The Meridian

Alitheia IDF Fund, INOKS Capital, and KfW DEG’s Investment in Lupiya’s Operations in Zambia for USD 11.25 million

Lead party: IDF Capital (Pty) Ltd (lead investor/buyer)Target: Lupiya Financial Services Limited (private company) · Sector: Financial Services, MSME Lending, Digital Banking · Countries of operation: Zambia Transaction type: Investment · Asset class: Venture Capital · Strategy: Venture Equity · Instrument: Ordinary Shares (Equity) · Round: Series A · Deal amount: US$11.3m · Fund: Alitheia…

Lead party: IDF Capital (Pty) Ltd (lead investor/buyer)

Target: Lupiya Financial Services Limited (private company) · Sector: Financial Services, MSME Lending, Digital Banking · Countries of operation: Zambia

Transaction type: Investment · Asset class: Venture Capital · Strategy: Venture Equity · Instrument: Ordinary Shares (Equity) · Round: Series A · Deal amount: US$11.3m · Fund: Alitheia IDF Fund

Lead investor/buyer: IDF Capital (Pty) Ltd, Alitheia Capital Limited · Investors/buyers: Alitheia Capital Limited, IDF Capital (Pty) Ltd, INOKS Capital SA, Deutsche Investitions-und Entwicklungsgesellschaft (DEG)

Legal advisers: not identified in the source record.

Source: announced 13 February 2026. Original announcement: launchbaseafrica.com.

The Meridian Editorial Team

Andrew U. — Editorial Director | Damilare A. — Intelligence Director | Amaka Nwoye — Senior Legal Research Analyst | Salome Mensah — Market Intelligence Analyst | May Ndlovu — Editorial Researcher | K.K. Lawal — Senior Correspondent | The Meridian’s editorial team brings experience across West African legal markets, commercial law, market intelligence and structured research. Our standard is simple: evidence first, independent judgement, and analysis grounded in how legal work happens in practice.

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