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Why We Invested In Opareta: Building Digital Infrastructure For Mobile Money Agent Networks
By Renew Capital | Thu Sep 12 2024
Mobile money transfers have increased access to financial services for unbanked and underbanked populations globally. Mobile money adoption in Africa is the highest in the world and is growing rapidly. In 2023, mobile money transactions in Africa totaled $919B, facilitated by 8.3 million active agents across the globe, according to the GSMA report. There are 237 million active mobile money accounts and 856 million registered accounts across the continent. Amid this booming landscape, Opareta stands out.
Opareta automates commercial operations across agent networks with a suite of tools designed to boost operational efficiency, manage liquidity, mitigate fraud and drive growth. Their innovative approach integrates agent management SaaS, performance analytics, field team management, Know Your Customer (KYC) and customer relationship management (CRM) services, financial process facilitation and loan management tools. By building an intuitive mobile app, Opareta enhances the digital transformation of the industry from analog methods to a seamless digital experience. These features streamline processes and enhance the efficiency and reliability of mobile money services, which are pivotal in the digital transformation of financial services in Africa.
Renew Capital invested in Operata to help transform the mobile money ecosystem by digitizing the agent networks.
"We tackle this issue directly with our digital operating system, which enhances liquidity management, performance analytics and digital identity creation for agents. This change not only boosts operational efficiency but also advances financial inclusivity." — Mike Schwartz, co-founder of Opareta.
Demonstrated Traction
Since launching in Uganda, Opareta has supported mobile money agents to secure float and earn higher commissions. Opareta has expanded its strategic partnerships with mobile money operators in several countries, including Uganda, Gambia, Sierra Leone, DRC, Angola and Zambia.
Orientation Towards Growth
Opareta has made several strategic moves that position it for significant growth. These early steps highlight Opareta's commitment to innovation and its potential to transform the mobile money sector.
"We are thrilled to back growth-oriented companies like Opareta. Their approach aligns with the needs of an evolving financial landscape, driving efficiency and providing mobile money operators with tools that offer transparency, autonomy and insightful data," — Laura Davis, Managing Partner and co-CEO of Renew Capital.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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