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Africa’s newest fintech unicorns are winning by keeping their feet on the ground
TymeBank and Moniepoint aren’t the only African fintechs to use a hybrid model en route to $1B valuation. OPay, Wave and MNT-Halan did it before them.
They signal the success they’ve had in taking disruptive fintech models originally developed for mature economies, and scaling by tailoring them to work in a region where nearly half the population remains unbanked. These retail touchpoints act as quasi-branches: TymeBank uses kiosks and ambassadors at these stores to assist new customers in opening accounts and depositing funds, adding a human element to its operations for those who prefer face-to-face interactions. Subsequent fintech unicorns, including Softbank-backed OPay, Stripe-backed Wave, Chimera Investments-backed MNT-Halan, all provide financial services to tens of millions of customers across Africa using a mix of digital apps and real-world touchpoints.
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