Interview with Faysal Axam, founding father of Faysal Compay

Interview with Faysal Axam, founding father of Faysal Compay

This text was contributed to TechCabal by Noel K. Tshiani. Noel is the founding father of Congo Enterprise Community.

Noel Ok. Tshiani holds a dialogue with Faysal Axam, founding father of Faysal Firm, a fintech startup in Goma, in regards to the enterprise setting within the jap a part of the Democratic Republic of Congo.

Inform us about your skilled background and the way you bought into the startup setting.

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

In 2013, I created my first Android software for the accounting system for the Organisation for the Harmonisation of Enterprise Regulation in Africa (OHADA).

That software was very profitable as a result of it allowed small and medium-sized companies to have entry to the whole authorized setting, to the rights regarding enterprise (contract regulation, business leases, firm regulation, and tax regulation) 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 inside the financial space of 17 member states.

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

The will to enhance the residing situations of my group led me to create an software for the unbanked to profit from monetary and social inclusion.

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

After the coaching, I created the Faucet and Pay software, an digital cost technique utilizing a magnetic card linked to an Android software 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 Competitors in October 2018 in Kinshasa. 

Then in August 2020, I used to be nominated as one of many Prime 50 Digital Champions in Africa. As well as, in October 2021, I used to be nominated as one of many high 3 on the Rebranding Africa Awards that 12 months.

What downside are you attempting to unravel together with your startup and has your answer been adopted by customers?

The answer is being adopted by customers as a result of we’re at present at over 6,000 customers. Faysal Firm is fixing issues within the following areas:

– Low entry to digital cost providers appropriate for the Congolese inhabitants as a result of excessive transaction prices imposed by present cost providers.

– The lengthy queue of people that await day by day transactions in branches.

– Insecurity of carrying money in distant areas and the danger related to it.

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

– Use of economic providers by rural populations is decrease in comparison with these residing in cities.

– Low penetration of 28% of cell cash providers in rural areas.

– Low penetration of 6% of cell banking providers nationwide.

What’s your expertise in acquiring loans from banks to finance your startup or to find native buyers?

Domestically, expertise startups discover it tough to get financial institution loans as a result of we solely have business banks that shouldn’t have the brand new enterprise mannequin aimed toward expertise startups not like funding banks that exist in overseas nations that enhance startups day and night time.

Native buyers should not sufficiently conscious of the worth and impression {that a} expertise product can generate. Based mostly on this subject, entrepreneurs discover it tough to get funded regionally as buyers underestimate our enterprise potential.

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

Sure, as a result of we’re very removed from massive decision-makers within the nation (who’re greater than 2,000 kilometres away) not like entrepreneurs residing in Kinshasa who’ve the chance to seek the advice of massive resolution makers and headquarters of huge firms at any time. This impacts the event of our startups so much.

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

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

Has it been simpler to associate with banks and cell cash operators up to now?

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

When it comes to tradition, there are some banks that see fintechs as opponents as a substitute of potential companions.

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

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

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