Grace Ashiru
Large African companies often have trouble getting paid because the continent has many different currencies, government policies, and payment systems. Due to the continent’s varying currencies, differing government policies, and fragmented payment systems, large African organizations frequently face payment collection challenges.
MoneyHash, an Egyptian US-based fintech company, gives large companies an alternative. It is a platform for businesses that want to eliminate the complexity and work of building and maintaining a payment infrastructure.MoneyHash already works with well-known payment service providers (PSPs) to cover more than 90 payment methods in the region.
It was started in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar. It will connect businesses to many PSPs, provide a uniform and localized checkout experience, and recover declined payments.
Its primary goal is to help businesses in the area improve their technology, especially when it comes to payments, which is a sensitive area. We want to be the best at building and maintaining a payment infrastructure, and to do that, the companies that use us must be empowered and grow,” he said.
Abdelrazik also said that MoneyHash wants to do what Amazon Web Services did for payments for cloud services. We want to build an utterly neutral cloud that combines all payment APIs, features, and technical skills. So, building and maintaining payment features is as easy and quick as starting a new AWS server. To accomplish this, we invested significantly in technical modularity, hiring the right people, and collaborating with current and prospective customers.
MoneyHash’s decision to expand into Sub-Saharan Africa is based on the region’s payment opportunities and challenges. We found it accidentally when we were helping a company plan its payment strategy for the whole area. We just thought that someone must have made a library or something companies can use as a layer of abstraction.”
Abdelrazik also said that the chance to help the continent’s growth was a deciding factor. There are many payment and fintech options in the region, and non-cash payments are a huge opportunity. We see tremendous opportunities for us to be pan-regional, to build corridors between Africa and MENA, and to explore strategic partnerships with BaaS and other key fintech players in the region to provide maximum value.”
MoneyHash has received $3 million in pre-seed funding from COTU Ventures, with participation from several African funds, including Venture Platform, Kepple Africa Ventures, The Continent Venture Partners, First Check Africa, and Lofty Capital Inc.We continue to be impressed by Nader, Mustafa, Anisha, and the rest of the MoneyHash team’s vision and technical execution capabilities.
We could not have supported a more qualified group to accomplish the goal of making local and international payment setup easier for growing African enterprises. Venture Platform co-founder Kola Aina commented on the growth.
