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Mali Fintech SAMA Money Acquires Bank After Securing Operational License

September 30, 2023

SAMA Money Group, a fintech company specializing in digital financial services and owned by Malian entrepreneur Daouda Coulibaly, has revealed the acquisition of the First Microfinance Agency (PAMF) Mali, a microfinance institution previously under the control of AKAM. Following this acquisition, PAMF now operates within the SAMA Money Group under the name “SAMA Finance,” with a clear mission to enhance the group’s contribution to financial inclusion for the unbanked population by offering accessible digital microfinance services to all.

It’s worth noting that this transaction, for which financial details have not yet been disclosed, occurred just two weeks after SAMA Money received approval as an Electronic Money Establishment (EME) from the Central Bank of West African States (BCEAO). This achievement solidified the unique status of SAMA Money as a fintech founded by a West African entrepreneur to hold such a designation.

Daouda Coulibaly, CEO of SAMA Money, expressed his enthusiasm for this acquisition, stating, “This acquisition will allow us to combine PAMF’s expertise in credit provision with SAMA Money’s mastery of mobile payments to offer our customers a 100% digital solution for savings and credit, thereby optimizing the customer journey and experience.”

This strategic move opens up new opportunities for the SAMA Money Group, which already has a presence in Côte d’Ivoire and Burundi. It extends the company’s reach within the microfinance sector, a field that accumulated nearly 2,077 billion CFA francs in deposits in the UMOA region in 2022.

Furthermore, this operation highlights Daouda Coulibaly as a visionary and accomplished entrepreneur. His consistent presence on the Choiseul 100 Africa list for five consecutive years (from 2015 to 2020) demonstrates his status as one of the 100 inspirational young leaders on the African continent. Daouda Coulibaly is also the founder of TRAINIS, a computer training company. He holds a Master’s degree from the University Paris 1 Panthéon-Sorbonne, earned in 2005, followed by an MBA in Management from IAE France in 2009.

SAMA Money Bank SAMA Money Bank

Sama Money Breaks New Ground in Mali: The First Fintech to Operate Independently in Electronic Money Distribution

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard

Sama Money Breaks New Ground in Mali: The First Fintech to Operate Independently in Electronic Money Distribution

September 11, 2023

In a groundbreaking development for the financial technology sector in Mali, Sama Money, a fintech company specializing in mobile payments and money transfers, has been granted an Electronic Money Establishment (EME) license by the West African Central Bank (BCEAO). This significant milestone marks a new era in the company’s journey, as it transitions from operating in partnership with UBA Mali to becoming an autonomous player in the electronic money distribution space.

Sama Money, founded in 2019 by Daouda Coulibaly, initially entered the electronic money distribution market in 2020 through a collaborative effort with UBA Mali, operating under the name “Sama by UBA.” For three years, this partnership enabled the company to provide essential services, such as cash withdrawals, currency exchange, and mobile payments, with the backing of UBA’s banking infrastructure.

However, on Friday, September 1st, 2023, Sama Money achieved a significant milestone by securing its independent EME license from BCEAO. This license grants Sama Money the legal authorization to issue and distribute its electronic currency, facilitating essential services such as cash withdrawals, loading electronic currency with fiat money, as well as payments and money transfers within the electronic money ecosystem.

Mali : SAMA Money obtient l'agrément d'Établissement de la monnaie Électronique - TIC TELECOM & ENERGIE — *Credit: SAMA Money*

Notably, Sama Money has now become the fifth electronic money establishment in Mali, joining the ranks of Orange Money, Moov Money, Wizall, and Zelia, as per data from BCEAO as of April 2023. What sets Sama Money apart from its counterparts is its autonomy — unlike other companies that have entered partnerships with technical operators, such as banks and telecom companies, for electronic money distribution in Mali, Sama Money stands as the first fintech to be authorized by BCEAO to operate independently, without the need for a partner, in issuing and distributing electronic money within the country.

This achievement highlights the company’s dedication to enhancing financial inclusion and mobile payment solutions in Mali, providing a more accessible and convenient platform for users to manage their electronic finances. As Sama Money embarks on this exciting new chapter, it aims to further revolutionize the electronic money landscape in Mali, potentially setting the stage for further fintech innovation in the region.

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Charles Rapulu Udoh