Tech

MANSA partners Bitmama to enhance cross-border payments through virtual crypto cards across Africa

Published

1 month ago

September 5, 2024

Africa’s decentralised finance (DeFi) platform specialising in cross-border payments and trade financing, MANSA has sealed a partnership deal with blockchain payment platform, Bitmama, aimed at improving cross-border payment accessibility across Africa.

Mouloukou Sanoh, CEO and Co-Founder of MANSA who announced the partnership at a press conference, noted that payment companies across Africa are faced with significant challenges in establishing cross-border payment services, where maintaining pre-funded accounts in multiple countries often poses an obstacle due to limited capital, stifling innovation and creating a liquidity gap, hence the need for such collaboration.

“Our collaboration with Bitmama marks a key milestone for MANSA,” said Sanoh.

“By providing the liquidity needed to pre-fund accounts, we’re enabling individuals and businesses to benefit from enhanced cross-border payment services. This partnership aligns with MANSA’s mission to close the liquidity gap that hampers entrepreneurs and businesses across Africa and other emerging markets.

“Bitmama, which enables individuals and businesses in over 18 countries to send and receive payments in various currencies, has built a platform to facilitate cross-border settlements but requires liquidity in each serviced country.”

He added that through the partnership, MANSA will provide Bitmama with the necessary liquidity to pre-fund accounts across these 18 countries, thereby expanding payment capabilities for consumers and supporting business trade across borders in Africa.

MANSA which was launched in 2023, was created to address the significant funding gap in emerging markets, offering innovative liquidity solutions that support growth and foster financial inclusion in these regions, and has expanded rapidly, serving key markets across Africa and working closely with some of the biggest liquidity providers in the DeFi ecosystem.

Bitmama, on the other had, was founded in 2017 as a P2P digital currency exchange and has since grown into one of Africa’s leading and most secure payment platforms, enabling individuals to transact with virtual cards as well as trade and manage cryptocurrencies and digital assets safely and conveniently.

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Tech

Kenya’s auto-tech startup BuuPass expands system to new operators

Published

11 hours ago

October 14, 2024

Isaac Dachen

Kenyan auto-tech startup, BuuPass, has announced the expansion of its Bus Management System (BMS) to new operators in a bid to further enhance transparency and operational efficiency for bus companies in the country.

Founded in 2016 by the duo of Sonia Kabra and Wyclife Omondi, BuuPass has grown from a B2B2C mobility marketplace to become a leader in digital ticketing and transportation management solutions that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

“What we are witnessing is nothing short of a digital renaissance in bus operations. Our Bus Management Service isn’t just a tool—it’s the future of this industry,” said Kabra, who doubles as the CEO of the company.

“So far, BuuPass has sold over 16 million travel tickets and generated over US$100 million in total value of goods sold, while it has also taken part in the Google for Startups Accelerator Africa and been backed by the Google for Startups Black Founders Fund. It also acquired counterpart QuickPass earlier this year.

“The BuuPass BMS is designed to address the most pressing challenges faced by bus operators. At its core, the system enhances transparency and control by providing real-time visibility into all aspects of operations, from ticket sales to route performance.

“Among the newly enrolled operators are Abuya, Abandu, Shoreline, and Bin Ibrahim, serving crucial routes such as Nairobi-Garissa, Nairobi-Moyale, Nairobi-Busia, Mombasa-Busia, and Mombasa-Kitui.

“To ensure smooth integration, BuuPass provides these operators with scanning devices, computers, and digital printers, along with comprehensive training for their staff on system usage,” she said.

Tech

Tanzanian fintech Nala secures $40m funding to boost expansion

Published

1 day ago

October 13, 2024

Isaac Dachen

Tanzanian payments platform, Nala, has announced securing $40 million in Series A funding from several global investment firms such as San Francisco-based VC firm, Acrew Capital, DST Global and Amplo, as well as other angel investors, which it says will be used for its global expansion and to strengthen its payment systems across Africa.

The startup which has its headquarters in Kenya, is a fintech that enables seamless money transfers from the UK, US, and the EU to Kenya, Uganda, Tanzania, Rwanda, and Ghana.

Nala’s founder and CEO, Benjamin Fernandes, who announced the new funding in a statement, said it is coming on the heels of a $10 million seed round in 2022 and will further improve the reliability of its African payment systems by establishing its own payment infrastructure.

Fernandes highlighted how the new capital would fast-track the company’s global expansion efforts, focusing on its Nala Money App and its business-to-business (B2B) payment platform, Rafiki API.

“This funding allows us to go beyond remittances and scale beyond Africa, building a comprehensive payments ecosystem. We’re reinvesting to enhance our infrastructure, ensuring affordable, reliable payments for everyone,” Fernandes said.

“With our own payment rails and the growth of our B2B platform Rafiki, we’re not just talking about change – we’re building it. We have bold, ambitious plans, so stay tuned for the next couple of years.

“For the first time, we are profitable and cash flow positive. Our transaction volume has surged 34 times over the last 20 months,” he added.

He noted that the company has expanded from a seven-member team to nearly 100 employees, and is serving nearly 500,000 customers globally.