Rwandan fintech startup JaliPay claims to be “unifying financial services for inclusivity and convenience”, with its multi-purpose platform allowing users to access asset and consumer loans, insurance, and BNPL services, as well as pay utility bills and earn cashback.
Founded last year, JaliPay was developed to address financial fragmentation in the market, which COO Frank Mugisha told Disrupt Africa creates “significant barriers” to seamless access of financial services.
“The lack of interoperability between banks, mobile money providers, fintechs, and payment platforms forces users to maintain multiple accounts, increasing complexity and transaction costs. This fragmentation limits access to credit, delays payments, and excludes underserved populations, particularly in rural and low-income areas,” he said.
JaliPay pulls many of these services together on one platform, with users able to access various types of credit, as well as BNPL services. They can also pay utility bills, and access the platform’s marketplace, earning cashback on all transactions.
Self-funded thus far, the startup says it has seen strong early uptake in Rwanda, and is planning swift expansion into the Kenyan market. JaliPay monetises via commissions on its marketplace and interest on loans.
“Currently we are not yet at break-even point, as we are scaling the product and growing our traction,” Mugisha said.
“The difficulty has been integrating with as many financial service providers as possible, however we have gone through this by exploring the partnership with Rswitch, the national switch that is creating interoperability for payments.”
