MoneyHash to drive digital payment in sub-Saharan Africa
MoneyHash has expanded its payment orchestration operations in sub-Saharan Africa
After emerging from beta with a $3 million pre-seed in February 2022, Egypt and U.S-based fintech, MoneyHash disclosed that it will plug into different payments gateways and processors active in the Middle East North Africa and sub-Saharan Africa.
MoneyHash has now rolled out its product in Sub-Saharan Africa, starting with Nigeria, Kenya and South Africa—integrating providers like; Yoco, Paystack and Flutterwave.
Founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is building a super-API for payment orchestration and revenue operations expected to solve problems around operational inefficiencies and technicalities involved in integrating payment across Africa.
Starting in Egypt, the company allowed 17 companies to use its sandbox environment to connect with its API and access payments gateways such as Fawry, Paymob and PayTabs.
As of February 2022, out of the 17 companies testing its sandbox for free, five were active and paying customers. MoneyHash charges these companies between $150 and $1,000 per month, depending on the number of payment providers they connect to. The platform also takes transaction fees that start at 10 cents and go down as payment volume increases.
"The different payment and fintech avenues in the region are a lot, and the opportunity for non-cash payments in the region is huge. We see massive opportunities for us to be pan-regional, to build corridors between Africa and MENA, and to explore strategic partnerships with BaaS and other key fintech players in the region to offer maximum value," Nader Abdelrazik, MoneyHash’s CEO and co-founder said.
The fintech's clients cut across different industries, including: e-commerce, travel and tourism, and remittances, among others. They can integrate payment providers with a few clicks, embed a unified checkout system, and access micro-services such as transaction routing, subscription management and invoicing on the platform.
Also Read: Inside Getwallets’ pivot to Orchestrate, a payments infrastructure company
"The growing fintech scene [in Africa] from the outside looks impressive, but the real challenge is how businesses will adapt to all these changes and the fragmentation of the market. This was a clear signal for us that this is the perfect time for a layer of abstraction," Abdelzarik said.
"The different payment and fintech avenues in the region are a lot, and the opportunity for non-cash payments in the region is huge. We see massive opportunities for us to be pan-regional, to build corridors between Africa and MENA, and to explore strategic partnerships with BaaS and other key fintech players in the region to offer maximum value."
Prior to MoneyHash expansion into the region, Orchestrate (formerly Getwallets) has been operating in the same market since 2021. With a single integration, Orchestrate provides businesses instant access to multiple payment methods and providers, globally.