Banking-as-a-Service (BaaS) in Africa: A Growing Trend

The global BaaS market is expected to reach $22.6 billion by 2032, driven by a 19.3% compound annual growth rate (CAGR). This growth is fueled by businesses across the globe adopting BaaS platforms to launch new financial services, improve customer experiences, and boost revenues.

• BaaS platforms enable non-bank businesses to offer financial services like card payments and lending without building their own technology infrastructure or navigating complex regulatory processes.
• BaaS is becoming increasingly popular in Africa, with fintech companies like Connect Money leveraging the trend to bring digital financial services to new markets.

Connect Money: Empowering Trade Companies in Africa with White-Label Cards

Connect Money, an Egyptian fintech, is tapping into the growing BaaS market in Africa to provide trade companies with white-label debit and credit cards, enabling them to offer a range of financial services to their customers.

• Connect Money aims to expand its reach beyond Egypt to markets like Morocco and Kenya, backed by $8 million in seed funding.
• The startup allows trade companies to issue white-label cards to their customers, granting access to services like payments and credit.
• This empowers businesses to become "banks" for their customers, offering a streamlined and cost-effective way to provide financial services.

Connect Money's Value Proposition: A One-Stop Shop for Embedded Finance

Connect Money offers a comprehensive solution for businesses looking to integrate financial services into their operations. Its platform provides a suite of services that includes card issuance, KYC verification, customer support, and mobile banking app development.

• The company's vision is to become a one-stop shop for traditional and digital businesses, eliminating the need for costly infrastructure investments or complex regulatory approvals.
• Connect Money targets businesses with long and costly settlement cycles, enabling them to make instant payments and disbursements.
• Its white-label card solution allows businesses to embed loyalty programs and lending functionalities, offering a comprehensive financial ecosystem for their customers.

The Rise of Embedded Finance in Africa: Connect Money's Role

Connect Money's services are particularly relevant in the context of embedded finance, a trend where financial services are seamlessly integrated into non-financial products and services.

• Embedded finance is gaining traction across Africa, enabling businesses to reach a wider audience and offer tailored financial solutions.
• By providing businesses with the tools to offer financial services through their existing platforms, Connect Money is playing a vital role in expanding access to digital financial services in Africa.
• The company's focus on agriculture provides an example of how embedded finance can be used to empower farmers and improve supply chains.

Connect Money: A Key Player in the African Fintech Landscape

Connect Money is part of a growing ecosystem of fintech startups in Africa that are focused on making financial services accessible to a wider audience. The company is leveraging BaaS to offer innovative solutions that meet the needs of trade companies and their customers.

• By enabling businesses to provide financial services through white-label cards, Connect Money is helping to bridge the financial gap in Africa and drive financial inclusion.
• The company's focus on embedded finance positions it as a key player in the evolving African fintech landscape, contributing to the growth of digital financial services on the continent.