Sending funds home has always proven difficult for the African diaspora. To address the situation, a Senegelase startup is offering an interesting alternative to the already existing means. 

Cauri Money is a fintech solution developed by an eponymous Senegalese startup, founded in 2021. It allows users, the African diaspora notably, to transfer funds at affordable rates. 

The solution has a mobile app, which allows Android and iOS users to access its services. Before accessing its services, users must first register accounts by providing a set of personal data. 

After the usual checks, they can start making international transfers through the solution, whose customer support is accessible to even those who speak local languages. In partnership with Paynetics AD, a Bulgaria-based banking platform provider specializing in B2B payments, Cauri Money can create payment accounts and provide MasterCard bank cards to its customers.

In 2020, the startup stated its ambition to reach over ten thousand users by the end of 2021. However, it is still struggling to build a significant user base and, according to Playstore data, its Android app has been downloaded by just over 100 users, as of publication date.  The startup nevertheless eyes markets like Mali, Côte d’Ivoire, and Nigeria. To support its growth, it has raised some US$350,000 since its inception. 

Adoni Conrad Quenum