Nigerian entrepreneur Kayode Adeyinka-led Gigmile eyes $4 million IFC investment

Gigmile Technologies, the Nigerian fintech founded by entrepreneurs Kayode Adeyinka and Samuel Esiri, is attracting up to $4 million in proposed equity financing from the International Finance Corporation (IFC) as it expands its lease-to-own vehicle financing business across Nigeria and Ghana.

The proposed investment would support its growth while widening access to financing for drivers, logistics operators and other micro-entrepreneurs seeking to acquire two- and three-wheel commercial vehicles to generate income. The deal, disclosed by IFC on August 31, 2026, remains subject to approval, with a projected board date of September 30.

IFC sees opportunity to expand MSME financing

The proposed investment is expected to address part of the financing gap facing micro, small and medium-sized enterprises in Nigeria and Ghana by providing Gigmile with an additional source of growth capital.

IFC expects the financing to enable Gigmile to expand its vehicle lending offering while demonstrating the commercial viability of a vertically integrated lease-to-own model.

The development could also encourage greater competition in the vehicle financing market as other companies innovate and expand their lending offerings.

Gigmile targets underserved vehicle financing market

Gigmile provides financing that enables customers to acquire commercial vehicles through lease-to-own arrangements, allowing drivers and small businesses to use the vehicles to generate income through passenger transportation and e-logistics.

The company’s operations are primarily based in Nigeria, with additional activities in Ghana.

The proposed IFC investment forms part of its Series A financing round and is expected to provide capital for the company’s continued expansion across both markets.

Gigmile was founded by Kayode Adeyinka and Samuel Esiri, who remain among its shareholders alongside institutional investors including Enza Capital, Techstars Accelerators and Seedstars Ventures, as well as angel investors.

Investment could strengthen Gigmile’s institutional profile

Beyond providing capital, IFC expects its participation to help Gigmile strengthen its environmental, social and governance practices, anti-money laundering and counter-terrorism financing controls, and responsible lending standards.

The development finance institution said its equity participation alongside other investors could also reduce non-commercial risks for prospective investors and provide greater confidence in Gigmile’s ability to scale.

If approved, the investment would give additional capacity to expand its operations while positioning the company for future institutional investment. The project is currently pending approval, with a projected board date of September 30, 2026. IFC has classified the project as FI-3, indicating no expected direct environmental impact.