CardinalStone Capital Advisers (CCA), a West Africa-focused private equity fund manager, is pleased to announce that its CardinalStone Capital Advisers Growth Fund (CCAGF) has led an $18 million Series B investment in Arnergy Solar, a leading Nigerian renewable energy company. Investing alongside CCA, British International Investment (BII) – a Limited Partner (LP) in CCAGF – joins as a new investor in the business.

Zone, before its launch, obtained a switching license from the Central Bank of Nigeria (CBN), the country’s apex bank, tapping into Nigeria’s central switch (Nigeria Inter-Bank Settlement System), which is responsible for the interoperability between various players in the country’s financial system and the swift movement of money between bank accounts.