Colombian Fintech Minka Launches In East Africa

Minka, a Colombian cloud-based fintech startup, has embarked on an expansion plan to bring its innovative financial solutions to Africa. 

This move aims to replicate its success in Latin America by addressing the continent’s financial inclusion challenges and leveraging the growing digital payments market.

Launching in Eastern and Southern Africa

On July 2, 2024, Minka officially launched its operations in East Africa, marking its first expansion phase. 

The fintech company began its journey in Kenya, Tanzania, Uganda, and Ethiopia and plans to expand to Southern African markets such as Mozambique, Zambia, and Malawi. 

This expansion will enhance financial connectivity across these regions, fostering economic growth and digital integration.

Minka’s business model focuses on creating interconnected payment networks that allow seamless money transfers between banks and financial institutions. 

Using shared and connected ledgers, Minka aims to bridge gaps between central banks, commercial banks, and clearing houses, facilitating efficient and secure transactions.

Following Success in Latin America

Founded in Bogota in 2016, Minka has made significant strides in Latin America, plugging the gaps in the financial ecosystem. 

The company raised $24 million in a Series A funding round in 2022, backed by prominent investors such as Tiger Global Management, Kaszec Ventures, and the FinTech Collective. 

Minka’s approach to addressing low financial inclusion and outdated payment systems has positioned it as a transformative force in the region.

“Low levels of financial inclusion, a heavy reliance on cash, and non-interoperable legacy payment systems are just a few of the issues our team in Latin America have successfully overcome, and we believe it is our duty to continue creating solutions that benefit society, “CEO Domagoj Rozic stated, according to Tech Point Africa.