FloCash

27/03/2025

At the panel on cross-border travel payments, industry leaders tackled key challenges and opportunities. Caroline Hane-Weijman (Paystack ) noted that while AFCFTA hasn’t eliminated regulatory barriers, it’s driving progress. Sirak Mussie (FloCash ) highlighted hurdles in B2B transactions and the need for better credit access. Brian Mwiwawi (Pesapal ) emphasized the need for unified regulations to enable faster, more secure payments, while Elias Gitau (DPO Pay by Network International) called for fintech collaboration to lower costs. Hane-Weijman also pointed to Kenya’s Virtual Assets Service Providers Bill, 2025, as a step toward integrating cryptocurrency into cross-border payments.

16/12/2024

Flocash is excited to announce our partnership with Triple-A, introducing seamless stablecoin payment solutions for travel agencies across Africa and the Middle East.

This collaboration enables travel businesses to:
✅Convert local currencies into stablecoins such as USDC, USDT, and PayPal USD.
✅Receive instant payment confirmations for faster transactions.
✅Overcome challenges of traditional cross-border payments with secure and efficient methods.
✅Lock in exchange rates, protecting against currency fluctuations.
✅Accept payments through digital wallets like Apple Pay and Google Pay for enhanced convenience and accessibility.

As cryptocurrency adoption grows, this partnership reflects our commitment to providing innovative, risk-free crypto payment solutions, making transactions more accessible, reliable,and future-ready.

“As more businesses and customers worldwide look to cryptocurrency for its efficiency and security, our partnership with Triple-A will enable us to better serve our clients by offering innovative, risk-free crypto payment solutions. By simplifying payments for our travel agencies and airlines, this partnership enhances our mission to make transactions more accessible, reliable, and future-ready.” — Sirak Mussie, Managing Director at Flocash

By offering secure and innovative payment solutions, Flocash and Triple-A are reshaping the financial landscape for travel businesses, ensuring efficiency and ease of use in every transaction.

27/08/2024

Step into the future of transactions with the mobile app! 💼📲 Experience hassle-free payment processing and effortless tracking, all at your fingertips. Simply tap, pay, and you're done. Explore how FloCash is revolutionizing the way we handle payments.

12/08/2024

Contactless payment is the present & future of payment technology. It drives payment solutions for big service providers like retail, hospitality & transit worldwide. Understanding how it works has never been an option but a requirement.

Read the full article below
https://drive.google.com/file/d/1SG-HNu-FSThOTRRoHi9IH8FoJorgiJMM/view?usp=sharing

07/07/2022

Flocash is delighted to partner Visa to drive SME digitization and digital payment acceptance across Africa.

This partnership will drive SME digitization by enabling African banks to cost effectively increase the distribution of bank products and services. Flostore - our SME platform will provide SMEs easier access to financial services as well as help banks to continuously understand the evolving needs of the SME market.

Flocash Partners Visa to Promote Digital Capabilities for African SMEs By Luis Monzon - July 7, 2022 Facebook Twitter WhatsApp Linkedin Email Sirak Mussie, Managing Director of Flocash and Corine Mbiaketcha, Vice President and General Manager of East Africa Visa, last July 5th, 2022 at Nairobi, Keny...

04/05/2022

We are delighted to announce that Flocash has been ranked #2 in the inaugural FT Africa’s Fastest Growing Companies 2022, recognizing our growth of 5160% over the past 4 years.

A huge thank you to our customers and partners for their trust in us to deliver on our promises to facilitate African commerce at home and abroad.

Congratulations to the over 100 Flocash family for this incredible achievement! This award is a testament to the dedication and expertise of the entire team.

Congratulations to all FT Africa’s Fastest Growing Companies 2022 - For making a difference in the continent.

From digitising informal trade to fintech and mining, our inaugural list reflects trends on the continent

19/03/2022

Most of these B2B startups are trying to replace middlemen, whose role in the supply chain is to link bigger suppliers and wholesalers to small traders. These intermediaries add cost because they extract a margin on the goods that they buy.
https://restofworld.org/2022/investments-flood-into-africas-b2b-e-commerce-startups/

12/03/2022

Africa could secure tech startup funding of more than $90bn by 2030, if policymakers pursue significant reforms to drive growth, according to a new report from the Tony Blair Institute for Global Change.

An institute helmed by former UK PM Tony Blair says that African governments should establish an information sharing platform to enable growth, while a pan-African network of startups could increase the pressure for reform.

11/03/2022

Sub Saharan Africa Banks & The Payments Ecosystem

According to the Boston Consulting Group (BCG), the estimated potential market for banks in sub-Saharan Africa is $500 billion, nearly all of it in the form of person-to-person (P2P) payments. The firm argues that, for many current banking customers, mobile payments could provide access to many new products and services, including energy as a service and health care as a service, high-quality education, and even ride-sharing-style transportation services.

There is merit to this view. The Covid-19 crisis has boosted digital transactions in some African countries. If the momentum of recovery from the pandemic establishes a higher interest in digital payments long-term, an increased number of retail institutions will implement digital payment systems.

According to BCG, two factors make it feasible for banks to take the lead in spite of their lack of expertise. On the supply side, the firm neatly describes FloCash's enabling role thanks to its Pan African footprint:

"We've seen the emergence of technologically enabled business ¬ecosystems—groups of enterprises linked through digitally-based platforms that make it easier for them to collaborate dynamically with other enterprises and remove much of the friction involved in joint ventures and other cross-boundary collaboration."

On the demand side, BCG argues that customers are not only more likely to own smartphones. They are eager for easier access to a variety of services, particularly those featuring efficient services that make life easier.

