Gozem Acquires Moneex to Boost Mobile Money Services in Francophone Africa

Published 5 months ago

Gozem, a leading super app in Francophone Africa, has expanded its financial technology footprint by acquiring the Beninese fintech startup, Moneex. This strategic acquisition is aimed at bolstering Gozem’s capabilities in offering mobile money services in the African market, particularly in Togo and Benin.

Strategic Expansion Through Acquisition

The deal, the specifics of which remain undisclosed, will result in the introduction of a mobile money service known as Gozem Money. Moneex’s co-founders, Florent Ogoutchoro and Henry Ukoha, will maintain an equity stake in the company, indicating a continued commitment to the venture post-acquisition.

Martial Konvi, Global Head of Products at Gozem, elucidated the significance of the acquisition, highlighting the company’s dedication to expanding essential digital services across Africa. The integration of Moneex’s expertise is expected to expedite the launch of innovative financial offerings to the market.

Moneex’s Journey and Gozem’s Growth

Originally known as Kryptonite Africa, Moneex began its journey in 2021 in Cotonou, focusing on cryptocurrency-based remittances. It rebranded in 2022 to address a broader challenge: the scarcity of global banking services for Africans. With its multi-currency accounts, Moneex has since been serving businesses and individuals in Francophone West Africa.

Gozem, on the other hand, launched in 2018 as the first ride-hailing app in Togo and has since diversified into other services including delivery and logistics. The super app operates in 13 cities across Togo, Benin, Gabon, and Cameroon and boasts a community of one million registered users.

Funding and Future Prospects

The super app’s growth has been supported by significant funding, totaling approximately $46.6 million over four years. Noteworthy is the International Financial Commission’s $10 million investment in Gozem’s vehicle project in Togo and Benin.

With the acquisition of Moneex and the launch of Gozem Money on the horizon, Gozem is set to further solidify its position in the digital ecosystem of Francophone Africa, providing enhanced financial services to its growing user base.