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Ghana fintech BezoMoney raises $200k in seed capital to accelerate growth

Mubarak Sumaila BezoMoney co-founder

BezoMoney, a Ghana fintech startup, has raised $200,000 in seed capital funding for continued growth and expansion. BezoMoney was founded by Mubarak Sumaila and Diana Osei in August 2019 when he took part in the Meltwater Entrepreneurial School of Technology programme (MEST).

BezoMoney accompanied the announcement with a new product line that aims to serve mobile money account users. The platform called BezoSusu helps the users save, receive bulk capital in group savings, and building a credit and savings history. BezoSusu operates on USSD and is integrated with mobile money in a manner that helps users transact with their mobile money wallets. To achieve the industry-required regulatory standards, BezoMoney has made partnerships with mobile operators and financial institutions to get past the regulatory requirements of the $1.2 billion global mobile money market.

The startup raised the US$200,000 after graduating from MEST in a pre-seed funding round from GOODsoil VC, a venture capital fund operating out of London. BezoMoney will stand out as an African fintech, building and providing financial services to young unbanked consumers.

Africa has 161 million active mobile money account users. The number of registered mobile users across Ghana rose elevenfold between 2013 and 2017, according to the IMF data. Mobile money is the fastest-growing income source for wireless network operators like MTN and Vodafone.


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