What can Mena learn from the African experience in fintech?
Mahmood Ahmadu, chairman of Innovate 1 Pay
Mahmood Ahmadu is the chairman of Innovate 1 Pay, a Nigerian financial technology (fintech) company established in 2012, providing online payment solutions for retail and wholesale mobile remittances, mobile money and currency card payments. The largest domestic service provider of this nature in its home country, the company has since spread its operations to 24 different nations.
A great advantage that emerging economies have, when they adopt breakthrough technologies, is the ability to pivot rapidly, and expand capabilities without having to worry about high volumes of existing systems and infrastructure becoming redundant. With game changing digital innovations entering the fray in recent years, it has become possible for such nations to leapfrog several generations in technology. And perhaps the best example of such exponential transformation can be seen in the African finte
Returnable grant is one where there is no legal obligation to repay; the expectation is only ‘moral, i.e., the recipient is encouraged to repay when she has achieved some intended milestones of financial recovery.