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:
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.
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.
Creating a payment process that is easy, smoother and more satisfying for the customer
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.
As mentioned previously, we are currently facing similar challenges like most businesses, with the most impactful being, adapting to working from home.
A number of factors have contributed to the growth of Fintech in Africa;
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.
Creating a magical user experience is king. Every other thing is secondary.
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.