US-based Egyptian fintech company Moneyhash recently expanded its operations into sub-Saharan Africa, in a bid to open up the continent for its payment system, Benjamindada Blog reports.
In a conversation with Techcabal, MoneyHash CEO Abdel Razek said that the company wants to enter Sub-Saharan Africa due to the payment opportunities and challenges that exist in the region.
In his words:
“We stumbled upon it by chance while consulting a company on their payment strategy across the region. We just assumed that someone must have set up a library or something the companies could use as a layer of abstraction.”
“The growing fintech scene from the outside looks impressive, but the real challenge is how companies will adapt to all these changes and market segmentation. This was a clear signal to us that this is the perfect time for a layer of abstraction,” he said.
Notably, in February of this year, the company secured seed funding of $3 million to build a Superior API for Payments in Africa and the Middle East, even as it describes itself as “the Middle East and Africa’s first super API for payment and revenue regulation”.
The fintech startup provides a platform for businesses with the mandate to remove the complexity and effort involved in building and maintaining a payment structure, with the company already establishing pre-integrations with prominent Payment Service Providers (PSPs) covering over 90 payment method integrations in the region. The platform is designed to connect businesses with multiple payment service providers, while providing a unified and localized payment experience, with refunds of declined payments.
MoneyHash’s main goal is to give businesses in the region the ability to upgrade their technology, especially with regard to such a sensitive piece: payments. We aim to be the leader when it comes to building and maintaining payment infrastructure, and to do so, our impact must be to empower and grow the businesses that use us,” says CEO Abdel Razek.
According to Abdel Razek, MoneyHash wants to have the same impact that Amazon Web Services had with cloud services in the payment sector.
“We aim to create a fully cloud-neutral that brings together all payment APIs, features, and tech capabilities. In this way, we make building and maintaining payment functionality as easy and fast as rolling out a new server on AWS. To do this, we have invested a lot in our technology modularity, and in hiring the right people. and in working collaboratively with our existing and potential clients. It is like a company built by all involved. Collaboration and learning are key to us,” he said.
The CEO of MoneyHash emphasized that the opportunity to contribute to the growth of the continent was a determining factor. It is to expand the company’s tentacles to Africa, which further assumes that the opportunity for cashless payments in the region is huge, so the startup sees this as a great opportunity to be so. On a regional level, to build corridors between Africa, the Middle East, and North Africa, and to explore strategic partnerships with BaaS and other key fintech players in the region to deliver maximum value.