Books

In Africa, stories of entrepreneurs emerging as beacons of hope are becoming increasingly common, illustrating the transformative power of business in society. An exemplary case is that of Cash Chat Limited from Uganda, that traces it’s origin in 2016 as a technology that introduced seamless transactions across borders in East Africa in partnership with Stambic Bank and Kenya Commercial Bank. By 2017 this innovation had already built a bulky payment system that could make 100,000 transactions instantly and could digitalise the entire East African Region in less that 100 days. In 2018 Cash Chat a social media App that monetised and distributed African content globally was launched.

In 2019 an Ads Agent Network with 200,000 capacity to recruit brand, companies and individuals was launched and the money started flowing in. In the August of 2020 during a live podcast the co-founder of this innovation mentioned a 3.8 Billion UGX income generated by that time. In less than 30 days the political stepped in not to preserve or protect but ultimately destroy with a policy that required this company to stop operations immediately or secure a 10 Billion UGX licence from the Central bank. For a company that had only managed to generate UGX 3.8 billion it was impossible to raise UGX 10 Billion to secure a bulky payment service provider license in less than 30 days.

The company which had been listed among the fastest growing company in Africa, Boldcashers Limited was forced to stop operations immediately. The entire African continent is now circulated with Fintech Apps thanks to the 2016 innovations of Boldcashers Limited a tech company destroyed by a crippled political environment. Dreams can only be delayed but they never die that’s why in 2020 Cash Chat Limited was quickly incorporated to preserve and push the dream forward. It’s now 5 years at the writing of this book and this company has never registered any unit of income. It’s not because they can’t but the policy still in existence impose a strict prohibition with insane fines whenever violated.

Behind closed doors Cash Chat continues innovating products and services reshaping and organising the entire African society for a more decent and self sustaining existence. By diverting it’s would be income towards community building by rewarding 100% profits to community builders, Cash Chat has managed to hit over a million members. With a onetime membership fee of UGX 75,000 paid by each member from Uganda, KES 1550 by each member from Kenya, and $20 by each global member, community building has become a fulltime job for many influencers around the world. Cash Chat still continues with the Boldcashers’ mission of transforming lives through technology by flying high far beyond political misconceptions.

To address the international financial exclusion in many African countries, Cash Chat entirely relies on it’s own community wallet system currently disconnected with all banking systems due to existing non inclusive policies. The wallet systems however, has a section that empowers members of the community to fund their own governments. Option 10 on the Cash Chat digital menu is currently for short term investments in the CashChat App project at annual interest of 15%. This option will soon redirect all continuing investment towards an index of government bonds secured directly through central banks in the region.

As the community expands more solutions are innovated to provide a befitting opportunity for each members. Cash Chat is not left out of the AI invasion but has developed an AI model extremely resourceful with defensive aspects. This innovation was released alongside a genuine democratic value exchange platform where members will own and always maintain 35% equity through share acquisition.

Similarly, Nigerian entrepreneur Iyinoluwa Aboyeji co-founded Flutterwave, a payment processing solution that has revolutionised financial transactions across Africa. His innovative approach to solving payment challenges not only showcases the potential for African startups to thrive but also highlights the critical role that entrepreneurs play in reshaping economies. By focusing on practical solutions rather than political manoeuvring, these innovators demonstrate how businesses can create sustainable impact.

In Kenya, the success of M-Pesa, a mobile money transfer service, exemplifies how entrepreneurship can foster economic inclusion. Founded by Safaricom, this platform has enabled millions to access financial services, transforming the lives of countless individuals and small businesses. The success of M-Pesa is a testament to the power of investment communities, showing that when entrepreneurs are supported, they can generate far-reaching benefits for society at large.

Furthermore, the rise of the tech ecosystem in South Africa with companies like Yoco illustrates the importance of fostering a supportive environment for startups. Yoco, which provides payment solutions for small businesses, has grown rapidly, demonstrating that when entrepreneurs are empowered, they can create jobs and stimulate local economies. These success stories serve as crucial reminders that investment in entrepreneurship is vital for sustainable development in Africa.

Ultimately, the narratives of these entrepreneurs highlight a critical lesson: Africa’s path to prosperity lies in fostering entrepreneurial ecosystems rather than relying solely on political frameworks. By investing in innovation and supporting business growth, nations can build resilient economies that thrive in the face of challenges. The future of African economies will depend on the ability to cultivate and sustain a vibrant community of entrepreneurs dedicated to making a difference.

Chapter 3: Lessons from the US: How Entrepreneurs Rescued the Economy