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Old systems, new tech: Digitizing community finance
Our guest today is Mkuzo Kuwani, the co-founder of ComGrow, a Zambian fintech startup that’s digitizing Africa’s most trusted community finance systems, namely savings groups, village banks, tontines, and chamas. ComGrow’s argument is that these groups have always worked; they’re just making them better.
We discuss:
- What community finance is all about
- How community finance could be digitized and why this has great potential
- Enhancement vs. reinvention in tech
- Software: ChatGPT and Fireflies Notetaker
- Podcast: The FT News Briefing, the Global News Podcast, and 20 VC
- The most valuable lesson learned about building a business in Africa: Africa is so big and diverse. It’s maybe four to five different types of economies in one. In southern Africa, things move at a very different pace to the rest of the world. You need patience and resilience. It’s not as straightforward or as black and white as you might think when you begin your journey. It’s important to have faith in the mission, remain patient and resilient. A lot of the challenges you face are actually opportunities for you to take. If you can make it here, it’s a walk in the park in the rest of the world.
- Key takeaway: Back yourself. It’s a very difficult world to be an entrepreneur. If you don’t have conviction in what you’re doing, there’s not much to ride on when things get tough. You need to be in your own corner.
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By Beyond InsightsOur guest today is Mkuzo Kuwani, the co-founder of ComGrow, a Zambian fintech startup that’s digitizing Africa’s most trusted community finance systems, namely savings groups, village banks, tontines, and chamas. ComGrow’s argument is that these groups have always worked; they’re just making them better.
We discuss:
- What community finance is all about
- How community finance could be digitized and why this has great potential
- Enhancement vs. reinvention in tech
- Software: ChatGPT and Fireflies Notetaker
- Podcast: The FT News Briefing, the Global News Podcast, and 20 VC
- The most valuable lesson learned about building a business in Africa: Africa is so big and diverse. It’s maybe four to five different types of economies in one. In southern Africa, things move at a very different pace to the rest of the world. You need patience and resilience. It’s not as straightforward or as black and white as you might think when you begin your journey. It’s important to have faith in the mission, remain patient and resilient. A lot of the challenges you face are actually opportunities for you to take. If you can make it here, it’s a walk in the park in the rest of the world.
- Key takeaway: Back yourself. It’s a very difficult world to be an entrepreneur. If you don’t have conviction in what you’re doing, there’s not much to ride on when things get tough. You need to be in your own corner.