The solution was launched by a Mauritanian tech entrepreneur to address the challenges faced by his compatriots when sending remittances to their relatives.

Cadorim is a fintech solution developed by a Mauritanian start-up. It enables the Mauritanian diaspora in Europe to send remittance home. 

The startup behind the app is based in Nouakchott and Brussels. It was founded, in 2018, by  Mohamed Elmoctar Neine. Guests can browse the web platform to get a feel of its services without creating an account.

In case they need to make a transfer, users can register for an account or just log back in and provide the required information to complete the transaction. Among other things, the user will be asked to enter the amount in euros or pounds sterling, the recipient's first and last name, telephone number, the receiving city, and whether the person will receive the money in cash at one of the fintech's branches or in their MauriPay e-wallet.

Once the transaction is validated, the next step is to upload a valid identity document issued by a European country to finalize the procedure. 

“The technology used by Cadorim is based on the blockchain which guarantees maximum security. It protects your money both when sending and withdrawing,” the platform assures. 

Cadorim also allows users to send money to Senegal and Cameroon. These transactions are carried out through its partner MauriPay. Recipients receive the funds directly into their e-wallets. Unlike Cadorim, MauriPay has a mobile application. In 2019, the start-up won the first edition of the Fintech Challenge organized by the Central Bank of Mauritania

Adoni Conrad Quenum

Unlike most of the fintech solutions sprouting across Africa, the solution chose to add Sharia-compliant products and services. 

HalalVest is a fintech solution developed by a Nigerian start-up. It facilitates access to financial services such as savings, loans, investments, insurance, pensions, and payments. 

As a Halal-friendly solution,  the fintech works with financial institutions to help them list their Sharia-compliant products. It facilitates electronic payments and the collection of Islamic alms like zakat, sadaqah, and waqf. It aims to democratize access to interest-free financial products and services.

“We are focused on building and sustaining long-term access to ethical financial products and services. [We aim] to be a leading Non-Interest Fintech Bank in Africa and Middle East region,” the solution indicates on its web platform. 

Users can sign up for HalalVest's services through their Android app by completing a specialized form. After verification, they gain access to a variety of ethical savings and investment plans from multiple providers. HalalVest serves as a convenient platform for accessing traditional financial services and more. Through their web platform and mobile app, users can conveniently transfer funds to any bank globally.

The fintech claims a thousand members and serves around 5 countries in Africa and the Middle East. According to Play Store, its mobile application has already been downloaded over 100 times.

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She leverages her expertise and experience in finance to contribute to economic and sustainable development initiatives on the African continent. Through Melanin Kapital, she provides financial support for Africa's green revolution.

Mélanie Keïta (photo) is a Franco-Congolese finance and investment expert. In 2020, she co-founded Melanin Kapital, a carbon financing platform that aims to become the leading fintech platform financing green transition in Africa. 

Her Kenya-based financing platform funds the acquisition of clean energy equipment that SMEs need to grow and simultaneously reduce their carbon footprint. The equipment includes electric vehicles, renewable energy equipment, waste management facilities, and green kitchen equipment.

The platform empowers entrepreneurs by helping them access the capital they need to turn their idea into a business. It also trains and coaches them, focusing particularly on women and local entrepreneurs and promotes the use of digital tools.

Mélanie Keïta, who heads that platform as its CEO, is also the Head of Operations at Tuungane Foundation, the non-profit arm of Melanin Kapital that prepares SMEs to access credit and funding from its parent company and other lending partners.  She is also a guest lecturer at ESCP Business School, where she graduated with a master's degree in development economics and international development in 2018.

The entrepreneur also holds a master's degree in finance and financial management services, from the ESSCA business school (2016)  and an International Certificate in Corporate Finance from HEC Paris (2016).  

Her professional career began, in 2015, as an intern in the SME finance department of France's Générale Electrique et Mesures Optiques (GEMO). Since then, she has worked for several finance and investment institutions such as Investisseurs et Partenaires (I & P), 2° Investing Initiative, and Finance in Motion.

A member of the NextGen committee of the 100 Women in Finance network of finance professionals, Mélanie Keïta was listed in Forbes magazine's 2021 Top 30 under 30. In 2022, she received the Top Africa award issued by GITEX, among others.

Melchior Koba

Before launching MyFeda, the Beninese startup behind the solution had developed a popular payment aggregator. This new technology aims to facilitate online transactions. 

MyFeda is a fintech solution developed by Beninese startup FedaPay SAS. It allows users to send and receive funds and make online payments anywhere in the world without a bank account. 

"MyFeda is a mobile solution that allows you to manage your money daily. Whether your money is on your mobile money account or a card, MyFeda allows you to control all your expenses whatever their nature (online, or in a brick-and-mortar store),” the solution indicates on its web platform. 

To access its services, users need to first download its mobile app (Android or iOS version) and create their MyFeda accounts. The process can be completed in just a few minutes. 

With MyFeda, users can send and receive funds via mobile money in Benin, Togo, Côte d'Ivoire, Mali, Niger, Senegal, and Guinea. They can also send funds via Western Union and MoneyGram or make bank transfers using MasterCard and Visa cards. The solution also provides access to a virtual Visa card.

