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Sendbox Raises $1.8 Million to Digitise Deliveries for African SMEs

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Sendbox, the Nigeria-based e-commerce fulfillment platform for merchants in Africa, has today announced the completion of a $1.8 million seed round from investors including 4DX Ventures, Enza Capital, FJLabs and Golden Palm Investments.

With participation from Flexport and YC Combinator as part of its 2021 winter cohort, Sendbox’s total investment raised has now reached $2 million following a pre-seed round from Microtraction and 4DX Ventures in 2018.

The new funding will be used to expand the company’s operations in other countries across West Africa, bolster the development of its product range, and hire new talent.

Starting with logistics and fulfilment, Sendbox is building the operating system for e-commerce in Africa. Launched in 2018, the company provides affordable access to local and international delivery options for small-scale merchants selling on e-commerce and social media platforms.

Accessible to iOS and Android users, via web application, on Whatsapp, Facebook, Instagram and other e-commerce platforms, and through developer APIs, Sendbox is providing a single location to manage both local deliveries and international shipments to the EU, UK, US and Canada.

To date, over 10,000 Nigerian SMEs have sent 200,000 products through Sendbox, saving on average 30-40% per item by eliminating the need to work with separate logistics providers.

Through its delivery management platform, which aggregates logistics providers and enables tracking, the company also offers a solution for merchants who lack the high volumes required to attract discounted delivery fees.

The next stage of the company’s growth will see a move towards financing & payments, followed by e-commerce & marketplace integrations across West Africa and then further afield.

As a sector-agnostic platform, Sendbox is available to sellers right across the spectrum, empowering designers, micro-manufacturers and entrepreneurs who produce their own goods and distribute them on behalf of others.

In terms of products, Clothing, Fashion & Lifestyle, and Beauty & Self-Care have been most prominent since launch, while the company expects other categories to grow rapidly as SMEs continue to expand their customer bases.

Commenting on Sendbox’s fundraise and growth ambitions, Emotu Balogun, CEO and Co-Founder of Sendbox said, “No matter where in the world customers are, we want African SMEs to be able to reach them.”

He continues, “Deliveries in Lagos, Abuja, Port Harcourt and Ibadan have made up a large proportion of business for our domestic merchants. On top of that, affordable access to the UK, EU, US and Canada has created an opportunity to sell products to hundreds of millions of previously unreachable buyers.

With this fundraise our aim is to support more and more SMEs and help them grow both locally and internationally, scaling alongside them as we connect African merchants with a global community of consumers.”

Prolific mobile penetration on the continent, the rise of social media and knock-on impacts from the COVID-19 pandemic have shifted additional momentum towards e-commerce and social commerce, doubling monthly revenues for Sendbox since March 2020.

Made in Africa products are now in higher demand across local and international markets. With 200 million Instagram users and 1 million Instagram businesses in Nigeria alone, Sendbox is well positioned to serve this growing market and multiply its merchant count over the coming months.

“African e-commerce is accelerating faster than anybody could have imagined a decade ago and it needs smart solutions to ensure that logistics and fulfilment capacity doesn’t lag behind,” said Walter Baddoo, Co-Founder and General Partner at 4DX Ventures.

“Not only were we impressed by Sendbox’s 300% year-on-year growth since launch, but we’re seeing the market potential balloon with over 40 million Nigerian SMEs and a projected industry value for social and e-commerce reaching $45 billion on the continent by 2025.”


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E-Financial

Moniepoint to Launch Second Edition of Nigeria’s Informal Economy Report in Abuja

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Nigerian fintech giant Moniepoint is set to unveil the second edition of its widely acclaimed Nigeria’s Informal Economy Report in Abuja, reinforcing its commitment to financial inclusion and data-driven policy advocacy.

The launch event, scheduled to take place later this month, will bring together key stakeholders from government, finance, and development sectors to explore insights into Nigeria’s vast informal economy, which accounts for a significant portion of the country’s workforce and GDP.

Moniepoint’s first edition of the report, released in 2024, was praised for shedding light on the challenges and opportunities within Nigeria’s informal sector, including access to credit, digital payments, and regulatory gaps.

According to company officials, the second edition will feature updated data, expanded regional coverage, and actionable recommendations aimed at empowering small businesses and informal workers through technology and financial services.

The report is expected to serve as a valuable resource for policymakers, researchers, and financial institutions seeking to better understand and support Nigeria’s informal economy.

Moniepoint has emerged as a leading force in Nigeria’s fintech space, providing digital banking solutions to millions of individuals and businesses across the country.


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FirstBank Brings Smart Banking to Abuja with New Tech-Driven Branch

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The Group Chief Executive Officer, First Bank of Nigeria Limited, Olusegun Alebiosu (second from left) and Senator Babangida Hussaini commissioning of FirstBank Digital Xperience Centre in Abuja on Wednesday, October 8, 2025.
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FirstBank of Nigeria has launched its latest Digital Xperience Centre (DXC) in Area 10, Abuja, marking a significant step in its drive to revolutionize banking through technology and innovation.

