CLIKPAY Technologies Limited is a financial technology (fintech) company that is on a mission to transform and advance digital payments in Francophone Africa.

The Problem

With less than 2 out 10 people with a bank account, Africa is home to a largely unbanked and under-banked population. The low penetration rate of credit cards compared with the high penetration rate of mobile phones have positioned the continent as the world’s most dynamic market for mobile money.

With the bulk of mobile money transactions coming as peer-to-peer payments, cash is still the dominant medium for consumption and statutory services such as merchant and government payments. This calls for more mature technologies and business models to upgrade the use of mobile payment platforms across the economy.

The prevalence of cash is also restricting access to finance to micro, small and medium enterprises. About half of formal SMEs don’t have access to formal credit to fund working capital and investments, largely because they cannot account provide financial statements that account for their transactions. This is particularly concerning given that MSMEs are responsible for creating 8 out 10 jobs, and that the employment gap keeps widening as the finance gap remains under-addressed in Sub-Saharan Africa.