Today, we provided funding to a startup undergoing training in Tekedia Mini-MBA. Over the last 6 weeks, the team has grown revenue in a niche area on payment and remittance. Our experience with receiving payment across Africa on Tekedia Mini-MBA has pushed me to declare that nothing has truly happened on African intra-payment. From Ghana to Cameroon to Tanzania, and beyond, Africa remains far away when it comes to payment.
We lost members from Tanzania as they were unable to pay. In Cameroon, we were saved as we have a country manager. The same happened in Ghana, etc. In Congo DR, a friend had to help: his fellow citizens pay him; he pays us via PayPal USA. The story is the same: inter-border payment within Africa remains primitive.
With that experience, I started looking into the payment and remittance nexus. We will announce this firm when the team gets ready this week. Tekedia Mini-MBA besides being a management training school is also an accelerator. We have data now to begin to support innovators.
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But the fintech sector has been raising money, series after series, in Nigeria and across Africa; what frictions exactly are they fixing: local merchants?
The ones that process international payments and remittances, could it be that African countries don’t feature as part of international? Google managed to put all of us on its map, yet we still struggle to locate one another down here.
We can as well make dollar the continental currency, since we still don’t know how to process payments within African States. This is nothing short of embarrassment, we are not even as good as we thought we are.