Renew Capital backs Opareta to roll out mobile money operator solution
Renew Capital backs Opareta to roll out mobile money operator solution
Renew Capital has announced an investment in Ugandan startup Opareta, a provider of digital infrastructure and tools for mobile money agent networks.
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Renew Capital has announced an investment in Ugandan startup Opareta, a provider of digital infrastructure and tools for mobile money agent networks.
Mobile money transactions play a crucial role in Africa's financial landscape. According to GSMA, in 2022, four million active agents supported over $831 billion in mobile money transaction value across sub-Saharan Africa. Ugandan startup Opareta fills technological gaps for mobile money operators with a comprehensive digital operating system that allows efficient oversight of agent networks including tools for cash reconciliation, float approvals and disbursements and effective loan management. The platform also provides performance analytics, field team management, KYC capture, and CRM services for enhanced efficiency and customer engagement.
“The reliance on outdated tools such as physical ledgers and USSD codes for transactions has long been a bottleneck in the sector,” states Mike Schwartz, co-founder of Opareta. “We address this challenge head-on with our digital operating system, designed to improve liquidity management, performance analytics and digital identity creation for agents. This shift promises not only improved operational efficiency but also a leap toward financial inclusivity.”
By creating robust digital infrastructure and tools, Opareta aims to significantly enhance the operational efficiency of mobile money operators and other digital financial services providers.
“Opareta's approach aligns with the needs of an evolving financial landscape where mobile money operators seek to drive efficiency and agents seek more than just transactional tools,” states Diana Njuguna, senior investment manager at Renew Capital. “They need systems that offer transparency, autonomy, provide insightful data and seek to support the evolution of mobile money agents into multifaceted service platform operators. This investment aims to alter the landscape of financial transactions and services across the region.”
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