At a time when Africa records over US$53 billion in annual remittances and more than US$200 billion in on-chain crypto activity across Sub-Saharan Africa, a paradox persists, vast pools of capital remain largely disconnected from productive investment opportunities.
Founded in 2022 by Radhika Bhachu and Rogito Nyageri, Kenyan startup Ndovu Wealth stages itself as the institutional bridge to close that gap.
The CMA-licensed platform combines artificial intelligence, blockchain infrastructure, and regulatory compliance to unify access to pan-African investments, global stocks and ETFs, as well as crypto, all within a single, mobile-integrated ecosystem.
“Prior to Ndovu, the everyday African could not access global markets with as little as US$50, despite Africans being global citizens,” Bhachu said, underscoring the accessibility gap the company aims to eliminate.
What Is Ndovu Wealth?
Ndovu Wealth describes itself as an AI-powered, regulated DeFi bridge for African capital markets. In practical terms, it is an investment platform that enables users to deploy relatively small amounts of capital into diversified asset classes.
This includes African markets, global equities and ETFs, and digital assets, through a tokenisation infrastructure built on blockchain rails.
Unlike many crypto-native platforms operating in regulatory grey zones, Ndovu is licensed by the Capital Markets Authority (CMA) in its operating jurisdictions. The startup positions itself as a compliant intersection between traditional asset management and decentralised finance.
The startup integrates with mobile money systems, lowering entry barriers for retail investors who may not have access to traditional brokerage accounts.
Bhachu’s vision stems from her background in asset management, where digital investing was seamless. She observed that similar ease of access was largely absent for everyday Africans.
“The traditional options available in the market required high investment amounts, had long account opening processes, and were expensive,” she noted.
Ndovu’s core proposition is to collapse those frictions into a unified, 24/7 digital investment experience.
The Problem Ndovu Is Solving, And How It Operates
Africa’s investment landscape is fragmented across borders, currencies, and asset classes. Investors often face prohibitive foreign exchange (FX) costs, illiquid local markets, multiple account requirements for different products, and trading hours that do not align with diaspora schedules.
The result, according to Bhachu, is “a paradoxical disconnect where enormous capital sits uninvested, while Africa’s fastest-growing digital economy lacks institutional bridges to channel this wealth into tangible opportunities.”
Ndovu addresses this structural inefficiency through tokenisation, representing investment assets digitally on blockchain infrastructure, and layering AI-driven portfolio management tools on top. This enables fractional investing, streamlined onboarding, and cross-border accessibility.
By combining regulatory licensing with decentralised rails, the platform seeks to modernise capital flows without abandoning compliance safeguards. In essence, Ndovu operates as both a regulated fund manager and a technology infrastructure layer.
This allows investors to allocate funds into diversified portfolios while the backend leverages blockchain to improve efficiency, settlement speed, and transparency.
What Makes Ndovu Unique
Several elements distinguish Ndovu in a crowded fintech ecosystem. First is its regulatory-first approach. In markets where trust deficits and scams have eroded consumer confidence, licensing becomes a strategic differentiator.
The founding team’s background in institutional finance, including experience in globally respected financial institutions, has shaped its compliance posture.
Second is its hybrid positioning. While many DeFi platforms operate outside formal oversight, Ndovu integrates decentralised infrastructure within a licensed asset management framework. This “regulated DeFi bridge” model allows it to attract both retail and diaspora investors who require institutional credibility.
Third is its cultural market insight. Ndovu initially adopted a Robinhood-style pricing model, charging just 1% in assets under management (AUM) fees. However, the market reacted unexpectedly.
“The market perceived Ndovu to be a scam as traditional asset managers charge 2–5 per cent in AUM fees,” Bhachu explained.
After increasing fees to between 2–4.5%, the company experienced significantly higher inflows, a reminder that in African financial markets, perceived legitimacy can be closely tied to pricing signals.
Additionally, while technology underpins the product, Ndovu acknowledges the enduring importance of human relationships.
