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.”
