Interview with Faysal Axam, founder of Faysal Compay

This article was contributed to TechCabal by Noel Okay. Tshiani. Noel is the founder of Congo Business Network.

Noel Okay. Tshiani holds a dialogue with Faysal Axam, founder of Faysal Company, a fintech startup in Goma, concerning the enterprise atmosphere within the jap half of the Democratic Republic of Congo.

Tell us about your skilled background and the way you bought into the startup atmosphere.

I bought a Bachelor’s diploma in Computer Science in  2016 in Goma, a metropolis within the Democratic Republic of Congo.

In 2013, I created my first Android utility for the accounting system for the Organisation for the Harmonisation of Business Law in Africa (OHADA).

That utility was very profitable as a result of it allowed small and medium-sized companies to have entry to your complete authorized atmosphere, to the rights regarding enterprise (contract legislation, business leases, firm legislation, and tax legislation) to facilitate commerce and funding, to profit from the assure of authorized and judicial safety of enterprise actions by additionally having the chance to resort to arbitration and different modes of amicable settlement of disputes throughout the financial space of 17 member states.

Building on this success in 2016, I created an interactive surveillance system on a cellular platform utilizing a drone to facilitate the rescue of boats on Lake Kivu within the occasion of a shipwreck.

The need to enhance the dwelling situations of my group led me to create an utility for the unbanked to profit from monetary and social inclusion.

In 2018, my perception and capability to enterprise into entrepreneurship have been rewarded as I bought into the distinguished enterprise incubator known as “Kivu Entrepreneurs” from which I benefited from coaching in entrepreneurship and enterprise administration.

After the coaching, I created the Tap and Pay utility, an digital cost methodology utilizing a magnetic card linked to an Android utility interactive with an digital cost terminal that’s accessible on Google Play.

Then in October 2019, I used to be a finalist on the African Rethink Awards in Abidjan. I used to be additionally nominated in July 2019 on the Fintech Summit in Kigali in addition to on the Seedstars World Competition in October 2018 in Kinshasa. 

Then in August 2020, I used to be nominated as one of the Top 50 Digital Champions in Africa. In addition, in October 2021, I used to be nominated as one of the highest 3 on the Rebranding Africa Awards that 12 months.

What downside are you attempting to unravel with your startup and has your resolution been adopted by shoppers?

The resolution is being adopted by shoppers as a result of we’re presently at over 6,000 customers. Faysal Company is fixing issues within the following areas:

– Low entry to digital cost companies appropriate for the Congolese inhabitants because of the excessive transaction prices imposed by current cost companies.

– The lengthy queue of individuals who look forward to day by day transactions in branches.

– Insecurity of carrying money in distant areas and the chance related with it.

– Significant deficiencies in expertise infrastructure and the isolation of rural populations.

– Use of monetary companies by rural populations is decrease in comparison with these dwelling in cities.

– Low penetration of 28% of cellular cash companies in rural areas.

– Low penetration of 6% of cellular banking companies nationwide.

What is your expertise in acquiring loans from banks to finance your startup or find native traders?

Locally, expertise startups discover it troublesome to get financial institution loans as a result of we solely have business banks that don’t have the brand new enterprise mannequin geared toward expertise startups in contrast to funding banks that exist in overseas nations that enhance startups day and evening.

Local traders usually are not sufficiently conscious of the worth and affect {that a} expertise product can generate. Based on this concern, entrepreneurs discover it troublesome to get funded domestically as traders underestimate our enterprise potential.

Has being primarily based in Goma made it harder so that you can do enterprise in comparison with these in Kinshasa?

Yes, as a result of we’re very removed from huge decision-makers within the nation (who’re greater than 2,000 kilometres away) in contrast to entrepreneurs dwelling in Kinshasa who’ve the chance to seek the advice of huge determination makers and headquarters of huge firms at any time. This impacts the event of our startups lots.

For instance, granting working licences for regulation can take much more than 6 months for an entrepreneur dwelling in Goma, not making an allowance for the fastened prices of telecommunications and journey.

Living in Goma and establishing a sustainable progressive startup requires extra effort than an entrepreneur from Kinshasa as we’re disadvantaged of many alternatives and benefits.

Has it been simpler to companion with banks and cellular cash operators up to now?

It’s not straightforward as a result of there are lots of primary necessities that banks and telecommunications firms impose earlier than signing a partnership contract.

In phrases of tradition, there are some banks that see fintechs as rivals as a substitute of potential companions.

To companion with banks and telecommunications firms requires primary sources in addition to necessary contacts within the capital Kinshasa as a result of that’s the place all of the decision-makers are primarily based. 

In the provinces, there are solely workers who implement what has been determined from the headquarters in Kinshasa.