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Top Fintechs In Botswana

The hunger for financial inclusion on the African continent gets higher each passing day. With the spread of coronavirus, the opportunities for the emergence of fintech startups are high.

In March, Flutterwave, the Nigerian payments startup company, announced that it had closed a Series C funding round of $170 million, putting the fintech company's value to over $1 billion and officially giving it a unicorn status. Flutterwave joins Interswitch (fintech), Jumia (e-commerce), and Fawry (fintech) as the only unicorns — companies valued over $1 billion— in Africa.

Related: Top FinTech Companies In Cameroon

In 2018, the bank of Botswana set out to work together with the IMF and Bank of Canada on this important two-day Workshop on ‘Fintech, Payments and Financial Inclusion: Unlocking the Potential of Financial Innovation for Sub-Saharan Africa.’

In Botswana, some commercial banks have joined hands with mobile telecommunications service providers to provide e-money services, such as Orange Money and Myzaka. The two services do not need a bank account to use, and they are critical in financial inclusion.

“Fintech is critical especially to the unbanked people,” said Scott Hendry of Bank Of Canada.

In Botswana, nearly 40 percent of the adult population has no access to traditional banking services. With fintech comes reduced banking fees, which in Botswana have been a concern. The concern has also been in the form of those engaged in business regionally and internationally.

Fintech in Botswana has changed the way finance operates. It is being assimilated as a way of life.

With that said, what are the top fintech companies in Botswana?

If you are looking for the companies at the top of fintech in Botswana, you are in the right place.

1. Moneychaps

Founded by Thabiso Mabaka, Moneychaps is a fast-growing leader of fintech in Botswana. MoneyChaps provides peer-to-peer lending services that offer higher value for receivers while increasing ROI. Through its mobile-based data-driven platform, MoneyChaps offers financial tools to individuals, businesses and groups.

MoneyChaps services ;

  • Business Tools – Invoicing, Estimate, Profit & Loss, Balance Sheet, Cash Flow, Inventory

  • Group Tools – Goal-based savings, Peer to Peer savings, Rotating Savings

  • Personal Tools – Financial Education, Budgeting