The Ugandan startup revolutionizing Africa’s payday
Zofi Cash is committed to breaking Africa’s 30 day pay cycle by offering salary advances with the click of a button. Founded in October 2020, the team grafted hard during the global pandemic and Zofi Cash brought their product to market in October 2021.
Zofi Cash is promising to be one of the most innovative entries into the African fintech vertical. The financial platform designed to support employees facing financial emergencies or challenges before payday is transforming the region’s financial services.
Employees, who are approved by their employers, can open accounts and receive instant salary advances at low-interest rates. Zofi Cash is showing everyone how Inclusive Instant Payment Systems (IIPS) can be done and the team prides themselves on their stellar customer service record. With a dedicated team and an online chatbot support they ensure that all their customers receive efficient and quick support.
Zofi Cash, fuelled by the desire to make a positive impact with their platform, joined Startup Wise Guys’ SaaS Africa accelerator batch in 2022. They were drawn to the program’s focus on supporting early-stage ventures and the possibility of collaborating and learning with similar founders in their ecosystem.
Founder Paul Kirungi confirmed that “joining the Startup Wise Guys acceleration program was an opportunity I couldn’t pass up.” He was enthralled by the level of collaboration and camaraderie he found in the program and he loved being able to learn from others who had traveled the same road to startup success.
Zofi Cash has grown significantly since the Startup Wise Guys program and they have not only gained a valuable understanding of their target market, but they have refined their business model to meet the needs of their customers. They are continuing to build their team, increase their customer base and secure more partnerships with other forward thinking businesses.
Paul Kirungi founder and CEO of Zofi Cash explained the motivation behind his business. 12 years ago Paul, despite working a decent job, found himself strapped for cash between paydays. He had a family, a 2-month-old baby and diapers to buy… It was a real emergency.
Determined to break the cycle and inspired to help others in his situation, Paul developed Zofi Cash to bridge the gap between paydays as emergencies don’t and can’t wait for payday to arrive. Now he and his team are on a mission to challenge the 30-pay-day status quo which he added is “outdated and doesn’t meet the current times we are living in today.”
Surround yourself with people who are smarter than you, have the same vision, and don’t be afraid to ask for help. It’s important to be patient and recognize that success doesn’t happen overnight. Persevere and be open to learning from your mistakes, and you’ll be sure to achieve your goals.
What’s on the horizon for Zofi Cash?
The team not only wants to refine their business model and expand their customer bases, but they want to develop products and services that truly matter to their customers. One way they are doing this is their commitment to promoting and providing financial literacy services. They are planning to implement regular webinars, tutorials, and other financial resources to ensure that customers can make informed decisions about their finances.
Facts about Zofi Cash*
SaaS Africa 2022
*As of February 14, 2023