September 30, 2020 All Things Fintech in Africa

GONA Raises Multi-Million Dollar Investment in Nigeria

What’s GONA?

Gona is a payment platform that enables seamless and cashless payment in public buses. The problem Gona is resolving the issue of mere inconvenience in local transportation; from not boarding a bus because of huge naira denominators to conductors marrying off passengers with each other to sort themselves with the accurate change.  By using the technical means to improve operational efficiency and starting with Lagos, the startup is trying to eliminate these shortcomings in hailing public buses.

Gona is available in selected routes in Lagos, which one is Yaba around the UNILAG campus. Making payment with Gona is as easy as scanning the QR code using the app and inputting the number of coins required for the bus trip. A unit of coin equals I naira (0.2 cents).  After a payment has been made the driver gets SMS notification with name of the passenger who made the transaction.  Just like Uber or Bolt, Gona doesn’t own a fleet of vehicles. However, Gona’s aim is to provide a effective payment system and service delivery.

The Multi-Million Funding

Reecently, there is a rave among Africa-focused startups to raise funds to either expand or grow their business. Apart from OPay recent funding fund, the Lagos-based startup Gona has raised a multi-million dollar Pre-A round of financing. The investment came from Crystal Stream Capital, UnityVc and ShakaVC. And according to the founder and CEO Liu Xiajun, says the funding will assist in team building and product technology upgrade.  With the investment, Gona tends to employ more locals to develop the product and expand its presence currently in Lagos.  They are looking to take note of the minibus scene which is more efficient and convenient; their partner at ShakaVc believes the market potential is huge. So, the investment will be utilized to diversify into the minibus scene, support the development of Gona in local resources, experience and capital.

 

 

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