Operating a Fintech Company during the COVID 19 Pandemic

Spotlight on BOYA // Operating a Fintech Company during the COVID 19 Pandemic

For over a decade now, Fintechs have had a unique capability to extend financial inclusion, improve the daily lives of people and spur growth, especially in Africa.

As the impact of COVID-19 unfolds, forcing us to adjust the way we operate, many fintech companies are still experiencing increased demand for solutions that can help individuals and small businesses weather the crisis.

One such Fintech Company in Kenya is BOYA limited which was officially availed on app store in February 2020 a month before the first case of the pandemic was reported in the country.

When launched, the aim for the application was to remove the friction experienced by many users in accessing financial services on mobile devices as it allows users to make contactless payments easier and to link digital financial infrastructure seamlessly.

However, months later, we must admit the launch of the Boya Application was quite timely, as the solution is purely contactless, minimizing the need for consumers to exchange cards at the till payment, reducing unnecessary contact and potential contamination of personal property.

The platform also provides an app for users to add debit/credit cards to their phones and pay directly to any Lipa na Mpesa kind of merchant. Hence no need to carry all your cards with you.

We spoke to Anthony Gacheru, Vice President of Growth at BOYA.CO who is our member at Nairobi Garage Karen to simply understand the fintech landscape in the rise of COVID-19 and the impact the BOYA Limited has felt operating amidst the pandemic.

Here is the interview excerpts:

NG: The world is currently experiencing a Pandemic. How has this really affected BOYA as a business?

 Being in the FinTech space Boya was utilizing online applications to optimize the productivity of the growing team. The major adjustment for the team was adapting to working from home.

As a business, we are pushing as hard as we can to accelerate the use of contactless payment in the country. The solution minimizes the need for consumers to exchange cards at the till payment, reducing unnecessary contact and potential contamination of personal property.

NG: Since the launch of BOYA, how would you rate the uptake of the Application

Consumers are extremely receptive and are we are receiving positive feedback in regard to the payment experience. We are growing as expected given the current environment.

NG: What are some of the greatest milestones that you have been able to cover so far?

Creating a payment process that is easy, smoother and more satisfying for the customer

NG: BOYA is in the fintech space, a space that is becoming quite saturated. Kindly tell us what really sets you apart from other competitors in the space

We give our customers magical user experience, it’s in our DNA this sets us apart. The FinTech space is far from saturated. Africa has a large (growing) underserved/unbanked population that will benefit from increased FinTech innovations. In addition to this, there is a myriad of sub-sectors that still have substantial growth opportunities – Agri, Insurance, transport – the idea is to differentiate yourself within the sub-sector by providing problem-solving solutions and enhancing customer experiences.

We have created a unique mobile customer experience allowing card and bank consumers to make contactless payments to, multiple, everyday touchpoints.

NG: Any drastic company changes that you have had to make during the COVID-19 Period as a business?

As mentioned previously, we are currently facing similar challenges like most businesses, with the most impactful being, adapting to working from home.

NG: The African fintech space has recorded impressive growth over the past decade. Being in this space what would you attribute this success to?

A number of factors have contributed to the growth of Fintech in Africa;

• A largely unbanked population providing a growing opportunity to drive financial inclusion
• The continents median age of approximately 20 provides a massive digitally-driven generation that will continue to provide growth in this space
• Regulatory environment – regulators are adapting to the need and demand for digital financial services
• Attractive macroeconomics have created a ‘pro-business environment’ allowing for investor funds to flow into the continent

NG: Any partnerships currently with other financial institutions?

There is an oft-repeated proverb that“If you want to go fast, go alone. If you want to go far, go together.” We work with multiple payment processors as such Boya can transact with any bank in the country.

NG: What are some business lessons gathered over time as you put together your product?

Creating a magical user experience is king. Every other thing is secondary.

NG: BOYA operates from Nairobi Garage. What would you say is the best thing about joining us?

Nairobi Garage is a great space, and more importantly a great startup community that is supportive. It is a safe, conducive environment and a fantastic onramp for our startup.

The BOYA application can be downloaded from both Apple Store and the Google Play store.