{"id":651383,"date":"2025-01-29T12:20:19","date_gmt":"2025-01-29T09:20:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-fintech-has-a-fix-for-the-biggest-cross-border-payments-issues-in-francophone-africa\/"},"modified":"2025-01-29T12:20:19","modified_gmt":"2025-01-29T09:20:19","slug":"this-fintech-has-a-fix-for-the-biggest-cross-border-payments-issues-in-francophone-africa","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-fintech-has-a-fix-for-the-biggest-cross-border-payments-issues-in-francophone-africa\/","title":{"rendered":"#This fintech has a fix for the biggest cross-border payments issues in Francophone Africa"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4ed1bc7b4e2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4ed1bc7b4e2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/this-fintech-has-a-fix-for-the-biggest-cross-border-payments-issues-in-francophone-africa\/#From_remittance_to_B2B_payments\" >From remittance to B2B payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/this-fintech-has-a-fix-for-the-biggest-cross-border-payments-issues-in-francophone-africa\/#Competition_and_future_plans\" >Competition and future plans<\/a><\/li><\/ul><\/nav><\/div>\n<div>\n<p id=\"speakable-summary\" class=\"wp-block-paragraph\">Until a few years ago, it used to be difficult to make payments across borders almost anywhere in the world. But it\u2019s still a big problem in Africa, where fragmented, disconnected systems, high fees, and poor infrastructure make it tough for businesses and individuals to move money quickly and affordably.<\/p>\n<p class=\"wp-block-paragraph\">The majority of people and businesses still rely on outdated agent networks or gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>le with mobile wallet integrations. But there is tangible demand for cheaper and easier alternatives, particularly in underserved regions like Francophone Africa. <\/p>\n<p class=\"wp-block-paragraph\">Ivorian fintech <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/www.cauridor.com\/\">Cauridor<\/a> is setting out to solve that, and it recently raised $3.5 million in seed funding to continue building its payment rails that let merchants, banks, telecom operators, and money transfer companies move funds in and out of Africa. <\/p>\n<p class=\"wp-block-paragraph\">Cauridor says its platform supports mobile wallets, bank transfers, and cash pickups through a network of more than 25,000 agents across Guinea, Senegal, Ivory Coast, Sierra Leone and Liberia. These agents are part of a popular distribution method in the region \u2014 they\u2019re usually small business owners equipped with point-of-sale (POS) devices and enable cash deposits, withdrawals and bill payments.<\/p>\n<p class=\"wp-block-paragraph\">Cauridor is adopting a hybrid approach to solving the money transfer problem \u2014 the same way other fintechs in the region combine cash networks with digital infrastructure for local payment needs. Still, the approach has enabled it to operate remittance corridors to key markets like Ghana and Nigeria, and establish group-level contracts with major players such as Ria, MoneyGram, and Western Union, alongside partnerships with Orange and MTN.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-from-remittance-to-b2b-payments\"><span class=\"ez-toc-section\" id=\"From_remittance_to_B2B_payments\"><\/span>From remittance to B2B payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"wp-block-paragraph\">Cauridor\u2019s founders <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/www.linkedin.com\/in\/rafioubarry\">Oumar Rafiou Barry<\/a> and <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/ca.linkedin.com\/in\/abdbah\">Abdoulaye Bah<\/a> experienced first-hand the challenges of sending money back home to Guinea when studying in Canada. They faced slow, expensive remittance options in Francophone Africa, a region long underserved by the global remittance industry.<\/p>\n<p class=\"wp-block-paragraph\">In 2019, this frustration drove them to start BNB CashApp, a consumer-focused remittance platform for users in Canada to send money to Africa. The app integrated directly with banks, mobile wallets like MTN, and an agent network equipped with a mobile portal to facilitate cash payouts.<\/p>\n<p class=\"wp-block-paragraph\">But as the platform grew, the founders encountered a larger challenge: Africa\u2019s fragmented and inefficient payment infrastructure. \u201cWe realized early on that the rails in Francophone Africa were almost non-existent. So we had to go in and start building payment rails in the region since the payments there were fragmented,\u201d CEO Barry told TechCrunch.