The Journey of Oumar Rafiou Barry: Transforming Remittances in West Africa
In 2011, Oumar Rafiou Barry, a University of Toronto engineering graduate, faced a significant challenge when he attempted to send money back home to his family in Guinea. The process was fraught with complications, as his family members had to travel to distant agents to receive the cash. “To receive money back then, they had to travel to an agent who received that money, so it was very, very, very complicated,” Barry recounted. This cumbersome system highlighted the dire state of financial infrastructure in much of West Africa, prompting Barry to take action.
Identifying the Problem
Barry’s experience illuminated a broader issue affecting many families in Guinea and beyond. The financial landscape was not only inconvenient but also inaccessible for many. Often, beneficiaries had to travel for over an hour just to pick up their money. Recognizing the burden this placed on his family and others, Barry set out to create a solution that would simplify the remittance process.
The Birth of BNB Transfer Corp
In 2014, Barry co-founded BNB Transfer Corp, a Canada-to-Africa remittance platform, alongside Chief Technology Officer Abdoulaye Bah. The duo aimed to tackle the distance issue by establishing an extensive agent network. This innovative approach transformed everyday individuals into human automated teller machines (ATMs), allowing beneficiaries to access their funds conveniently, regardless of their location.
Today, Cauridor, the evolution of BNB Transfer, boasts over 10,000 points in Guinea where users can collect their money, significantly improving the accessibility of financial services in the region.
Building a Network from the Ground Up
Barry understands that a significant portion of the African population lacks bank accounts. Instead, many rely on mobile money services for transactions. According to the World Economic Forum, only 48% of Africans utilize banking products, leaving more than half unbanked and dependent on cash. The World Bank Group further highlights that barriers such as inadequate documentation and the distance to banking services hinder financial inclusion.
To address these challenges, Barry integrated mobile money into Cauridor’s platform, allowing users to store funds on their phones and conduct transactions seamlessly. This innovation mirrored the convenience of systems like Apple Pay but was tailored to an audience largely without traditional banking options.
Bridging Financial Gaps
The final piece of Barry’s strategy involved creating an interoperability hub, launched in 2022 under the Cauridor brand. This hub bridges the gap between mobile wallets, banks, payroll service providers, and mobile network operators, enhancing the overall efficiency of financial transactions in the region.
Attracting Investors, But on Their Own Terms
By 2023, Cauridor had achieved remarkable financial success, generating $10 million in revenue and $4 million in profits. Initially hesitant to accept outside funding due to their profitability, Barry and his team eventually agreed to take a small investment from Rally Cap, followed by additional funding from Oui Capital and other angel investors. In total, Cauridor secured $3.5 million in funding, which they are using to expand operations and hire more staff in West Africa.
Barry emphasized the importance of growth, stating that the funding would help Cauridor establish offices in countries like Senegal and Côte d’Ivoire, reinforcing its position as a leader in the regional fintech space.
Competing with Giants
In a market often dominated by established players like Flutterwave, Cauridor has carved out a competitive edge. Barry pointed out that sending $100 to Rwanda through Cauridor would yield more money for the beneficiary compared to traditional remittance companies. By offering lower fees and better exchange rates, Cauridor has positioned itself as a more attractive option for consumers.
Inspiring Future Fintech Entrepreneurs
Having built a successful business from the ground up, Barry has valuable advice for aspiring fintech entrepreneurs. He encourages them to pursue their dreams, suggesting that fundraising can expedite the process significantly compared to bootstrapping.
What began as a personal challenge has evolved into a transformative force for countless families, demonstrating that financial inclusion is not merely a buzzword but a vital component in reshaping economies across West Africa.