Episode 26: How a young Ugandan started a Mobile Money company allowing business to pay people electronically
Welcome to episode 26 of Africans Building Africa Podcast!
My name is Amadou Hanne, I am the founder of Africans Building Africa and the host of Africans Building Africa Podcast. In this Episode, I interviewed Luke Kyohere who’s the founder of Beyonic, a mobile money company.
With his software consulting company, Luke was able to spin off couple of businesses with the most recent called Beyonic. Luke used the services his team provided to their clients as a test ground for business ideas. Eventually, Beyonic was born because three companies paid him to build a similar product. Recognizing the business opportunity in Africa, Luke and his team build the same product for the fourth time with a unique goal of marketing it to other companies with similar needs.
Beyonic is a mobile money payment system which makes it easy for companies in Africa to reduce cash risk by digitalizing their payment workflow. With 15,000 to 20,000 amounts of transactions weekly, the company is doing over $5 million in volume every month within 5 countries. The company has also raised a little under one million dollars to expand throughout Eastern Africa.
In this episode, we touched on his story from idea to execution, what is mobile money and why is it such a hot topic in Africa, and what differentiates his company from other mobile money companies.