Payflit

With Africa being the leader of mobile money with astonishing over 50% globally, thus, African traders and micro businesses contributing over $30B to African remittance outflow yearly excluding banks facilitated solutions. Yet, there are over 90 million micro businesses and African traders operating offline in the informal sector whose products are majorly foreign imports with 700,000 traders everyday seeking to pay their overseas suppliers… But it takes 48-120 hours, and the transaction fees are killing; averaging between 10- 40% depending on transfer route and destination This also happens only for the savvy enough to deal with bank wires which most of the traders are not in the position to do so. Hence, adopt agency services such as Bureau De Change operators which is more unsustainable. Furthermore, Inter-African states remittance, and payments connecting Africa to MENA region, and the rest of the world is yet explored.

FINALLY, this is being built! We have seen many developments to bridge the gaps in African merchants' cross borders solutions such as flutterwave and paystack but none for micro-economies, offline traders and tech un-savvy individuals. But what they still don't get is that all their infrastructure was heavily focused on providing solutions for internet powered business using integral APIs and only for remittance but overlooked the opportunity in high compounding value of outflow by micro and offline businesses yearly. MENA region is also a major hotspot for Africans doing business, education, medical and tourism but yet not a seamless medium for exchange of values. And if you look at the relationship between Africa and these regions is phenomenal because these countries are major hotspots to Africans for business, education, medicals, tourism, and jobs, in countries like India,Turkey, Cyprus, Egypt, Malaysia, Saudia etc. Therefore an opportunity to provide a seamless way for the exchange of values between Africa and this region through payments and remittance. Thus, Simplicity and inclusivity is key: No matter what services you provide and how useful and cheaper it is for customers, if the product is hard to use, tedious or boring people are less likely to tolerate usage. Simplicity and inclusiveness is key followed by being cheaper and faster.