The informal sector is highly developed in many countries across the continent. This solution was developed to support players active in that sector. 

Waribei is a fintech solution developed by an Ivorian startup. It enables small merchants to procure stock directly from wholesalers and gives the latter access to bank credit. The startup, based in Abidjan, was founded in 2023 by Ladislas Pham and Frédéric Fameni.

Earlier this month, it announced the successful completion of a funding round, raising 750,000 euros (approximately $813,500) from Mstudio and Saviu Ventures. The funds will be used to expand its operations and support its growth.

“We spend time in the markets, understanding the daily challenges [businesses] face, to design solutions that truly meet their needs. At Waribei, we want to ensure that merchants can grow their businesses without worrying about maintaining stock levels or struggling to secure loans,” said Ladislas Pham.

The solution includes an Android app that allows users to create an account, check partner suppliers and benefit from the advantages offered. Each user is granted an advance amount to purchase stock. With a pre-generated QR code (waricode), the user can make purchases from a supplier partnered with Waribei.

The fintech acts as a link between banks, suppliers, and small merchants, with plans to expand into other francophone African countries.

Adoni Conrad Quenum