The Group Chief Executive Officer, First Bank of Nigeria Limited, Olusegun Alebiosu (second from left) and Senator Babangida Hussaini commissioning of FirstBank Digital Xperience Centre in Abuja on Wednesday, October 8, 2025.

The fully automated branch is the seventh of its kind across Nigeria, offering customers a paperless, self-service banking experience available 24 hours a day, including weekends.

Speaking at the unveiling ceremony, FirstBank Group CEO Olusegun Alebiosu said the initiative reflects the bank’s commitment to creating a modern, customer-centric banking environment.

“For us, the future is digital,” Alebiosu said. “From account opening to transfers, customers can now perform almost every transaction on their phones. But for those who still need to deposit or withdraw cash, our Xperience Centres provide a 24/7 self-service option.”

He added that the bank has integrated artificial intelligence and biometric verification into its security systems to protect customers against fraud.

The event was attended by dignitaries including Senator Babangida Hussaini, who commended FirstBank for its forward-thinking approach.

“This is a forward-thinking initiative. I commend FirstBank for investing in both people and technology,” Hussaini said.

Customers also expressed satisfaction with the new centre. Mrs. Toyin Balogun described the experience as “smoother and faster,” praising the staff for their friendliness.

The new Abuja centre joins existing DXC locations in Victoria Island, University of Ibadan, Wuse, Banana Island, Lekki, and the University of Nigeria, Nsukka.

FirstBank says the centres are designed to provide seamless access to world-class banking solutions, including instant account opening, interactive digital support, and advanced transaction automation.

 


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Fidelity Bank Set to Disburse NCGC N5bn Credit Guarantee Facility to Boost MSME Financing

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L-R: Executive Director, South Directorate, Fidelity Bank Plc, Pamela Shodipo; Executive Director, Lagos & South West, Fidelity Bank, Dr. Ken Opara; Executive Director, Strategy and Operations, National Credit Guarantee Company Limited (NCGC), Mrs. Tinuola Aigwedo; Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; MD/CEO, NCGC, Mr. Bonaventure Okhaimo; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; and Executive Director, Risk Management, NCGC, Prof Ezekiel Oseni, during the Memorandum of Understanding (MoU) Signing Ceremony between Fidelity Bank and NCGC in Lagos.
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Fidelity Bank Plc, tier one lender, has announced its readiness to begin the disbursement of funds under the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to expand access to finance for Micro, Small and Medium Enterprises (MSMEs), as well as businesses owned by women and youths across Nigeria.

 

L-R: Executive Director, South Directorate, Fidelity Bank Plc, Pamela Shodipo; Executive Director, Lagos & South West, Fidelity Bank, Dr. Ken Opara; Executive Director, Strategy and Operations, National Credit Guarantee Company Limited (NCGC), Mrs. Tinuola Aigwedo; Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; MD/CEO, NCGC, Mr. Bonaventure Okhaimo; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe; Executive Director/Chief Operations and Information Officer, Fidelity Bank Plc, Stanley Amuchie; and Executive Director, Risk Management, NCGC, Prof Ezekiel Oseni, during the Memorandum of Understanding (MoU) Signing Ceremony between Fidelity Bank and NCGC in Lagos.

This was disclosed by the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, during the signing of a Memorandum of Understanding (MoU) between the bank and NCGC.

According to Dr. Onyeali-Ikpe, the partnership with NCGC represents a significant step in the bank’s ongoing efforts to enhance financial inclusion and stimulate economic growth through increased access to credit. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she said.

The facility will cover critical sectors including food processing, secondary agriculture (such as fish and poultry processing), fashion, green energy, light manufacturing, the agricultural value chain (feed mills and equipment fabrication), export-oriented businesses, and education.

Dr. Onyeali-Ikpe highlighted that Fidelity Bank has consistently supported diverse sectors through targeted initiatives such as the Green Energy Financing Programme for renewable energy entrepreneurs, the Fidelity SME Hub for small businesses with a special arm – Creativerse, dedicated to the creative industry and the Fidelity Bank Education Support Scheme which provides affordable financing for educational infrastructure and technology upgrades.

“With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”

Over the past five years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering thousands of entrepreneurs and creating sustainable livelihoods.

Also speaking at the event, Managing Director of NCGC, Mr. Bonaventure Okhaimo, emphasized that the organization was established to bridge the financing gap faced by MSMEs in Nigeria by mitigating lender risks through credit guarantees.

“Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he said. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”

Mr. Okhaimo added that NCGC and Fidelity Bank will also collaborate to provide financial literacy and business management training to MSME beneficiaries, ensuring they have the knowledge and skills to effectively manage their loans and achieve sustainable growth.

The Fidelity Bank–NCGC partnership reinforces both institutions shared commitment to fostering entrepreneurship, strengthening MSMEs, and driving inclusive economic development across Nigeria.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.


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