Fintech Minka Looks for Partners in Africa to ‘Replicate’ LATAM Payments Success

Colombian real-time payment platform Minca wants to replicate the success of its Latin America-based real-time payment system in Africa after a recent $24 million funding round.

Minka, an open payments network that allows organizations to move money in real time, has revealed plans to partner with clearinghouses and central banks across Africa.

Fintech says the opportunities in Africa for Minca’s platform are profound given the similarities between countries on the continent and the Latin American region.

It references that:

• Cash payments are still the dominant mode of trading and indeed offer blue ocean opportunities.
  time, blockchain style transactions
• Both have similarly high levels of financial exclusion
• Many countries accept cash,
  Checks, electronic payments and credit card rails
• The financial systems of both regions are a series of separate,
  Inoperable networks with limited means for securely and efficiently transferring or exchanging balances
  information to each other.

Founded in 2018, Minka provides the building blocks that enable clients to develop mobile wallets, digital banks, clearinghouses, loyalty programs, or local currencies through blockchain concepts and application programming interfaces (APIs). To do.

Its expansion plan is tiger global When Kashek April 2022.

The flexibility of this solution is one of the big advantages we can bring to the African market, he explains. Paola Sanchez Co-Founder of Minka and Head of Bizop. Our (API)-based technology is completely agnostic to the use case required locally and can be used in a matter of weeks or months, in both the public and private sectors, for any type of payment exchange. You can build a platform for years as opposed to years.

YOU MAY ALSO LIKE

Hong Kong Pioneering Digital Currency: Project e-HKD+

January 24, 2025

FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

January 23, 2025

Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

October 8, 2024

U.S Manufacturing New Federal Incentives and Their Impact on Fintech and Digital Finance

October 5, 2024

Hundreds of layers of different payment wallets and cross-border remittance options are complicated by thousands of separate ERPs and other ledgers. It just masks the cracks in the main problem that the legacy system needs to be completely fixed.

Replicating the success of LATAM

One of the largest open banking projects in Latin America, Minka’s TransfiYa project is currently used by about 2 million Colombians to send money using only their mobile phone number. It will also support one-click purchases, payments, and collections out of the box, and includes direct read and write API access to 80% of domestic accounts.

With our proven use cases in Colombia, we have built an infrastructure that enables the financial services sector in any country or region in Africa to create an almost unlimited number of financial options for its people, says Snchez. . We intend to replicate this success in markets around the world, including Africa, which has leapfrogged into the fintech space and has similar demographics and levels of economic exclusion to Latin America.

Minka partners with clearinghouses and central banks across the continent, especially in countries lacking an established real-time payment infrastructure such as Algeria, Botswana, Cameroon, Central African Republic, Chad, Egypt, Madagascar, Mali and Morocco. I’m planning to , Mozambique, Namibia, Niger and Zimbabwe.