Investment Memorandum - May 2026

Investor Relations

A multi-investor strategic funding opportunity in Nigerian fintech infrastructure & AI-powered financial automation - entry below ₦1B valuation with proven traction.

₦800M Pre-money valuation
₦197M Capital raise
₦997M Post-money valuation
19.76% Investor ownership
Investment highlights

A ground-floor fintech opportunity

Why DojaPay represents an early entry into Africa's most active fintech hub.

Proven traction

₦265M processed in 8 months, 2 government contracts secured, 8 premium merchants onboarded and 3 active banking partnerships enabling scalable operations.

Massive market

Nigeria's fintech market is projected to grow from $1.31B (2025) to $4.86B (2034) at a 15.19% CAGR. Nigeria accounts for 47% of Africa's fintech deals.

AI-powered differentiation

ReformGPT creates new revenue streams through AI-driven tax guidance, smart reconciliation, revenue intelligence and conversational payments.

Government access

Direct access to public revenue channels through revenue-tech agreements across 4 states, with a template for 30-state national expansion.

Current traction

Commercially validated in 8 months

₦265M Transaction volume processed
2 Government contracts secured
8 Premium merchants onboarded
3 Active banking partners
4 States covered
4 Core products deploying
120+ Merchant expansion target
30 State expansion target
Product ecosystem

Four integrated product lines

Diversified, resilient revenue streams across the payments stack.

DojaPay Gateway

Enterprise-grade collections for government revenue, merchant checkout, utilities, institutional collections, taxes and government fees.

ReformGPT

AI financial automation: tax reform education, smart reconciliation, revenue intelligence, finance assistants, chat-to-pay and compliance workflows.

DojaPay Business

Vertical solutions tailored for real estate, healthcare, education, logistics, cooperatives and membership organisations.

Conversational Payments

Embedded banking infrastructure letting institutions offer AI-powered payment rails with seamless API integration and intelligent routing.

12-month roadmap

Milestone-driven national growth

State expansion

Current: 4 statesTarget: 30 states

Pace: 5 states every 2 months → 30 states in 12 months.

Merchant expansion

Current: 8 merchantsTarget: 120+ annual

Pace: 10+ premium merchants monthly → 120+ annual additions.

Institutional targets

State revenue services, MDAs, universities, hospitals, utilities and enterprise groups.

Banking partners

Payment rails, settlement layers, institutional processing and API connectivity.

Strategic advantage

Gombe State revenue-tech partnership providing immediate government-sector access.

Capital structure

Flexible entry options

Structures designed to match your risk appetite and governance requirements.

Entry optionAmountStructureBest for
Full round participation₦197MMaximum ownership stake with immediate access to full growth capitalInvestors seeking maximum upside
Proof-of-concept tranche₦65.67M (1/3)Milestone-based follow-on to validate execution before full deploymentRisk-conscious investors
Non-cash controlled fundingFlexibleDirect vendor / cloud / payroll payments by milestone with full transparencyGovernance-focused investors

Shareholding structure

Founders (combined)56.2%
Investor pool19.76%

Non-cash controls

  • Pay vendors directly
  • Pay cloud invoices
  • Fund payroll monthly
  • Marketing by KPI
  • Approve by milestone
  • Pay licenses directly
Year-1 forecasts

Revenue diversified across the stack

Processing fees, customization services and AI monetization.

Conservative

Revenue

₦2.23B

Net profit

₦845.5M

≈ 38% margin

Expected

Revenue

₦2.73B

Net profit

₦1.04B

≈ 38% margin

Optimistic

Revenue

₦3.31B

Net profit

₦1.26B

≈ 38% margin

Projected volume breakdown

₦60B
30-state rollout
₦40B
Institutions / MDAs
₦25B
Merchant network
₦20B
Banking embedded flows
Total projected volume ₦145B
Returns & exit

Multiple pathways to value

With disciplined downside control.

Dividend policy

50% of net profit distributed at year-end from Year 1.

PoC investor annual recovery

42%
Low
52%
Mid
63%
High

Series A repricing

Planned VC round within 12 months targeting Accel or equivalent global funds.

ValuationReturnStake value
₦20B (Conservative)15×₦3.0B
₦35B (Expected)27×₦5.25B
₦50B (Optimistic)38×₦7.5B+

Suggested milestones before full follow-on

1 10 active states
2 30 merchants signed
3 ₦15B min. volume
4 3 customization contracts
Investment thesis

Eight reasons to move fast

1

Entry below ₦1B

Ground-floor opportunity before national scale-up and institutional VC participation.

2

Gov't access live

4-state revenue technology partnership already in operation with proven results.

3

Traction proven

₦265M processed, 2 government contracts, 8 merchants in just 8 months.

4

AI + payments window

ReformGPT sits at the intersection of two mega-trends driving fintech innovation.

5

Low-risk PoC entry

₦65.67M tranche with milestone-based follow-on reduces initial exposure.

6

Series A repricing

US$5M institutional round targeting ₦20B–₦50B valuation within 12 months.

7

Banking partners active

3 institutional partners providing payment rails, settlement and infrastructure.

8

Early dividend potential

50% net-profit distribution from Year 1 provides immediate cash returns.

Ready to invest?

Join us in building Nigeria's next-generation fintech infrastructure. Request the full investment memorandum or schedule a call with our founders.

This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.