Africa’s leading venture capital leader, Kola Aina joins EFInA’s board
Business a.m.
Kola Aina, founding partner, Ventures Platform
Enhancing Financial Innovation & Access (EFInA) Limited has announced the appointment of Kola Aina, founding partner and general partner of Ventures Platform, Africa’s leading seed-stage venture capital firm, to its board of directors.
EFInA is a financial sector development organisation committed to promoting financial inclusion in Nigeria, with the vision of becoming the leader in facilitating an all-inclusive, growth-promoting financial system.
New board member, Aina has been instrumental in advancing financial inclusion across Nigeria and Africa. His venture capital firm’s investments in fintech companies, such as PiggyVest, have provided financial services to over five million underserved individuals, contributing to a 13.5 percent increase in financial inclusion in Nigeria.
In addition to financial inclusion, Aina and his team at Ventures Platform foster entrepreneurship, create jobs, optimise supply chains, and empower founders to develop market-creating innovations that address Africa’s complex challenges while accelerating digital transformation across the continent’s startup ecosystem.
Commenting on Aina’s pivotal role in the enhancement of financial innovation and access in the Nigeria tech ecosystem, Agnes Olatokunbo Martins, former director at the Central Bank of Nigeria, and chairman of the board, said that Aina’s venture capital firm – Ventures Platform strategically invests in fintech innovations that can deepen financial inclusion across the continent and his appointment to the board is pleasant and strategically beneficial decision that the African financial sector will forever be grateful for.
“We are delighted to welcome Kola Aina to the EFInA Board. Kola has been a pivotal figure in the African tech ecosystem, funding financial innovations that align with our mission to promote income growth for the bottom 40% of the population and foster social and economic inclusion, as outlined in SDG 10 on Reducing Inequalities. Kola’s experience in entrepreneurship, mentorship, and backing fintech giants that have significantly improved financial inclusion will be invaluable as we strive to create a more inclusive financial sector,” the board chairman stated.
On his appointment, Kola Aina said, “I am thrilled to join the EFInA board. EFInA is a critical market enabler that has been a key driver of financial inclusion and a champion of the unbanked. The organisation’s reports and research have been credible sources of information for key stakeholders of the economy, and I’m proud to be part of a gathering of intellectuals that are committed to steering the nation’s approach to financial inclusion in the right direction.
“I look forward to working closely with my fellow board members and contributing to the achievement of our goal in Nigeria and across Africa. I remain committed to our collective ambition of promoting an inclusive financial sector that serves the excluded and underserved in Africa.”
According to a statement made available to Business a.m., a significant portion of Aina’s venture fund (37.5%) is currently dedicated to fintech companies, aiming to increase access to financial services, credit, and digital banking solutions for underserved populations. Through these investments, Aina and his team at Ventures Platform are bridging the financial inclusion gap and reducing inequalities.
Portfolio companies like PiggyVest, Moni, Traction App, and Shekel Mobility, currently backed by Ventures Platform, serve over 4.5 million users, providing increased access to savings accounts, capital, credit histories, and financial management tools primarily for underserved, unbanked, and underbanked individuals and entrepreneurs across Africa.
Kola Aina joins other distinguished EFInA board members, including Agnes Olatokunbo Martins, former director at the CBN; Olu Akanmu, former president and Co-CEO of OPay-Nigeria; Janice Olawoye, professor of Rural Sociology, University of Ibadan; and Saude Amina Atoyebi, former deputy chief of staff (Administration) in Kaduna State Government.
EFInA, maintained that it continues to collaborate with experts across the public and private sectors to promote financial inclusion in Nigeria. The organisation is funded by the Bill & Melinda Gates Foundation.