South Africa-based pan-African fund, Convergence Partners Communications Infrastructure Fund, has injected $20 million in Venture Garden Nigeria, a holding company  with several financial tech enterprises operating in the west African nation.

With the capital injection Convergence Partners, the largest fund dedicated solely to ICT infrastructure in Africa, will acquire a minority stake in  the financial tech firm.

According to Out-law.com, Venture Garden has five offices across Nigeria and employs more than 200 people

“Innovative financial technology is a key component of the African development story, as it enhances efficiency and governance, and enables service provision to the broader population,” Brandon Doyle, CEO of Convergence Partners, said in a statement.

“With its high calibre and energised management team, and leading position in the fast growing markets in which the company operates, VGN is a very exciting investment opportunity for us,” he added.

The company said its new equity capital invested in Venture Garden will enable the group to “accelerate its growth plans domestically in Nigeria and across the West African region”.

Venture Garden cemented its market dominance in Nigeria when it recently signed of a contract to provide automated, cash-free ‘e-fuelling’ payment services through its downstream oil and gas focused firm Fueltech and Nigerian-based Oando Plc for the deployment of ‘SmartStations’ at Oando’s major filling stations.

“We believe that the fintech space is a catalyst for technology-driven transformation in Africa and are pleased to have a specialist investor like Convergence Partners on board,” Venture Garden’s chief executive, Bunmi Akinyemiju, said in a statement.