EFInA Appoints Kola Aina of Ventures Platform as Board Member

Enhancing Financial Innovation & Access, EFInA, Limited has officially appointed Kola Aina, the Founding Partner and General Partner of Ventures Platform, which is recognized as Africa’s foremost seed-stage venture capital firm, to its board of directors.

EFInA is dedicated to the development of the financial sector and is focused on advancing financial inclusion in Nigeria, aspiring to be the leading entity in establishing a comprehensive and growth-oriented financial system.

About Kola Aina

Kola Aina is a prominent investor and a knowledgeable non-Executive director and company chair, dedicated to fostering the growth of start-ups and enhancing the lives of everyday Africans through the democratization of prosperity. He has a proven track record, having led investments in over 70 companies across Africa, India, and the United States, including notable payment firms like Paystack. Kola has built extensive networks within the private sector, development partners, financiers, government entities, and regulatory bodies. As an entrepreneur, technology operator, and venture capital investor, he possesses significant experience in Africa’s largest economic markets.

His expertise spans various sectors, including venture capital, technology, media, agriculture, infrastructure, publishing, and real estate, along with a keen interest in the arts. Kola is an ardent supporter of the arts, chairs the advisory board of the Yemisi Shyllon Art Museum, and is a member of the Africa Acquisitions Committee (AAC) at the Tate Museum. Additionally, he is affiliated with the Young Presidents’ Organisation (YPO) and is a fellow of the Aspen Institute USA (ALIWA). Kola is passionate about mentoring emerging entrepreneurs, values collaboration, and is dedicated to fostering innovation and supporting new business models.

Kola Aina, the new board member, has played a crucial role in promoting financial inclusion throughout Nigeria and Africa. His firm’s investments in fintech enterprises, including PiggyVest, have enabled financial services to reach over 5 million underserved individuals, resulting in a 13.5% rise in financial inclusion within Nigeria. Beyond financial inclusion, Aina and his team at Ventures Platform are committed to fostering entrepreneurship, generating employment, optimizing supply chains, and empowering founders to create market-driven innovations that tackle Africa’s intricate challenges while propelling digital transformation within the continent’s startup landscape.

In remarks regarding Aina’s significant contribution to enhancing financial innovation and access within Nigeria’s technology ecosystem, Dr. Agnes Olatokunbo Martins, former Director at the Central Bank of Nigeria and Chairman of the Board, stated that Aina’s firm, Ventures Platform, strategically invests in fintech innovations that can further financial inclusion across the continent. She expressed that his appointment to the board is a commendable and strategically advantageous decision for which the African financial sector will always be appreciative.

We are pleased to announce the appointment of Kola Aina to the EFInA Board. Kola has played a crucial role in the African technology landscape, investing in financial innovations that resonate with our objective of enhancing income growth for the bottom 40% of the population and promoting social and economic inclusion, as highlighted in Sustainable Development Goal 10, which focuses on reducing inequalities. His extensive background in entrepreneurship, mentorship, and support for fintech leaders that have made significant strides in financial inclusion will be instrumental as we work towards establishing a more inclusive financial sector.

Upon his appointment, Kola Aina expressed, “I am excited to join the EFInA board. EFInA serves as a vital market facilitator, significantly advancing financial inclusion and advocating for the unbanked. The organization’s research and reports have proven to be reliable resources for key economic stakeholders, and I am honored to be part of a group of experts dedicated to guiding the nation’s financial inclusion strategy effectively. I eagerly anticipate collaborating with my fellow board members and contributing to our objectives in Nigeria and throughout Africa. I remain devoted to our shared goal of fostering an inclusive financial sector that addresses the needs of the excluded and underserved populations in Africa.”

A substantial portion of Aina’s venture fund, amounting to 37.5%, is currently allocated to fintech enterprises, with the aim of enhancing access to financial services, credit, and digital banking solutions for marginalized communities. Through these investments, Aina and his team at Ventures Platform are actively working to close the financial inclusion gap and mitigate inequalities.

Portfolio companies such as PiggyVest, Moni, Traction App, and Shekel Mobility, which are currently supported by Ventures Platform, collectively serve over 4.5 million users, facilitating greater access to savings accounts, capital, credit histories, and financial management tools primarily for underserved, unbanked, and underbanked individuals and entrepreneurs across the African continent.

Kola Aina joins a distinguished group of EFInA board members, which includes Dr. Agnes Olatokunbo Martins, the former Director at the Central Bank of Nigeria; Olu Akanmu, the former President and Co-CEO of OPay-Nigeria; Professor Janice Olawoye, a Professor of Rural Sociology at the University of Ibadan; and Saude Amina Atoyebi, the former Deputy Chief of Staff (Administration) for the Kaduna State Government.

EFInA remains committed to working alongside experts from both the public and private sectors to enhance financial inclusion in Nigeria. The organization receives funding from the Bill & Melinda Gates Foundation.

About EFInA

Enhancing Financial Innovation & Access (EFInA) is an organization dedicated to deepening the financial sector and promoting inclusive finance in Nigeria. It is part of a network comprising nine Financial Sector Deepening (FSD) programs across Africa. Established in 2007 with the backing of the UK’s Foreign Commonwealth & Development Office (FCDO), EFInA began receiving financial support from the Bill & Melinda Gates Foundation in 2009.

Within Nigeria’s financial landscape, EFInA is recognized for its thought leadership in advancing financial inclusion and advocating for the unbanked population. By funding innovative initiatives, conducting advanced research, promoting inclusive policies, and enhancing capacity, EFInA has earned a reputation as a reliable intermediary between the private and public sectors in Nigeria. Its surveys on Access to Financial Services in Nigeria and other research initiatives have provided valuable insights for policymakers and regulators, including the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), and the National Pension Commission, aiding in the development of regulations and policies.

EFInA places a strong emphasis on the promotion of digital financial services and has recently taken a proactive role in fostering the growth of the FinTech sector in Nigeria. Since its inception, EFInA has played a significant role in enhancing the focus on financial inclusion in Nigeria, bringing together and supporting stakeholders in the development and implementation of a National Financial Inclusion Strategy.