These two factors, tech-enabled business systems and customer appetite for better services, "create a mutually reinforcing virtuous cycle. The business ecosystems enable banks to offer new products and services at lower costs. This, in turn, attracts more customers, building scale, which makes the new products and services more accessible and profitable. It becomes easier for banks to start and scale new activities, to exchange data, to innovate collaboratively, and to pool resources, without having to renegotiate their working relationships each time".

Since many governments are mandating interoperability between players (banks and telcos), according to BCG, leading retail banks could capture 20% or more of the mobile wallet market in many jurisdictions if they make the right investments and design their offerings strategically. The firm outlines five potential strategies.

Larger Banks:

Ecosystem leader, dedicated to managing financial services eco¬systems, sharing an interoperable platform with other players and orchestrating a set of operations and services at large scale.

Customer relationship builder, centered around a go-to market under the bank's own brand, focusing on broad-¬reaching, customer-¬facing mobile payment solutions. This strategy might require significant business model changes.

Back-Office Champion, provider of the services and support that other firms' ecosystems require on the back end (including telco-led ecosystems). This type of bank uses the brands of other banks to gain the scale it needs to reach retail consumers.

Smaller Banks:

Ecosystem contributor, provider of technically proficient, API-ready services as part of a wider ecosystem, interacting closely with the offers of one or more front-end mobile money companies.

Niche Market Máster, focused on particular offerings such as wealth management, where the bank can innovate and take advantage of its customer insight better than other players.

The bit of hard data behind these strategies is this: Even before Covid-19, 400 million people in Sub-Saharan Africa were using mobile payment banking infrastructure to process $300 billion in mobile money transactions, resulting in $200 billion in user fees.

Looking into the future, the mobile payment market is expected to grow to 650 million to 750 million subscribers by 2025. Mobile payments income, which accounts for roughly 1.1 percent of total transaction volume, would jump from $3.5 billion to between $14 billion and $20 billion if this were to happen. The total number of clients in the African market might reach 850 million, generating $2.5 trillion to $3 trillion in transaction volume and $25 billion to $30 billion in annual revenue from financial services alone.

Is your bank trying to figure out how to best capture the payments opportunity in Sub-Saharan Africa? Get in touch at www.flocash.com.

04/03/2022

Open Banking in Africa More Promising Than You Think

The African continent has started its own Open Banking journey, and there is more than just some buzz taking place. While the 2021 Finnovating for Africa report only identified six startups (four from Nigeria and two from South Africa), since 2015 they have collectively raised $15.7M. That is a greater amount than that raised in established verticals like security and identification, personal finance and education in the same period.

Critically, the startup world is not alone, as open Banking can only exist in ecosystems where regulators determine clear rules that benefit players and customers (while also protecting the latter), and African regulators are starting to show their support.

The Central Bank of Kenya’s (CBK) five-year digitization plan for the payment’s industry, announced in December 2020, expresses strong support for open banking and the aim to create API development standards. At the same time, the Kenyan Department of National Treasury and Planning is developing a policy for digital finance that includes fostering Open Baking infrastructure and consumer protection.

The Central Bank of Nigeria (CBN) issued the Regulatory Framework for Open Banking In early 2021, which defines how data exchange should take place under open banking, including rules for data access and APIs. In February 2021, the Bank of Ghana initiated a regulatory sandbox pilot to promote the development of its fintech sector, including open banking.

So, what is Open Banking and why does it matter?

Open banking is a data-sharing and government-fostered ecosystem with strong privacy protections that is designed to increase competition and innovation in the financial services industry.

Within an open banking ecosystem, traditional banks and other financial institutions such as mobile money providers share consumer data with other financial services providers or third-party providers such as neo banks, digital banks and other fintechs. The entire framework revolves around protecting consumer’s rights to privacy, without which data sharing could easily lead to undesirable abuses.

The European Union, whose PSD2 regulation is currently the most advanced Open Banking system, saw Visa pay $2.1 billion to acquire open banking platform Tink. Its USA rival, Plaid, is valued at $14 billion, while globally investments are upwards of $500 million. In India, the Unified Payment Interface (UPI) just crossed $100 billion in transactions since 2016.

In Africa, Open banking is an exciting opportunity for established banks and emerging fintechs to collaborate on the development and delivery of novel digital financial services to consumers. The ultimate premise is that banks and fintechs can collaborate to boost economic growth and financial inclusion to help serve not only the more affluent population, but also the continent’s 370 million unbanked.

It may appear too far-fetched, since Africa’s developing digital ecosystem does not seem to host enough data to enable an Open Banking system, let alone help the unbanked. The majority of unbanked people lack digital financial profiles or data footprints. However, some fintechs are proving this is not so much the case. As an example, Tala has been using mobile phone data in combination with machine learning to create credit scores that allow it to lend money to the unbanked for years now.

The same way that Agency Banking shows how Africa’s model differs from the traditional model, Tala’s successful product tells us that data in the African context does not necessarily come from the same sources as in Europe or the USA. Indeed, a critical component of Open Banking in the African context is to establish how open banking ecosystems could use more sources of digital data, such as social media activity, airtime purchases or utility payments to further financial inclusion.

A system in which companies like Tala, telcos, and banks share their data to foster better and bigger services suddenly doesn’t appear that far-fetched, after all. In fact, due to their lack of infrastructure capable of reaching populations outside of urban areas, banks, which are traditionally wary of innovations, do have a unique opportunity to engage with fintechs that can help them expand their reach.

03/03/2022

Just two months in, |n tech startups have already raised $1 billion in funding in 2022. And once again, fintech is proving to be the main driver of investment on the continent, with 34 startups having raised funds.

African tech startups raised more than US$1 billion in the first two months of 2022, more than half the amount raised in the entirety of 2021.