I recently interviewed the founders of Ugandan fintech venture Beyonic, a finalist at this year’s Sankalp Africa Awards for sustainable enterprises. Launched in 2013, they aim to eliminate dependency on cash by helping businesses quickly set up and manage mobile money payments.
Cash doesn’t allow people to become part of the formal economy; it’s also insecure and costly, explained cofounder Luke Kyohere. And while mobile money for person-to-person payments has massively taken off, businesses have yet to exploit their full potential. That’s where Beyonic comes in: making it easy for a business to pay people using existing mobile money systems. They’ve landed some big clients (including Save the Children), but also another social enterprise, Educate!. For them, paying wages and expenses with cash meant time and money spent on travel to/from Kampala, plus risk of muggings and holding huge amounts of cash on site. Educate!, when I met them in Uganda, said getting mobile payment systems in place is one of the things that’s helping them scale up.
Read more from Luke and his American cofounder Dan Kleinbaum below. Extracts of this interview were featured in this Pioneers Post article, What the world needs to know about African enterprise. Continue reading “When mobile money means business”