18 August 2012

Nigeria: Firms Make Capital Investment in Rancard

Adlevo Capital Managers, a private equity fund manager focused on investments into technology-enabled businesses in sub-Saharan Africa, and Intel Capital, Intel's global investment and Merger and Acquisition focused organisation, have completed an expansion investment into Rancard Solutions Limited (Rancard).

Rancard is a firm focused on delivering mobile money and other technology solutions.

Commenting on the investment at a media briefing in Lagos weekend, the Chief Executive Officer, Rancard, Mr. Kofi Dadzie, said the "investment will play a vital role in enabling us to expand our footprint across Africa on both a reputational and operational level.

"We are delighted that both Adlevo Capital and Intel Capital have agreed to come onboard at a time of such opportunity and are excited about working with such experienced and globally recognised partners."

On his part, the Managing Partner at Adlevo Capital, Mr. Yemi Lalude said: "Rancard is a perfect example of African entrepreneurs bringing world-class technology solutions to market. The company is uniquely positioned to bridge the gap between content owners and mobile operators and is poised to benefit from the growth in mobile data services."

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.