BPO) provider to a vital player in the digital financial services and payment infrastructure space.

For Lamar, the investment represents an opportunity to broaden its successful portfolio into the technology industry, and give the company a foothold into the African continent.

Hani Abdulhadi, vice-president at Lamar Holding, said, “This is an opportunity for Lamar and TechAdvance to collaborate and distribute its expansive suite of digital solutions to emerging markets in Africa and the Middle East.”

Edmund Olotu, founder and CEO of TechAdvance, added, “The payments space in emerging markets is buzzing with opportunities but faces several major barriers, especially regarding personal finance, accessing loans, maximising savings, and financial education for the unbanked and last-mile users. These funds will allow us to shift our focus to these opportunities – especially the launch of our digital bank, without compromising our existing business lines.”

Empowering girls through innovation in education across Africa. (Image source: Adobe Stock)

(L-R): Dr Diane Karusisi, CEO, Bank of Kigali and Dr Reda Helal, group managing director – processing, Africa and co-head group processing, Network International. (Image source: Network International)

Kagiso Mothibi, MTN SA’s general manager for fintech products and services. (Image source: MTN)

Huawei Cloud pledges US$10mn in credits, aims to support 100 Nigerian startups, fostering innovation & digital transformation. (Image source: Adobe Stock)

Orange Digital Center and Coursera join forces to offer free certification courses for new digital professions. (Image source: Adobe Stock)

Africa Data Centres & DPA SA pioneer solar farm for sustainable data solutions in South Africa. (Image source: African Data Centres)

MTN leads South Africa's mobile networks with exceptional speeds, while Vodacom excels in 5G. (Image source: Adobe Stock)

Debbie Beech, country manager: SA and SADC at cybersecurity expert, Exclusive Networks Africa. (Image source: Exclusive Networks Africa)

MTN & Airtel create APEP to boost mobile money in Congo. (Image source: Adobe Stock)

By TechScan Africa and PayTechAfrica - Unveiling Africa's digital payment shift. (Image source: Adobe Stock)

Dietmar Siersdorfer, managing director at Siemens Energy Middle East and Africa. (Image source: Siemens Energy)

In the MENA region, cybersecurity is crucial amidst rising digitalisation and state-sponsored cyber threats, met by BBS Technology's comprehensive solutions. (Image source: Adobe Stock)

MTN's Bayobab expands fiber network across Africa, boosting connectivity. (Image source: Adobe Stock)

Telecommunications Industry Association (TIA), the leading ANSI-accredited standards development body for the ICT Industry, recognises Siemon for outstanding engagement, both as an individual and a company. (Image source: Adobe Stock)

Check Point & NVIDIA collaborate on Check Point AI Cloud Protect, enhancing security for AI workloads in the cloud amid rising cyber threats. (Image source: Adobe Stock)