Ivory Coast-based startup Babimo is helping small businesses overcome payment challenges by allowing them to receive customer payments via QR code.
Founded in 2022 after Messek El Mehdi noticed that local wallet actors did not include retail businesses in their strategies, Babimo provides a professional digital wallet to its B2B clientele.
The wallet helps all sizes of businesses to receive digital payments, with Babimo’s infrastructure enabling merchants to seamlessly transact and increase profitability.
“We provide what the mobile money sector isn’t able to fulfill because it’s a B2C model. We are a B2B model built especially for businesses to let them receive digital payment with only a QR code with the smallest merchant,” El Mehdi told Disrupt Africa.
“Our main competition is cash, because most of the transactions are done with money. Besides that we have a local actor providing the biggest companies with POS solutions, but it isn’t yet able to give these small merchants access to financial inclusion.”
The bootstrapped Babimo, which monetises via transaction fees and subscription plans, was recently one of 10 startups selected to take part in the fourth edition of Startupbootcamp AfriTech’s ASIP Accelerator Programme, securing in the process US$18,000 in funding and three months of mentorship, access to resources, and networking opportunities. The startup has been working on honing its offering, but El Medhi now believes it is in a good place.
“We met some issues in the beginning, and we had to ameliorate our offering, but now when we talk to our clients they are open to work with us easily, because we add value to their businesses,” he said.
“We are working in Ivory Coast, but currently looking to follow our clients and expand our operations to other countries in West Africa. We are projecting to be present in at least five more countries by the end of 2024.”