Commerce Conversations

SMB Payments Around the World: Africa

Episode Summary

In this podcast episode, Yele speaks with Dan about his entrepreneurship journey driven by a desire to impact Africa. He faced challenges accessing financial services, leading to the founding of his first startup at 25. Yele and his co-founder aim to streamline global trade with innovative software, drawing inspiration from influential companies like Intuit and Bill.com. They explore the evolving African FinTech market and discuss the potential for future IPOs while emphasizing the importance of tackling significant problems to drive change.

Episode Notes

• Yele's entrepreneurship journey was somewhat planned, driven by his desire to make a big impact on the African continent.
• He initially studied finance in the UK and worked in a hedge fund in New York before joining the United Nations in Kenya.
• Yele's motivation for starting his own business was fueled by the challenges he faced in accessing financial services on the continent, leading to his first startup at the age of 25.
• Yele and his co-founder have a clear vision to make world trade more seamless and believe they can achieve this through innovative software solutions.
• They met through a mutual friend, share similar goals and values, and have complementary skill sets, which they consider crucial for their successful partnership in pursuing their business opportunity.
• Intuit's QuickBooks has been influential for Duplo as it serves as an effective go-to-market channel, with QuickBooks being the most popular accounting software in Africa.
• Bill.com has provided inspiration for Duplo in terms of partnership and go-to-market strategies, even though the markets and problems they address are different.
• Payments innovation in Africa is evolving with unique characteristics, including the prevalence of mobile payments and the speed of bank transfers. Cross-border trade and the African Continental Free Trade Area are driving increased B2B payments across the continent.
  The African FinTech market is still in its early stages, with numerous players attempting to establish themselves in various niches.
• Despite the competition, this early stage offers significant opportunities for founders and investors to make an impact and potentially become major players in the African FinTech space.
• While there haven't been many African companies going public yet, the market is expected to evolve as businesses become more efficient and growth-oriented. Some potential candidates for going public in the future include companies like Wave, Franco, and Inter Switch.
• Yele is passionate about making a significant impact on people's lives, either through entrepreneurship or politics
• Yele's advice to other founders is to focus on solving important and substantial problems, especially in places like Africa, as it not only motivates you but also attracts collaborators who are drawn to challenging and meaningful endeavors.