Cashlinq's Efforts Towards Financial Inclusion in Zimbabwe and Beyond

Cashlinq, a fintech startup based in Zimbabwe, is making strides in promoting financial inclusion in the country and other markets. The company offers core banking services to financial institutions, including telcos, with the aim of addressing challenges in the banking sector and facilitating greater access to financial services. 

Tendai Mugovi, co-founder of Cashlinq, explained that the idea for the startup came from recognizing the barriers faced by innovative projects due to expensive core banking systems or inadequate infrastructure. Cashlinq's solution involves providing flexible and affordable core banking services through a suite of applications. This suite includes core banking, internet banking, mobile banking, USSD, and WhatsApp applications, essentially enabling digital banking experiences.

Challenges Cashlinq has encountered include building trust with large organizations, such as banks and telcos, and conducting thorough due diligence before onboarding new clients. To overcome this, they offered successful free trials to demonstrate the effectiveness of their solution and leveraged media coverage to establish brand equity.

Currently, Cashlinq operates in Zimbabwe and Zambia, with plans to expand to Mozambique and Malawi. They have onboarded several clients, including mobile network operators, banks, and neobanks. By offering cost-effective and flexible services, Cashlinq aims to contribute to financial inclusion by making banking more accessible and affordable, especially in markets with economic fundamentals that are not fully developed.

In the future, Cashlinq's goal is to scale its operations across multiple African countries. This expansion will require fundraising efforts to support their growth initiatives.

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