Fintech - Afrikan Heroes

Channel VAS is Fintech Sponsor Of Mobile 360 Africa

July 10, 2019

As part of efforts aimed at deepening fintech penetration across Africa, Channel VAS, the global premium fintech, and data analytics company, is happy to support the Mobile 360 Africa event, holding the position of Fintech Sponsor in this prestigious event that is taking place July 16-18 in Kigali, Rwanda.

With most of the Channel VAS’ 30-plus countries of operation being in the African region, events like Mobile 360 Africa, which is part of the GSMA Series of global events are a prime opportunity for the company to network with key players in the mobile industry and showcase its innovative ideas, aiming to improve people’s financial inclusion in underserved and underbanked areas of the continent.

According to Mr. Bassim Haidar, Channel VAS’ founder and CEO, of Channel VAS “as a global leader in the Fintech field, Channel VAS is always keen on supporting major events like the M360 Africa, which promotes inspirational and disruptive ideas, like the services we offer, to shape the continent’s mobile and digital future. With the Channel VASvision being the financial inclusion of unbanked populations in Africa, coming closer to other major players in the mobile ecosystem to work together towards that goal is facilitated through events, likeM360 Africa.”

“Mobile 360 Series – Africa aims to showcase how mobile connectivity is providing a foundation for innovation and entrepreneurship across the region, delivering a range of essential services across finance, healthcare, and digital identity,” said Akinwale Goodluck, Head of Sub-Saharan Africa, GSMA. “We are looking forward to welcoming our speakers, guests, and sponsors in Rwanda next week and discussing the positive and transformational impact mobile is having throughout this incredible region.”

A delegation of Channel VAS executives will be attending the event and will have important meetings with some of the region’s major businesses, aiming to expand the delivery of the company’s services towards financial inclusion to more countries and people in the region.

Channel VAS is offering Airtime Credit and Data Credit Services, as well as other innovative Mobile Finance and fintech services in over 30 countries worldwide, covering most of West Africa, South, and East Africa as well as several Middle Eastern and Asian countries. The company’s expansion is supported by a strong portfolio of proprietary intellectual properties on the products and tools offered to MNOs and businesses across the globe.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

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Zimbabwe: Fintech Startup Payitup Raises $13m In New Funding

May 25, 2019

Zimbabwean fintech startup, Payitup, has joined the league of the few startups in Africa to procure some of the largest funding.

The latest round of funding is around US$13 million from the UK-based Thawer Fund Management. The new round of funding is the largest ever by any startup in Zimbabwe. This would put the startup’s value at US$20 million . Although Payitup has secured seed funding in the past, it has faced challenges securing this larger round.

What Payitup Does

The startup which was launched in 2017, processes payments for DStv, broadband and airtime. The startup plans to commit the funds to system development and operations. The startup also has planned to recruit partners across various verticals, and stands to benefit from its relationship with Thawer Fund Management in more ways than just the obvious financial one.

Chief Executive Officer (CEO) of Payitup Aretha Gonyora said:

“Our goal is to build a more connected financial life for the African people and beyond. Through our mobile and web applications our customers will be able to pay for various goods and services, access loans, investments, insurance and a wide range of financial products. We will be working towards financial inclusion for all and maximising on technology. A lot of people still do not have access to basic financial services, while the people with access to banking services are not fully capitalising on the power of technology.”

Image result for funding for startups in zimbabwe — Most of the funded startups in Africa between January and June 2018 were in the above sectors

Payitup Expansion

The startup plans to remain focused on Zimbabwe in the meantime, but also plans to open its platform to customers in several southern African countries, and ultimately the rest of Africa in the next five years.

Related: Nigerian Ride-Hailing Motorbike Startup Gokada Raises $5.3M In New Funding

Its revenue model will be based on transaction and service fees, and premium subscriptions on selected goods and services, with Gonyora having faith in Payitup’s app-based approach in spite of challenges.

“Not everyone in Zimbabwe uses a smartphone, which has made USSD preferable over mobile applications. This combined with how expensive data has become in Zimbabwe means that our users’ access to the application may be a barrier. Fortunately, we saw this coming and have put in place favourable measures to buffer all our customers to have access to our services,” she said.

The startup also plans to commit a significant amount of the funds to grow the business in terms of awareness campaigns, rebates offered to customers, and other strategic products to gain traction and usage on the app.

This Round of Funding Is So Significant Because It Is So Difficult For Startups To Get Funding In Zimbabwe

According to Gonyora:

“We had been engaging our investor for over a year. The startup ecosystem in Zimbabwe is not that vibrant at the moment, and the current economic condition makes it difficult to get funding. There is still hope. What saw us through in the back and forth of the last 15 months was a combination of having a strong vision and finding people that believed in us.”

Charles Rapulu Udoh

Charles Rapulu Udoh, a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organisations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution and data analytics both in Nigeria and across the world.