Nigerian Fintech to Explores Francophone Africa and Backs Ivory Coast’s CinetPay In A $2.4m Seed round

Investors in the round include Pan-African venture capital firm 4DX Ventures, as well as unicorn Flutterwave. This marks two significant milestones for the pair. CinetPay’s first venture into the Francophone market is a major milestone for the company.

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“When we launched our website for domain name sales online, we had difficulty collecting online payments after creating many PayPal accounts that were blocked by PayPal due to Africa,” said CEO Idriss Monate.

“But we pay a high price because in Francophone Africa, 80% of the population has a mobile money account. Between 10-20% of the population have credit cards and bank account. We created a payment gateway to combine all mobile money in Francophone Africa so that merchants can accept online payments.

CinetPay claims the seed investment will enable it to expand its marketing and sales operations in the West and Central Africa regions.

Why Investors Invest

Since its inception in 2016, the startup has seen significant growth. Since its inception, the network has seen over 12,000 merchants register on it. Monthe admits that only 400 merchants are currently active. This is due to the fact most active merchants have previously opened multiple accounts before settling on a single account. These 400 merchants have been involved in over 30 million transactions, an average of $12.5 million per month.

According to Flutterwave CEO Olugbenga GB Agboola, CinetPay is an example of their shared ambition to “simplify payment on the continent.”

According to a joint statement by the two companies, Flutterwave’s participation is a continuation and extension of the unicorn’s partnership CinetPay which began in 2019. This is also a departure of Flutterwave’s mobile money efforts. These included a partnership between CinetPay and Flutterwave to enable businesses in certain countries to receive MTN Mobile Money (MoMo), through the gateway.

Walter Baddoo is co-founder and general partnership at 4DX Ventures. We look forward to working with CinetPay alongside Flutterwave, our long-standing portfolio company, to bring about the next phase in digital payments across the Francophone Region.

Take a look at what the startup does

CinetPay was founded by Daniel Dindji and Idriss Monthe in 2016. CinetCore was a company that specialized in the acquisitions of domain names online.

Also read: Nigerian Fintech Startup Flex Fin Finance Secures Preseed Funding

The Ivorian startup provides an online and point of sale payment solution to merchants in nine French-speaking African nations: Senegal, Cameroons, Mali. Burkina Faso. Togo, Congo. Guinea. It accepts payments via more than 130 payment providers, including mobile money, bank cards and wallets.

Merchants first need to create an account, upload their KYC and integrate Cinet’s APIs before they can accept payments. Cinet earns a commission of 1-1.5 percent on every transaction, and merchants pay a $20 annual fee.

Monthe believes that despite being smaller than other companies in terms of size, the company’s geographical presence, technology and purpose to “simplify payments and make them available across all channels” sets it apart. Within the next four years, the goal is to be the most used payment gateway.

“Our vision is for Francophone Africa to become the first payment aggregator by 2025. First in terms our geographic presence in 15 Francophone African countries. He stated that he was first in terms innovation and first in terms market share.

The platform supports e-commerce platforms, digital public services, and insurance companies.

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