Minka, a Colombian cloud-based fintech startup, has announced its expansion into Africa, starting with Eastern and Southern African countries. On July 2, 2024, Minka officially launched its operations in Kenya, Tanzania, Uganda, and Ethiopia, with plans to enter Mozambique, Zambia, and Malawi next.
Following its success in Latin America, where it integrates central banks, banks, other financial institutions, and clearing houses through shared ledgers, Minka aims to replicate this model in Africa. Founded in 2016 in Bogota, Colombia, Minka raised $24 million in a Series A funding round in 2022, backed by investors like Tiger Global Management, Kaszek Ventures, and the FinTech Collective.
Minka’s move into Africa is part of a broader trend of Latin American fintech companies entering the continent to capitalize on its expanding digital payments market. In 2022, Brazilian payment company EBANX launched in 11 African countries, and Uruguayan fintech dLocal secured payment service provider licenses in Kenya, Rwanda, and Nigeria.
Domagoj Rozic, Minka’s CEO, emphasized the company’s commitment to building efficient payment infrastructures across the Global South. “Low levels of financial inclusion, a heavy reliance on cash, and non-interoperable legacy payment systems are issues our team in Latin America has successfully addressed. We believe it is our duty to continue creating solutions that benefit society,” Rozic stated.
Minka is also leveraging demographic similarities between Latin America and Africa to navigate the continent’s rapidly growing and competitive fintech landscape.
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