At a time when bank account penetration rate is really low in Sub-Saharan Africa,  a Guinean fintech wants to develop simple solutions that are accessible to every citizen and offer alternatives to traditional financial services.

Ymo is a fintech solution developed by a Guinean startup. It allows Africans and members of the diaspora to send and receive money in several countries in Africa and Europe. 

Thanks to its mobile app accessible on iOS and Android, users can perform all their money transfer operations. They simply have to create their accounts and add beneficiaries to facilitate transfers. For every transfer, senders have to fill in recipients’ first and last names as well as their phone numbers. 

"Ymo is a response to the expectations of our Guinean compatriots who live abroad or reside in the country, in Guinea. It is worth noting that the African diaspora is the continent’s leading donor. Yet, as of 2022, it is still difficult for that diaspora to send money to relatives. Ymo was created to address that issue,”  said Ymo founder, Abdoulaye Barry, in 2022.

In addition to money transfers, Ymo allows users to easily pay for groceries or bills. The fintech has more than 5,000 relay points and more than 500,000 users in more than 30 countries in Africa and Europe. According to PlayStore data, the Android version of its mobile app has been downloaded more than 50,000 times. Currently, it operates in Guinea but, it plans to reach the whole continent and foster financial inclusion for over 1 billion people. For that purpose, it recently raised €3 million. 

Adoni Conrad Quenum