28 November 2024
KAMPALA, UGANDA: Prolific Columbian fintech startup – Minka – is happy to announce that it is bringing its wealth of experience from building and improving real-time payment networks across Latin America to Uganda.
Uganda stands as one of the first African countries Minka is expanding to citing low levels of financial inclusion, a heavy reliance on cash, and non-interoperable legacy payment systems, all pain points made more easily addressable with Minka.
Minka isn’t just another fintech startup. Minka bridges the gaps between banks, financial institutions, central banks, fintechs, and clearing houses online through shared and connected ledgers making the complex process of moving money simple, fast, and secure.
Unlike other payment infrastructure companies, Minka is a cloud-based programmable solution that can be customized by its partners to fit within a variety of regulatory frameworks and solve problems across countless use cases. Minka’s infrastructure is built in a way that gives its users the flexibility to make the complicated world of payments simple, fast, and secure.
Removing the corporate jargon, Minka ensures that cross-institution and cross-person transactions are complete and void of misuse or tampering. Essentially, Minka brings a level of necessary transparency to the financial ecosystem ensuring that if one bank deducts 1,000 shillings from its books, that it is accurately reflected in the recipient bank’s ledger as well.
The young and trusted startup recently joined the Financial Technologies Service Providers’ Association of Uganda (FITSPA) and is actively onboarding new partners.
While Minka’s use cases are countless, the system is often used to ensure accurate accounting, fight money laundering, and counter employee theft, all pain points that sound minimal however require vast amounts of individuals and money for financial institutions to solve.
Minka’s initial strategy for expansion in Africa targets providing solutions with the potential to impact the lives of people, businesses, and governments alike. Beyond Uganda, Minka is also working diligently in Kenya, Nigeria, and Cameroon with various stakeholders and is expected to make some considerable announcements over the coming months.
According to Minka’s CEO Domagoj Rozic, “Since our founding, we have been able to revolutionize how people and institutions interact with money. Our expansion into Uganda is a testament to our continued mission to build more efficient payments infrastructure across the Global South.”
Alexander Perko, Minka’s Growth Lead stated, “We’re excited to be bringing our story and expertise to Uganda. Our cloud-based solution is incredibly agile and will allow stakeholders of all types to leverage our system to solve an infinite number of financial pain points not only in Uganda, but across Africa.”
Minka hails from Bogota, Columbia where the company was founded in 2016. The company raised $24M USD in 2022 in a Series A funding round which saw participation from prolific investors such as Tiger Global Management, Kaszec Ventures, and the FinTech Collective.
About Minka
Minka is an open network for publishing money.
The network aims to connect the world’s balances through the web using shared, connected ledgers. This makes the incredibly complex process of moving balances simple, fast & secure.
We have improved the way people interact with money in Colombia and are now building an open network to scale the benefits around the world. https://www.minka.io/
Media Contact
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