African Fintech companies’ role in society is becoming more essential than ever, especially since the Covid-19 breakout.
Whether online payment systems such as Square, PayPal, or stock trading apps like Acorns and Robinhood, there is a high probability that many people have utilized fintech at some point.
Major Reasons African Fintech companies are Essential:
- They are more Cost-Effective Options
- Increases the growth of every economy across Africa
- They are cheaper
- They encourage and initiate Financial Inclusion across Africa
- They Empower and promote Small Businesses
- They promote convenience and Security
- They expand Financial Capability
However, here are some of the top African Fintech companies to look out for in recent times.
Paga
Over time, it has been concluded that one of the best chances for financial inclusion in Africa is establishing a wide mobile payment infrastructure.
In addition, Paga is achieving exactly that. The company was launched in Nigeria by Tayo Oviosu to enable its users to virtually send and receive funds.
Furthermore, users can join resources from all their personal cards and bank accounts into the Paga wallet.
Presently, the Nigerian fintech has more than 12.8 million customers who are attended to by over 20 thousand agents.
However, these agents have the opportunity to earn a commission for every single transaction completed by their customers and because of this, Paga has been able to raise about $34.7 million in funding so far.
Also read, Top 4 Fintech Companies in Nigeria
Fawry
Fawry is known as Egypt’s largest Electronic Payment Network that is Co-founded by Ashraf Sabry who is an IBM alumnus.
Also, the company has developed a large range of digital payments services that join both offline and online channels.
Additionally, all customers have the opportunity to use Fawry’s product to buy goods from e-commerce companies and also withdraw funds from ATMs as well as make payments at conventional retail points or utilize the mobile wallet for both online and peer-to-peer (P2P) transfers.
Users have access to Fawry’s services in more than 100,000 locations across Egypt.
Lastly, the company currently has more than 20 million customers as well as facilitates 2.1 million transactions on a daily basis and because of this Fawry has been able to raise more than $100 million monetary value so far.
Yoco
Yoco is a business-to-business (B2B) company that aims at small and medium businesses across Africa.
Their major product is a mobile linked device for receiving card payments by small-scale retailers.
Asides from that, Yoco is supplying other services that aid African SMEs in the retail sector create their businesses like a retail-focused CRM platform, POS software solutions as well as different funding options.
Lastly, the company was launched by Katlego Maphai who is an entrepreneur with a background in consulting and also a Rocket Internet alumnus. Yoco has gained about $23 million in funding from the time of its launch and now.
Also read, How Fintech has improved Financial Inclusion in Africa
Jumo
Jumo is known to have a zealous goal to supply financial services to the 1.7 billion people across Africa who are excluded from accessing finance so far or are belittled by conventional banking companies.
Jumo is a business-to-business (B2B) firm that established a flexible and automated platform that is a micro-service architecture based.
It also assists in establishing forecasting information products and models for financial services providers, mobile network operators (MNO), as well as other companies developing behavioral information sets.
This company was co-founded by Salomon Brothers an alumnus of Andrew Watkins-Ball.
Jumo is said to have derived more than $1 billion in loans so far and raised about $91.7 million in funding.
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