Each MyFeda account is managed by the Lagos-based pan-African bank, United Bank of Africa (UBA), and linked to a card from the same bank.

A monthly subscription fee is required to use the services offered by MyFeda. Since its launch, the Android version of the app has been downloaded more than 5,000 times, according to PlayStore data.  

Adoni Conrad Quenum

The fintech company, originally known as Aboki, has evolved into a full-fledged neobank that provides banking services to unbanked individuals.

Grey is a fintech solution developed by an eponymous Nigerian start-up. It provides digital banking services such as current account opening, debit card issuance, and loans. It also offers free virtual international bank accounts to let African teleworkers get paid easily.  

Its main objective is to provide adequate financial services to everyone. For that purpose, it developed a mobile app that is available on Playstore and AppStore. Through the app, users can sign up for a Grey account and access the various services. 

In 2022, the fintech startup behind the solution was claiming 100,000 users and a 200% growth in the volume of transactions processed. Currently, the Android version of its app has been downloaded over 100,000 times from PlayStore, demonstrating a certain popularity.  It is growing rapidly and has won several awards. In 2022, it was selected to join the Winter cohort of California-based accelerator Y Combinator.  In addition to Nigeria, it is present in Kenya and Tanzania and hopes to continue its expansion into other African markets.

Since its launch in 2020, it has raised about $2.5 million to support its growth, among other things. “We like to say that we’re on a mission to make international payments as easy as sending an email. We want to do impactful work to improve how Africa as a continent interacts with money across its borders,”  said its CEO Idorenyin Obong when Grey raised $2 million in 2022.

Adoni Conrad Quenum

The QR code technology was democratized in the 2000s but, it recently gained popularity in the Covid-19 period that facilitated the boom of the contactless economy. By adopting the technology, Kenya joins the few African markets that have standardized QR code usage to facilitate payments.

Last Wednesday, the Central Bank of Kenya (CBK) launched the "Kenya Quick Response (KE-QR) Code Standard 2023" aimed at improving digital payment services.  

According to CBK governor, Dr. Patrick Njoroge, “the payment system will provide Kenyans with additional secure payment solution methods, increasing usability and consumer adoption of digital payment channels.” 

The launch of the KE-QR Code Standard 2023 is one of the several initiatives taken by the CBK under its 2022-2025 National Payment Strategy to support the adoption of key standards and align Kenya's national payment system with global standards. 

The effective implementation of the standard and the use of standardized QR Code payments will enable customers to make digital payments in a simple, fast, convenient, and secure manner using the QR code as opposed to the manual system used in the past. It will also promote financial inclusion by allowing institutions of different sizes and customer focus to

By effectively implementing the standard and utilizing standardized QR Code payments, customers can conveniently, quickly, securely, and easily make digital payments using the QR code instead of the manual payment system used in the past. Additionally, it will enhance financial inclusion by enabling institutions of various sizes and customer focus to expand the adoption of digital payments.

QR Code is a universal technology that can be scanned by specialized equipment and apps like the MPESA mobile app and banking apps similar to the ones offered by Equity Bank and the CBK. Thanks to the new standard, merchants can now have QR codes that contain their details as well as the unique identifiers of payment service providers. This technology also provides information about the transaction that has taken place.

Samira Njoya

He is one of the entrepreneurs revolutionizing the African fintech industry. He founded the fintech company Paga Group, which provides innovative mobile payment solutions to Nigerians.

Nigerian-born Tayo Oviosu (photo) is a Standford University Graduate and one of the first fintech entrepreneurs in the African tech ecosystem.  In 2009, he founded Paga Group, a fintech company that aims to offer a mobile payment solution accessible to every Nigerian regardless of income group. His company enables users to carry out online transactions, pay bills, and access several financial services from their phones. 

“One of my main focuses when starting the company was, how do I get the market woman in Ajegunle [ ed. note: one of the most vulnerable neighborhoods in Lagos] to use this. [...] Our ambition is that one billion people should use this platform to access and use money. We want to particularly focus on the emerging middle class – helping them to pay, and helping them to get paid,” he explained in 2021. 

With over 19 million registered users and more than 27,000 agents across Nigeria, Paga has quickly become one of the market leaders in financial technology in Africa. Tayo Oviosu has worked with partners such as Untapped Global and Visa to expand his company's capabilities and provide innovative payment solutions to users.

The tech entrepreneur also co-founded Kairos Angels, a company that invests in business founders who are obsessed with changing the world. His professional career began in 1999 at Deloitte Consulting where he was a senior consultant.

In 2004, he worked for Lucent Technologies for three months as a business development summer associate. The following year, he joined Cisco Systems as manager of acquisitions and venture capital investments. In 2008, he was appointed Vice President at Travant Capital Partners, a venture capital and private equity firm. He worked there for five months.

He has been recognized for his work in entrepreneurship and financial inclusion. In 2013, he was nominated for the West African Entrepreneur of the Year at the All African Business Leaders Awards. In 2015, the African Leadership Network selected Paga Group as the Outstanding Growing Company of the Year in Africa.