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">Sensing an opportunity, the team pivoted in 2022 to build payment rails for the region. By 2023, the company had merged its consumer remittance business and B2B payment infrastructure under the Cauridor brand, much like Tanzania\u2019s Nala and Rafiki\u2019s operational model. <\/p>\n<p class=\"wp-block-paragraph\">The shift paid off: Over 90% of the company\u2019s revenue now comes from its payment rails business. In 2023, Cauridor processed 2 million transactions and recorded total payment volume (TPV) of $300 million, which grew to $500 million in 2024, the company said.<\/p>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-techcrunch wp-block-embed-techcrunch\"\/>\n<h2 class=\"wp-block-heading\" id=\"h-competition-and-future-plans\"><span class=\"ez-toc-section\" id=\"Competition_and_future_plans\"><\/span>Competition and future plans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"wp-block-paragraph\">While Barry references more prominent players like Onafriq and Thunes as Cauridor\u2019s main competition, he says his company has remained relevant because it built payment rails in markets \u201cno one was looking at,\u201d like Guinea and Liberia.<\/p>\n<p class=\"wp-block-paragraph\">He noted that hands-on customer service and pricing have also helped it retain customers. The fintech provides customer service to resolve common issues like rejected mobile money transactions due to incomplete KYC. For example, if a recipient can only receive $10 out of a $700 payment, Cauridor steps in to help upgrade their account and ensure the transaction goes through.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">Barry thinks Corridor\u2019s strong local presence gives it an edge in securing better forex margins, which it passes on to its customers. He said this advantage has helped the company attract major clients like MoneyGram, which switched from competitors for better rates and improved customer support. <\/p>\n<p class=\"wp-block-paragraph\">Interestingly, competition in the cross-border payments space doesn\u2019t rule out collaboration. Some of Cauridor\u2019s competitors rely on its infrastructure in specific regions, just as it partners with companies like Thunes for a global reach.<\/p>\n<p class=\"wp-block-paragraph\">Cauridor employs about 200 people globally and has offices in Ivory Coast, Senegal, Guinea, Sierra Leone, and Liberia.<\/p>\n<p class=\"wp-block-paragraph\">The seed round was led by pan-African VC firm Oui Capital, and saw participation from Rally Cap, BKR Capital, and some angel investors.<\/p>\n<p class=\"wp-block-paragraph\">With the fresh cash, the company plans to expand into new markets (it has new offices in Mali and Nigeria opening this year), flesh out its teams, and boost marketing efforts.\u00a0Barry told TechCrunch that Cauridor is also preparing for a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">Series<\/a> A round and exploring blockchain integration to streamline settlements and tap into the growing adoption of stablecoins in Africa\u2019s cross-border payment space.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/category\/technology\/\" target=\"_blank\" >Technology<\/a><\/span> category.<\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/techcrunch.com\/2025\/01\/29\/cauridor-has-a-fix-for-cross-border-payments-issues-in-francophone-africa\/\" target=\"_blank\" >Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Until a few years ago, it used to be difficult to make payments across borders almost anywhere in the world. But it\u2019s still a big problem in Africa, where fragmented, disconnected systems, high fees, and poor infrastructure make it tough for businesses and individuals to move money quickly and affordably. The majority of people and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":651384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/techcrunch.com\/wp-content\/uploads\/2025\/01\/IMG_9557_053e97.jpeg?resize=1200,657","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[76556,25562,153987,153988,153989,74839],"class_list":["post-651383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-fintech","tag-africa","tag-cauridor","tag-cross-border-payments","tag-francophone-africa","tag-fundraising"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/651383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=651383"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/651383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/651384"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=651383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=651383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=651383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}