AFRICA’S VENTURE CAPITAL LEADER, KOLA AINA JOINS OLU AKANMU, DR AGNES OLATOKUNBO MARTINS, OTHERS ON EFInA BOARD

Lagos, Nigeria - 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, Kola 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 5 million underserved individuals, contributing to a 13.5% 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, Dr. 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.”

On his appointment, 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.”

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 Apps, 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 Dr. Agnes Olatokunbo Martins, former Director at the Central Bank of Nigeria; Olu Akanmu, former President and Co-CEO of OPay-Nigeria; Professor Janice Olawoye, Professor of Rural Sociology, University of Ibadan; and Saude Amina Atoyebi, former Deputy Chief of Staff (Administration) in Kaduna State Government.

EFInA 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.

 

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 About Kola Aina

 Kola is an established investor, insightful non-Executive director, and company chair who is passionate about seeing start-ups grow and improving the lives of ordinary Africans by democratising prosperity.

He brings demonstrable success from leading investment in over 70 companies in Africa, India, and the US, including payments companies such as Paystack. He has established networks across the private sector, development partners, financiers, governments, and regulators.

‍He is an entrepreneur, technology operator, and venture capital investor with vast experience working in Africa’s most significant economic market. He brings expertise across several sectors, including venture capital, technology, media, agriculture, infrastructure, publishing, and real estate, and a significant interest in the arts.

 Kola is a passionate art patron, chairs the advisory board of the Yemisi Shyllon Art Museum, and is a member of the Africa Acquisitions Committee(AAC) of the Tate Museum. He is also a member of the Young Presidents’ Organisation(YPO) and a fellow of the Aspen Institute USA (ALIWA).

‍Kola enjoys mentoring the next generation of entrepreneurs, loves collaboration and is passionate about driving innovation and supporting new business models.

 About EFInA

 Enhancing Financial Innovation & Access (EFInA) is a Financial Sector Deepening (FSD) organisation that promotes inclusive finance in Nigeria. The FSD Network is a family of nine Financial Sector Deepening, or FSD, programmes operating across Africa,.

EFInA was established with support from the UK’s Foreign Commonwealth & Development Office (FCDO) in 2007 and began receiving funding support from the Bill & Melinda Gates Foundation in 2009.

EFInA is renowned, within Nigeria’s financial sector, for providing thought leadership toward achieving financial inclusion and championing the unbanked. By funding and catalysing innovation, providing cutting-edge research, advocating for inclusive policies, and building capacity, EFInA has gained a reputation as an “honest broker” among the private and public sectors in Nigeria. EFInA’s Access to Financial Services in Nigeria surveys and other research have served as credible sources of information for policymakers and regulators, including the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), the National Pension Commission and others, to formulate regulations and policies. EFInA has a strong focus on promoting digital financial services, and in recent years has taken a leading role in supporting an emerging FinTech sector in Nigeria.

Since its founding, EFInA has contributed to the increased focus on financial inclusion in Nigeria, convening and supporting stakeholders to develop and work toward the implementation of a National Financial Inclusion Strategy.

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