In the latest episode of the Pure Digital Passion podcast I got to have an inspiring conversation with Kiiru Muhoya, the co-founder and CEO of Fingo. At just 27 years old, Kiiru is on a mission to transform the financial landscape for young Africans through Fingo, a fully digital bank, or ‘neobank’, tailored to their needs.

From Humble Beginnings To Visionary Fintech Leader

Kiiru recounted his educational journey, starting from his early years in Kenya, attending schools like Braeside and Brookhouse, to studying philosophy, politics, and economics at the University of Warwick in the UK which played a crucial role in shaping his aspirations.

His time at Warwick was transformative, providing him with a broader perspective on Africa and igniting his passion for entrepreneurship and innovation which led him to the fintech space. His drive to make a difference culminated in the founding of Fingo, a digital bank designed to empower Africa’s youth.

The Birth of Fingo

The idea for Fingo was born out of Kiiru and his co-founders’ desire to address the financial challenges faced by young people in Africa. They decided to bootstrap the startup, and their dedication paid off when Fingo was accepted into the highly regarded Y Combinator in 2021.

In our conversation, Kiiru shared the origin of the name “Fingo,” which stands for “finance on the go.” This name embodies their mission to provide fast-moving financial services that fit seamlessly into the lives of young Africans.

Strategic Partnerships & Innovative Features

A significant milestone in Fingo’s journey was the strategic partnership with Ecobank. This partnership has been instrumental in Fingo’s operations, enabling them to leverage Ecobank’s extensive network and resources. Fingo’s app stands out for its user-friendly features that resemble social media platforms, making financial management engaging and intuitive for users.

Fingo’s app incorporates social media-like features such as chat bubbles when sending money, making the experience feel personal and engaging. This design choice was inspired by successful global digital finance apps like Cash App and Monzo, aiming to make banking as intuitive as using a social media app.

Rapid Growth & Success

Fingo’s growth has been nothing short of remarkable. Just six months ago, they celebrated reaching 100,000 customers. Today, Fingo proudly serves 150,000 customers, a clear demonstration of their impactful strategies and the pressing need for their services. Kiiru attributes this rapid growth to a combination of innovative features, strategic partnerships, and a deep understanding of their target demographic — Africa’s youth.

Overcoming Challenges

Scaling a startup is never without its challenges. Kiiru candidly shared some of the obstacles they faced, from regulatory hurdles to technological issues. However, with a clear vision and a dedicated team, Fingo has managed to navigate these challenges effectively, continuing to grow and innovate.

Empowering Africa’s Youth

At the heart of Fingo’s mission is a commitment to cater to the financial needs of young Africans. Fingo’s services are designed to help users manage their finances better, create wealth, and secure their financial futures. With 70% of sub-Saharan Africa’s population under 35, Fingo is poised to make a significant impact.

Looking Ahead

Kiiru’s vision for Fingo is ambitious. Over the next 2 to 5 years, he plans to expand Fingo’s reach across not just Africa but globally with an ambitious and possibly audacious intention to bring their unique flavour of innovative financial solutions to more young people. Beyond professional success, Kiiru emphasizes the importance of balance, sharing how he unwinds by playing FIFA and ensuring he has time for personal pursuits.

In this edition of the Pure Digital Passion podcast, I had the pleasure of having a quick catchup with Farouk Ramji, the CEO of Mawingu, Kenya’s largest ISP dedicated exclusively to rural and peri-urban markets.

Our last conversation was in October 2022, and since then, Mawingu has experienced remarkable growth and transformation. Here’s a summary of our discussion about Mawingu’s journey and future plans:

A New Home Base

One of the first things Farouk and I discussed was their brand new office at ABC Place in Westlands, Nairobi. This move marks a significant upgrade from their previous co-working space, reflecting the company’s growth and increased workforce.Following a Series B equity round of $9 million closed in January 2023, Mawingu has expanded to 28 counties, serving nearly 20,000 active subscribers with a dedicated team of 200 people.

Expanding Network and Reach

Farouk highlighted the aggressive network rollout in 2023, which saw Mawingu expanding from 11 to 28 counties. The challenge now lies in acquiring the necessary capacity to continue this growth, especially in areas like Mandera. Despite these hurdles, Mawingu remains focused on its mission to provide affordable internet access to underserved regions.

Strategic Positioning and Competition

Mawingu’s strategy has always been to target underserved markets, avoiding direct competition with major players. By employing versatile technology — wireless, fibre, and green-energy solutions — they can adapt to varying terrain and market conditions. This approach allows them to offer competitive pricing and high-quality service, differentiating themselves from both large mobile network operators and smaller unlicensed resellers.

