Rukayat Bello grew up watching her mother struggle with her finances. She was a determined and hardworking micro-business owner but was always constrained by access to finance. Banks demanded documentation she didn’t have, interest rates she couldn’t afford, and requirements that excluded her and millions like her.
For years, Bello watched as her mother only managed to get by without the financial safety nets that wealthier business owners took for granted. That struggle lit a fire in her, and she knew there had to be a better way.
In 2021, that vision took form in Regxta, a platform designed to break down financial barriers for micro-businesses, refugees, and the underserved across Africa.
“Economic growth, poverty reduction, and job creation start with financial inclusion. Women remain central to our mission because of their dedication to family and community development.” – Rukayat Kolawole Bello, co-founder and CEO, Regxta.
Africa’s financial system excludes millions of people
Across Africa, micro-businesses power the economy, but many are invisible to the formal banking sector. Traditional banks require collateral and credit histories that many small entrepreneurs lack, leaving them without access to essential financial services. As a result, they rely on cash transactions, limiting their ability to grow or save.
Women-led businesses face even more significant challenges. Although they own 58% of MSMEs in Africa, over 68% of small, women-owned firms lack access to finance and formal assets, making it harder for them to expand.
The broader economic impact is substantial. In 2017, the financing gap for SMEs averaged 17% of the GDP across 43 African countries. Without access to banking, micro-businesses remain stuck in cycles of poverty, slowing economic growth.
Regxta was built to change that.
How Regxta works
Instead of relying on rigid, outdated banking models, Regxta meets people where they are economically. They use a community-driven agency banking model with trained local agents who serve as the bridge between underserved individuals and the formal financial sector. These agents assist with opening digital wallets, processing payments, and offering financial education.
“I am very new with Regxta. My Tailoring association introduced us a few months ago, and since then, I have had no regret joining them. They are supporting and growing our businesses,” – Amaka, a client, shared.
Regxta’s mobile app, powered by advanced AI and data science, enables instant underwriting and loan disbursement without long wait times or complicated paperwork. They also offer micro-loans for those with no borrowing history, savings, insurance, pension plans, and business support tools to assist entrepreneurs with restructuring, record-keeping, and financial planning.
A financial lifeline for micro-businesses
Regxta has served over 15,000 customers, onboarded 300+ agents, and processed $3.5 million in loans. They operate in four Nigerian states and plan to expand across the continent. As of December 2024, the platform received €191,000 in funding and an additional $10,000 equity-free grant from the Pitch2Win competition.
The Nigerian financial system may have failed her mother, but through Regxta, Rukayat Bello is ensuring it won’t fail the next generation of entrepreneurs.