“Technology is an enabler, however customer acquisition and conversion remains led by relationship managers. This approach doubled Ndovu’s sign up to conversion rate,” Bhachu said.
The Startup’s Traction and Market Capacity
Since launching in 2022, Ndovu has scaled across East Africa and beyond. The platform currently serves clients in 43 countries, has more than 200,000 users, manages over US$10.5 million in assets, and has recorded more than US$21 million in cumulative deposits.
It operates in Kenya, Rwanda, and Uganda, with short-term expansion plans targeting Zambia, the Democratic Republic of Congo, Ethiopia, and Angola.
The company’s growth has been supported by venture capital backing. In October 2023, Ndovu secured a US$2.3 million pre-seed round from a consortium of investors including 4DX Ventures, Plug and Play, Enza Capital, Mercy Corps Ventures, Future Africa, and Oui Capital.
Given Africa’s growing middle class, expanding diaspora, and accelerating digital adoption, Ndovu’s market opportunity sits at the intersection of remittance flows, retail investing demand, and crypto-native capital seeking compliant channels.
How Ndovu Is Making Its Money
Ndovu operates a diversified revenue model designed to capture value across different stages of the investment lifecycle. Its primary revenue stream comes from assets under management (AUM) fees, which scale according to portfolio size and product complexity.
“Our primary revenue stream provides stable recurring income scaled based on portfolio size and product complexity, ensuring direct alignment with client wealth growth,” Bhachu said.
In addition, the company generates income from transaction fees, foreign exchange spreads, and subscription services. Bhachu described this as a resilience strategy.
“This multi-stream approach creates revenue resilience across market cycles, AUM fees provide stable recurring income, transaction fees scale with market activity, FX fees capitalise on our regional infrastructure, and subscriptions build predictable revenue independent of market volatility,” she said.
By diversifying income streams, Ndovu reduces reliance on a single revenue lever, positioning itself to withstand both bullish and bearish market conditions.
Why Regulation Matters Here
Regulation remains one of the most significant barriers to fintech and crypto innovation in Africa. Navigating fragmented regulatory environments across multiple jurisdictions requires institutional sophistication.
Ndovu’s leadership argues that its compliance-first DNA has been instrumental.
“Ndovu’s founding team… have efficiently navigated the regulators by working closely with them to enable the regulators to regulate the industry correctly,” Bhachu said.
The company holds fund management licenses in Kenya, Rwanda, and Uganda and was the first fintech in Kenya to receive a no letter of objection for the recently introduced Virtual Asset Providers License in November 2025.
In a region where financial scams and regulatory uncertainty often undermine trust, formal licensing becomes more than a legal necessity, it is a strategic asset.
Talking Points
Ndovu Wealth’s model represents a sophisticated and timely attempt to formalise Africa’s fragmented investment landscape by marrying regulatory compliance with blockchain-enabled infrastructure; however, its long-term defensibility will depend on execution discipline and regulatory durability across multiple jurisdictions.
The company’s “regulated DeFi bridge” positioning is strategically compelling in a market plagued by trust deficits, FX friction, and cross-border illiquidity, particularly as remittance flows and crypto participation continue to expand.
Its traction, 200,000 users and multi-country licensing, suggests early product-market resonance, while its diversified revenue model provides some insulation against market volatility.
That said, scaling a compliance-heavy, multi-asset platform across Africa’s uneven regulatory environments could materially increase operational complexity and capital requirements, especially as tokenisation frameworks remain nascent in many markets.
Additionally, its relatively high AUM fee range (2–4.5%) may constrain competitiveness over time as lower-cost global digital brokers enter the continent. The reliance on relationship managers for conversion also indicates that despite its AI-powered branding, Ndovu remains partially dependent on traditional distribution mechanics, which could limit scalability.
Notwithstanding, Ndovu sits at the intersection of fintech ambition and regulatory realism, a promising but capital-intensive path where trust, execution, and cross-border regulatory harmonisation will determine whether it becomes a continental infrastructure layer or remains a strong regional player.
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