Fibre Technology and Future Plans

The transition to fibre technology is a key part of Mawingu’s strategy. In markets like Nyeri, they have already deployed extensive fibre networks, offering superior quality and reliability compared to wireless solutions. By the end of 2024, they aim for 8% of their subscriber base to be on fibre, with plans to grow this into double digits.

Community Impact with Mawingu.org

A key initiative from our conversation is Mawingu.org, a community-focused program aimed at connecting schools and other institutions in underserved areas.There are over 150 schools connected and this initiative provides affordable internet that transforms education and opens up new opportunities for students and teachers alike.Supported by grant funding from Microsoft, Mawingu.org is set to expand further, connecting 50 to 100 schools in each operational county.

Financial Sustainability and Future Expansion

Farouk proudly shared that Mawingu is not only performing well in Kenya but is also financially sustainable, with positive unit economics and cash flow. This strong foundation sets the stage for potential expansion beyond Kenya, replicating their successful model in other regions.

Conclusion

Mawingu’s journey from a small Internet Service Provider (ISP) in Nanyuki to a major player in Kenya’s internet landscape is a reflection of their innovative approach and commitment to serving underserved markets.

As they continue to grow and expand, their impact on communities and the broader digital landscape in Kenya is undeniable. It was a pleasure to catch up with Farouk and hear about the exciting developments at Mawingu.

In this edition of the Pure Digital Passion podcast I had the pleasure of hosting Kamal Budhabhatti, the founder and CEO of Craft Silicon, Little, and BluBeetle. Kamal’s journey from India to Kenya and his impact on the technology landscape in Kenya and Africa is nothing short of mind blowing! Here’s a summary of our insightful conversation.

Early Beginnings & His Journey To Kenya

Kamal shared about his humble beginnings in India and how he ventured into technology. His journey to Kenya started when a friend working in Kenya helped him secure a job. It was a significant event, as over 50 family members saw him off at the airport.

However, upon arrival, he found himself doing basic data entry tasks, which was not what he expected. A neighbor introduced him to a small bank needing a core banking system, and Kamal began moonlighting to assist them. Unfortunately, his employer discovered this and terminated him, sending him back to India the same day.

Determined to succeed, Kamal returned to Kenya with the support of his sister. He faced many challenges but gradually began developing software for the small bank. With the support of his landlord, who allowed him to stay rent-free, Kamal started onboarding more financial service providers, leading to the establishment of Craft Silicon.

Building Craft Silicon — From His Bedroom To 1,000+ Employees In Africa & Asia

Craft Silicon, which began as a one-person business, has grown into a leading financial services technology solutions provider with over 1,000 employees and operations in Africa and Asia.

Kamal’s big break came when he developed a core banking system for Equity Building Society, working closely with the legendary James Mwangi. This project was key as Equity Bank transitioned into one of Kenya’s largest banks.

Craft Silicon’s solutions are designed to integrate seamlessly with other financial systems, offering flexibility and affordability. A notable success is the recently launched SC Juza mobile lending app developed for Standard Chartered Bank in Kenya.

Founding Little — From Idea To Launch In 3 Weeks!

Kamal also shared the story behind Little, a ride-hailing service developed in response to the challenges faced by Uber drivers in Kenya. This was done with encouragement from Bitange Ndemo and support from the late Bob Collymore of Safaricom. Kamal and his team built the platform in just three weeks.

Today, Little has a Pan-African footprint, focusing primarily on servicing corporate clients and offering better compensation to driver partners. This approach has made Little particularly popular among women, who find it a safer option for evening rides.

Innovations and Future Plans — Create A US$ 1B Valued Business, Also Known As A Unicorn!

Kamal is also venturing into Generative AI with BluBeetle. Their new offering, BankGPT, is a multimodal chatbot designed to enhance customer experience through AI. This proposition leverages first-party data to deliver superior, customer-centric solutions at scale.

Looking ahead, Kamal aims to raise significant funding to start a massive fintech startup focusing on mobile lending across various markets. His vision is to create a unicorn — a billion-dollar valuation company.

Kamal believes in the potential of fundraising, provided startups have a practical plan for deploying funds toward sustainable business models.

Craft Silicon Foundation — Inspired By Humble Beginnings

Inspired by his own struggles growing up, Kamal established the Craft Silicon Foundation. The foundation operates in every market where Craft Silicon has an office, providing funding and learning opportunities for children from underserved communities.

Closing Thoughts & The Life Lessons For All

Kamal’s journey is nothing short of astounding and demonstrates how resilience, innovation, and the power of technology can transform lives — from being a freelance software developer in Kenya to running multiple technology businesses globally.