Fintech startup IWOMI Technologies is known foremost for its Softeller product and wants to put other useful accessories in the hands of people
Softeller was started by Iwomi Technologies in August of last year in the French speaking Cameroon. Iwomi began in 2017. The Softeller platform was created to allow users to send immediate and safe payments from other countries directly into people’s mobile money accounts across Africa. The platform also contains features that lets the user’s carry out airtime top-ups and bill payments whenever they want. E-commerce sites and other third-party systems benefit too from Softeller as they can add the softeller API to give their customer a better User experience.
Softeller has grown to be a great success for Iwomi and as a result already has a more than 5000 people using them regularly. This usage resulted in more than 10,000 transactions being made through the platform in just the roughly 11 months they have been in operation. The company is up against the more seasoned players in the game like Western Union, WorldRemit and MoneyGram but the Chief Executive Officer (CEO) Fomba Collins believes they have a certain edge in its home place.
In an interview with a reporter, the CEO said this:
“We have an advantage over them in Cameroon in that we do instant remittance into mobile wallets, which they do not do,”
His testimony is true, though he cannot truly believe that his competitors will not do the same very soon. Should be said that Wallet.ng of Nigeria has this same capability. IWOMI is mixed up with Softeller so much to this point where many believe the latter is truly the name of what is intended as a standalone business, but Collins says the company has more than just a single offering to the customers. The company has been moving towards diversifying their offering for the consumers, just as many African fintechs are taking similar routes as well.
In 2019 alone, IWOMI has given consumers Mosa which is a sales app that allows businesses in each industry regardless of company stature, to securely collect a range of plenty payment types.
There is also Bkwiki, which gives whatever bank a platform from where the bank can showcase their services and products to every consumer. The apps have already gotten downloads and Iwomi is still readying Loan360 for a launch very soon. It will be a system that will automatically give customer’s loans after processing all the information the user has given.
“For Mosa and Bkwiki, we just put them live in March and have not really started communication. Mosa is at over 240 downloads and Bkwiki about 140. We hope with funds and assistance, we could run marketing and communication campaigns to start making money,” Collins told the reporters.
The startup has been totally self-financed up till today, but with expansion in mind the plan is for that to change for the company. It wants to cross the borders of the other five countries of the Central African Economic and Monetary Community (CEMAC) for this year, and then move to the wider West African Economic and Monetary Union (UEMOA) once 2020 comes around.
“It has not been easy, especially in a region with very tough and inelastic financial regulations, and where people are yet to trust instant digital payments. We need more money to compensate operations locally,” said Collins.
