In Africa, access to traditional bank loans is hard and stringent. Residents are thus obliged to turn to alternative solutions to meet their needs.  

Kwaba is a Nigeiran startup founded in 2019 by  Obinna Molokwu. Through its eponymous android app -the iOS app is still under development- the startup facilitates rent payment and real estate investments. 

“Kwaba is helping to bridge the gap between property and finance. We understand the economic reality of Nigerian renters and have built our product to reflect this. We aim to improve the financial well-being of renters as we grow,” explains Molukwu.

With Kwaba, users can save or receive instant loans for real estate projects. They can also conveniently pay their rent or when they are unable to pay security deposits, they can receive up to 40% of their rent savings and pay in monthly installments. 

The startup claimed to have received NGN115 billion (close to US$277 million) of rent payment requests from its over 30,000 users in 2021.  A year earlier, the startup was selected for the second edition of ARM Labs accelerator program, entitling it to US$20,000 funding. 

Adoni Conrad Quenum