Ivorian fintech CinetPay secures $2.4M seed funding to expand its activities in francophone Africa

Finance

Thursday, 09 December 2021 11:28

Ivorian fintech CinetPay secures $2.4M seed funding to expand its activities in francophone Africa

(Togo First) - CinetPay, an Ivorian payment gateway active in many African countries including Togo, has secured $2.4 million (CFA1.4 billion) in seed funding from 4DX Ventures, a Pan African venture capital fund, and unicorn Flutterwave. The financing will enable the startup to expand its digital payment services in francophone Africa.

CinetPay said it will “boost its sales and marketing efforts across the markets in West and Central Africa.” “Our vision is to be the first payment aggregator in Francophone Africa by 2025. First in terms of our geographical presence in 15 countries in Francophone Africa. First in terms of innovation, first in terms of market share,” said Idriss Marcial Monther, founder of the startup.

For Flutterwave, the partnership with CinetPay is a diversification from the mobile money moves the unicorn has made, notably by partnering with MTN to enable a set of businesses to receive MTN mobile money via the gateway.

According to Olubenga Agboola, CEO of Flutterwave, the goal is to “simplify payments on the continent.”

CinetPay operates in nine French-speaking African countries, namely Ivory Coast, Senegal, Cameroon, Mali, Burkina Faso, Togo, Congo, Guinea, and Benin. It allows merchants and e-merchants to accept money payments from more than 130 mobile money operators, bank cards, and digital wallets. It started operations in Togo in June 2020.

Esaïe Edoh

REFORMS OVERVIEW

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At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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PUBLIC PROCUREMENT (more info)

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