Mr Eazi sets up Zagadat Capital, invests in PawaPay’s $9m seed funding

Oluwatosin Ajibade, popularly known as Mr Eazi, is contributing to the African technology economy by investing in its growth.

This is evident in his establishment of Zagadat Capital, which recently invested in PawaPay, a company that aids people send and receive money internationally. This investment was done in partnership with UK-based fund 88mph who co-led the round with China-based MSA capital, Kepple ventures and Vunani capital.

According to Mr Eazi, his major drive is to be an investor hugely focused on Africa and taking advantage of familiarity with the landscape, investment needs and problem profile of Africa.

“We believe that mobile money-focused fintech is not just one of the most exciting places to invest but also one of the most important bridges to ensuring financial inclusion of billions of people across the continent. The kicker for us is that we believe in the clear mission, vision and strategy and we are confident that the PawaPay team is the best team to achieve it,” he added.

C.E.O PawaPay, Nikolai Barnwell, said that the company is currently handling over 10 million transactions on its rails per week, with beta operations in 10 African countries — Nigeria, Ghana, Cameroon, DRC, Kenya, Mozambique, Rwanda, Tanzania, Uganda, and Zambia.

“We are making a very heavy bet on the rise of mobile money with all the complexities that arise out of its operations and the entire infrastructure that needs to be built around payments with mobile money at its core. However, we are looking at adoption rates for mobile money growing at an insane speed on the continent. It has become quite obvious that this investment is a very significant financial infrastructure,” he said.

Mr Eazi’s Zagadat Capital plans to direct funding to startups and businesses that will power Africa’s tech future. With its recent investment in PawaPay, Zagadat Capital is building a continent financially connected within itself and the international community. Africa Music Fund (AMF) to invest in the careers of African music talents.

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