Egyptian US-based fintech company, Moneyhash has recently expanded its operations to sub-saharan Africa, in a bid to open up the continent to its payment system.
The CEO of MoneyHash, Abdelrazik in a conversation with Techcabal says the company wants to venture into sub-saharanAfrica because of the payment opportunities and challenges that exist in the region.
In his words:
“We really stumbled on it by coincidence while consulting for a company on their payment strategy across the region. We just assumed someone must have built a library or something that companies can use as a layer of abstraction.”
“The growing fintech scene from the outside looks impressive, but the real challenge is how businesses will adapt to all these changes and the fragmentation of the market. This was a clear signal for us that this is the perfect time for a layer of abstraction”, he shared.
It would be recalled that the company in February this year got a $3 million pre-seed funding to build a super API for payment operations in Africa and the Middle East, even as it describes itself as the Middle East and Africa’s “first super-API for payment orchestration and revenue operations.”
The fintech startup provides a platform for businesses with the mandate of removing the complexity and effort of building and the maintainance of a payment structure, with the company already pre-building integrations with prominent payment service providers (PSPs) that cover over 90 payment method integrations in the region. The platform is fashioned to connect businesses to numerous PSPs, while providing a uniform and localised checkout experience, with the recovery of declined payments.
“MoneyHash’s main goal is to give businesses in the region the ability to upgrade their tech especially regarding such a sensitive piece: payments. We aim to be the leader when it comes to building and maintaining a payment infrastructure, and to do so, our impact has to be empowerment and growth of companies that use us”, says the CEO Abdelrazik.
According to Abdelrazik, MoneyHash wants to have the same impact Amazon Web Services had with cloud services in the payment sector.
“We are aiming to build a fully agnostic cloud that aggregates all payment APIs, features, and technical capabilities. That way, we make building and maintaining payment functionalities as easy and fast as spinning a new server on AWS. To do so, we invested a lot in our technical modularity, in hiring the right people, and in working collaboratively with our current and potential customers. It is like a company built by everyone involved. Collaboration and learning is key to us”, he said.
The MoneyHash Chief Executive further averred that that the opportunity to contribute to the continent’s growth was a defining factor. Is the expansion of the company’s tentacles to Africa, further positing that the opportunity of non-cash payments in the region is huge and thus the startup sees this as a great opportunity to be. pan-regional, to build corridors between Africa and MENA, and to explore strategic partnerships with BaaS and other key fintech players in the region to offer maximum value.
