FinTech news in ethiopia category

OkHi’s grand mission, the founder says, is to get these people who don’t have a physical address included in the global address system.

Upon carefully studying different models pioneered by digital-first banks such as TymeBank, Kuda and FairMoney, they saw a big gap for building a savings product that helps solve what they think is the biggest problem facing African consumers: inflation and currency devaluation.

Two years later, after the platform did not make enough revenue from developers, the team chose to go vertical to what it is today, Stax, a universal money app on USSD rails for African users. The company, founded by Ben Lyon, Jess Shorland and David Kutalek, fetches all these codes from multiple accounts together into an app users can access offline, letting them perform transactions without dialling any USSD code.