There is Over 1 billion mobile money Global account. Thanks to M-Pesa, Africa is leading the way in transaction value and volume. mainly Used in East Africa. Other parts of the continent are also growing rapidly.
In 2019, West Africa reported the most live mobile money service in any region with 56 million active accounts... Francophone In Côte d’Ivoire, one of Africa’s largest mobile money markets, 75% of the population has a mobile money account, while 20% have a bank account. The difference is astounding clearly Shows a great desire for local services..
Carriers mainly Several start-ups that dominated mobile money services in most of sub-Saharan Africa are trying to change their customers’ mobile money experiences.Fintech startup based in Côte d’Ivoire Juraya Is one such company and today announced a pre-Series A $ 2 million funding to expand its product across West Africa.
Léopoldie told TechCrunch that this experience showed how mobile money works across African Francophones. LemonWay acts as a payment solution for the marketplace. Therefore, while working to expand FinTech services in both countries, the pair must reach companies where large potential businesses do not have bank accounts through the large-scale consumer penetration of carriers. I realized that I had to.
Juraya Released It started in Côte d’Ivoire instead of Mali and Burkina Faso to digitize trade payments. The platform enables businesses to streamline accounting and improve operational efficiency by digitizing payments to workers and suppliers rather than relying on cash.
The company helps African businesses and institutions pay for mobile money and mobile banking wallets. This is achieved in collaboration with carriers and other fintech startups in the region...
“Mobile money is nearing maturity, and business and public sector use cases are providing new growth opportunities for this sector. The pandemic has opened its mind to the urge to digitize payments. Fintech competition in West Africa has made digital finance more affordable for consumers and increased the credibility of technology integration with carriers, “Talbot said in a statement. increase.
Still, these partnerships did not come true without their own challenges. First, Francophone Africa’s payment technology is still fairly fragmented, and Telecom’s API is still fast-growing and somewhat unreliable.
Leopoldi added that Challenges arise from distribution channels, making it difficult for businesses to sell in large quantities at low cost, as well as their unreliability in digitized payments.
“In Côte d’Ivoire, wire transfers take 1-3 days, and as a customer you always have to check with your bank branch …. Often there are drawbacks, so companies don’t trust the digital experience. Also, educating the market incurs high costs for acquisitions. Still, it’s still hard to find talent with a startup mindset, “Leopoldi said of some of the challenges facing a three-year-old startup...
Nonetheless, the startup, which has a R & D and technical team in France, has plagued customers from SMBs and large corporations to government agencies. According to the company, 50 of these customers are currently processing more than $ 1.5 million per month. Jumia, SODECI, Ministry of Education, Côte d’Ivoire, World Bank.
Juraya completed a $ 250,000 pre-seed investment in 2018 and a $ 550,000 seed investment a year later. These are all by angel investors... However, the company introduced VC companies in pre-Series A rounds. They include corporate venture capital firms Orange Ventures and MFS Africa Frontier. Venture capital firms Saviu Ventures, Launch Africa, 50 Partners Capital; There are also angel investors in Africa and Europe.Juraya uses investment Expand market share in Côte d’Ivoire, launch digital payment products and expand throughout West Africa.
In 15 African countries, more than 20 million people use Orange as their mobile money service. Carriers have also recently launched a mobile banking platform in Côte d’Ivoire, surpassing 500,000 users... So what is the rationale behind this strategic investment? The third check At an African fintech startup after Yoco in South Africa and SudPay in Senegal?
“Fintech environment in Africa Distinguished by Its competitiveness and strong dynamism. Orange Group, through a technology investment fund Participation In this boom by supporting FinTech such as Juraya. The goal is to target local technology champions for the transition to a more digital and responsible world, “said Habib Bamba, Director of Transformation, Digital and Media on the Orange Ivory Coast.
Orange, other carriers, fintech and banks are still big competitors in Juraya. So hDo you have any plans to stay in people’s minds throughout the region? Léopoldie believes that focusing on the best user experience may work.
“This sounds like a statement I’ve heard, but customers place the highest priority on reliable customer support and a predictable, smooth online experience, such as a reliable platform with little downtime. I understand, “he said. “Even if the transaction success rate is only 90%, the customer trusts you as long as you provide this information through transparent communication to the customer.”
Ivorian fintech Julaya raises $2M to digitize business payments in Francophone Africa – TechCrunch Source link Ivorian fintech Julaya raises $2M to digitize business payments in Francophone Africa – TechCrunch