The IFC has proposed a limited partner investment of US$3-million to Microtraction, a venture capital firm based in Nigeria. Microtraction was founded by managing partner Yele Bademosi who has been involved in early startup investment deals that have great growth potential in the sector they operate within Africa. Microtraction typically invests $65,000 in two stages. The company has invested in high growth tech start-ups such as CowryWise Nigeria, Wallet Nigeria and Sendbox.
IFC is the finance provider of the World Bank with more than 60 years of experience in unlocking private investment and therefore delivering more than $285-billion in financing for businesses in developing countries.