The Fintech Revolution in Africa: Women Leading the Charge
The fintech industry in Africa is undergoing a remarkable transformation, with projections indicating a market value of $65 billion by 2030. This growth is fueled by an annual influx of $321.5 billion in funding, which accounts for nearly 40% of all startup investments on the continent. The driving force behind this rapid expansion is the urgent need for innovative solutions to enhance financial inclusion, particularly as over 350 million adults in Africa remain unbanked. In this dynamic landscape, women are emerging as pivotal players, breaking barriers and creating groundbreaking solutions that empower individuals, businesses, and communities. Here, we spotlight six trailblazing women who are making significant strides in the fintech sector across Africa and beyond.
Gold Sylvester – Co-founder/CEO, Traddify
Gold Sylvester is a fintech entrepreneur and the co-founder and CEO of Traddify, a financial services platform tailored to support businesses and individuals engaged in digital trade. Traddify provides a suite of services, including credit facilities, payment solutions, business accounts, and invoice financing, all designed to optimize trade transactions. Gold’s commitment to financial inclusion stems from her deep understanding of the challenges faced by small and medium-sized enterprises (SMEs). Under her leadership, Traddify is revolutionizing cross-border payments and trade finance, ensuring that SMEs can access the resources they need to thrive in the global market.
Cynthia Wandia – Co-founder/CEO, Kwara
Cynthia Wandia is a Kenyan electrical engineer and entrepreneur who co-founded Kwara, a digital banking platform aimed at financial cooperatives, credit unions, and community banks. With a mission to modernize financial services for underserved communities, Kwara offers a seamless online and mobile banking experience. Cynthia’s innovative approach has positioned Kwara as a key player in Kenya’s fintech ecosystem, enabling financial institutions to provide enhanced services to their members. Her work is instrumental in bridging the gap between traditional banking and the digital world, fostering greater financial inclusion.
Evelyn Chilomo Kaingu – Co-founder/CEO, Lupiya
Evelyn Chilomo Kaingu, a Zambian economist, is the co-founder of Lupiya, a fintech startup dedicated to simplifying access to financial opportunities for individuals and businesses in Zambia. Lupiya offers a range of loan programs, including Personal Loans, Lupiya for Business, and Lupiya for Women, catering to diverse financial needs. Evelyn’s vision is to make financial services more inclusive and accessible, particularly for women and small businesses. By addressing the unique challenges faced by these groups, Lupiya is helping to create a more equitable financial landscape in Zambia.
Ife Durosimi-Etti – Founder, Herconomy
Ife Durosimi-Etti is the founder of Herconomy, Nigeria’s first fintech company focused on empowering female entrepreneurs and professionals through tailored financial services, capacity building, and community engagement. Initially starting as a community for women to access opportunities and grants, Herconomy has evolved into a paid community of 1,500 members. The platform emphasizes financial literacy and empowerment, enabling women to take control of their finances and secure their financial futures through savings and investment opportunities. Ife’s work is crucial in fostering a supportive ecosystem for women in business.
Judy Njogu Mokaya – Co-Founder/CEO, VunaPay
Judy Njogu Mokaya is a Kenyan entrepreneur and technology expert who founded VunaPay, a fintech company that provides management solutions for smallholder farmers in Africa. VunaPay is transforming the agricultural sector by digitizing the payment systems for farmers within East Africa’s cooperative societies. Since its launch in 2023, the platform has registered over 20,000 farmers and facilitated approximately KES 70 million in payments. Judy’s innovative approach not only enhances the efficiency of agricultural transactions but also empowers farmers by providing them with timely access to their earnings.
Jess Anuna – Founder and CEO, Klasha
Jess Anuna is the founder and CEO of Klasha, a technology company based in San Francisco and Lagos that is revolutionizing cross-border commerce in Africa. Klasha aims to make consumer goods and services more accessible online, benefiting both consumers looking to make international payments and merchants seeking to sell into Africa. Under Jess’s leadership, Klasha has rapidly grown and attracted support from international investors, including Amex Ventures and Greycroft. Her work is pivotal in bridging the gap between African consumers and global markets, facilitating smoother transactions and greater accessibility.
The Impact of Female Founders in Fintech
These six remarkable women are redefining the fintech landscape across Africa and beyond. Their innovative solutions tackle critical challenges such as cross-border payments, trade finance, financial inclusion, and access to credit. By empowering individuals, businesses, and underserved communities, they are driving meaningful change in the financial sector.
Gold Sylvester, in particular, exemplifies the potential of young leaders in fintech. Her work with Traddify showcases her dedication to financial inclusion and her ability to develop solutions that address real-world challenges faced by SMEs. As the fintech ecosystem continues to evolve, leaders like Gold will undoubtedly play a crucial role in shaping its future. Africa is poised for a fintech revolution, and these names are just the beginning of a transformative journey.