In Africa, money transfers are sometimes quite expensive, therefore impairing financial inclusion. To address the various reasons, a number of local startups are devising adapted solutions. 

Eversend is a fintech solution developed by an eponymous Ugandan startup founded in 2017. It allows users -both individuals and businesses- to make affordable “borderless” money transfers. 

“Eversend aims to be a solution to the “massive currency devaluation, high-interest rates, predatory pricing of up to 15 percent in hidden forex fees, inadequate payments infrastructure, and mediocre digital banking experiences,” says Stone Atwine, co-founder of the startup which went live in 2019. 

To successfully carry out its mission, the fintech solution has a mobile app (accessible on Android and iOS devices). The services accessible on the mobile app include money transfer, currency exchange, virtual debit cards, or stock trading. Its stock trading feature allows access to US stocks from the Eversend interface. It also allows businesses to make multi-currency payments. 

Currently, Eversend claims more than 350,000 happy clients. According to Stone Atwine, the volume of transfers it processed rose to US$230 million, up from US$5 million in 2020 and US$800,000  in 2019. 

“We hit our goal of sustainability last year, and we are entering our growth and expansion phase in 2022,” the co-founder said. 

The Ugandan startup is among the 60 beneficiaries of the second cohort of the Google for Startups Black Founders Fund, which entitles participants to a slice of US$4 million in financial support. The startup is already operational in Uganda, Kenya, Nigeria, Rwanda, and Ghana. It also plans to scale in French-speaking Africa, Europe, and the USA. 

Adoni Conrad Quenum