Gozem acquires Benin’s Moneex to drive mobile money expansion
Gozem, a West African super app, has acquired Benin-based fintech company Moneex to expand its financial services capabilities across various markets. Launched in 2018, Gozem operates in 13 cities across Togo, Benin, Gabon, and Cameroon, providing mobility, e-commerce, and financial services to consumers, drivers, and retailers.
Moneex, founded in 2021, provides banking services to African businesses and consumers. The acquisition combines Gozem's super app network with Moneex's fintech capabilities, creating an "unparalleled fintech starting point" for Gozem.
Gozem aims to broaden its fintech offerings in Togo and Benin starting in Q1 2024 with the launch of "Gozem Money," which will provide a wide range of payment solutions and value-added user experiences.
Key Takeaways
This is not the first acquisition made by Gozem as part of its transition into a West African super app. In October 2020 the company acquired Delivroum, Togo’s leading food delivery app, in order to add meal delivery to its bouquet of services. Inspired by the success of WeChat and Alipay in China, African startups are vying to replicate the super app model. These players offer a core service, such as ride-hailing or food delivery, to gain a foothold in the market before expanding their offerings. ORA, OPay, Gokada, and SafeBoda are some of the super apps currently operating on the continent. Their growth suggests a strong consumer appetite for all-in-one service platforms. The expansion of digital services in Africa is driven by rising smartphone penetration, improving internet connectivity, and a young tech-savvy population. Convenience, accessibility, and financial inclusion are key factors driving the adoption of super apps.
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