Melchior Koba

The fintech startup, founded in 2016, accessed venture financing in 2020. Since then, it has become somehow unstoppable despite the coronavirus pandemic and the small size of its domestic market.  

Lupiya is a fintech solution developed by a Zambian startup. It allows easy access to microloans for individuals and businesses. The startup behind it was founded, in 2016, by Evelyn Chilomo Kaingu and Muchu Kaingu. Based in Lusaka, its goal is to expand access to credit and reduce the cost of borrowing for all Zambians.

“We aim to level the playing field for all Zambians by offering low-cost lending products and attainable options for security. We distance ourselves from traditional lenders by being accessible to marginalized and unbanked communities and offering lending practices that are transparent and fair,”  the startup says on its web platform. 

Currently, it has no mobile app so everything happens on its web platform. On the platform, a user can fill out a form stating the desired loan amount or loan type and the estimated repayment duration to check eligibility. Once the startup replies, the user can then proceed with account creation, upload the required documents and apply for the loan.  

Once the loan is processed, users are always notified. The startup charges up to 59 percent interest on its loans.

According to its CEO, Evelyn Kaingu, it started with just $500. That amount was lent to “a small community”, from there on, things moved with the startup acquiring its first hundred clients, and then more.  

Since its launch, It has raised over $2.5 million to accelerate its growth in Zambia. It has helped smallholder farmers boost yields, improve soil health and reduce greenhouse gas emissions. These efforts caught the attention of Kamala Harris, Vice President of the United States of America, during her visit to Zambia in late March 2023. 

Adoni Conrad Quenum

The fintech solution was launched by founders with over 20 years of experience in the African financial sector. With their experience in the industry, they know the challenges faced by populations when accessing the services offered by traditional financial institutions. So they set Carbon to address those challenges. 

Carbon is a fintech solution developed by the Nigerian start-up OneFi. It allows access to digital banking services. The startup behind the solution is based in London and Lagos. Founded in 2012 by Chijioke Dozie and Ngozi Dozie, it has raised over $15 million in VC funding to accelerate its growth in Africa. 

Through its mobile app -available for Android and iOS devices, users can register their account in just a few minutes and start accessing its services.  Carbon also has a USSD code for potential users living in areas with no or poor access to the internet. 

Among other things, the fintech allows users to pay bills, transfer money or get loans instantly. It has even integrated a feature that allows users to exchange messages when closing deals.  

Every deposit on the platform is insured by the Nigeria Deposit Insurance Corporation. In other words, the insurance company protects depositors and guarantees the settlement of insured funds should the fintech solution become unable to refund deposits. In 2021, it signed a contract with Visa to issue digital and physical debit cards.

“Carbon is focused on delivering an unparalleled banking experience that is both safe and reliable across all touchpoints.[...] We want more customers to enjoy some of our popular products like Carbon Zero through their Carbon card, and the key to achieving this is our partnership with a leading payment and fintech-friendly company like Visa,”   said Chijioke Dozie at the time.

In 2020, the fintech claimed about 659,000 customers and over $241.35 million in transactions processed. In addition to Nigeria, Carbon has a presence in Kenya and Ghana. Its ambition is to become a pan-African digital bank for Africans and the diaspora.  The Android version of its app has already been downloaded more than a million times.

Adoni Conrad Quenum  

In Africa, under banking is a key issue. It greatly affects merchants, but tech entrepreneurs are gradually stepping in to solve it.

Rouzo is a fintech solution developed by Nigerian startup Owafara Fintech Services. It allows small businesses access to loans provided by individuals and other businesses. The solution is in line with Owafara Fintech Services’ goal of empowering more than 1 million small businesses in Africa with the funding and support that will allow them to grow, become self-sufficient, and add value to the economy.

“Rouzo is a portfolio managed platform that allows smart individual and corporate investors to invest in portfolios that are used to provide financing for small businesses.[…]By investing on Rouzo, investors generate a healthy return and contribute to economic development by empowering small businesses to grow and expand,” the platform explains.

Via its web platform, users can create their accounts to access the services offered by Rouzo. Individuals can invest funds in Rouzo, which will lend them at attractive rates to micro and small businesses that meet the necessary requirements. The interest generated by these loans will be shared between the fintech and the individuals who deposited their money.

Thanks to Owafara's expertise, Rouzo can easily get businesses that want to work with it evaluated. The fintech company has a special preference for women-owned businesses because it was itself founded by a woman. " As a female-founded Company, we also understand how women relate with finance and we are especially committed to helping women who are majorly underserved get access to loans and business support to grow," Rouzo explains.

" Eighty percent of our current loan book is to unbanked women micro-entrepreneurs," said Owafara Fintech Services’ founder in 2022. Rouzo claims more than 150,000 completed transactions and nearly 5 billion naira (about $10.9 million) lent. In 2021, it was one of 16 companies selected in the first cohort of the ShEquity Business Accelerator (SHEBA). In 2022, the institution helped the startup raise funds for its goals. The amount of the deal was, however, not disclosed.

Adoni Conrad Quenum