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FINTECH | Moya Money in South Africa is the Most Recent Fintech to Provide Payment Options for the Region’s Freelancers

Moya Money, a finance firm based in South Africa, has reopened with an enhanced product offering and a new website aimed at small enterprises and independent contractors.

Moya Money, which was founded in March 2021 by 25-year-olds Sabica Pardesi and Thulani Masebenza, gives financial software a contemporary feel. The co-founders, who are located in South Africa and the UK, created Moya Money especially to meet the demands of independent contractors because they were formerly freelancers themselves.

The fintech industry has already taken notice of the startup. Moya Money became the first South African firm accepted into the Tenity global fintech incubator program in Spain shortly after its founding and attracted its first angel investor.

Moya Money is unique in that it emphasizes empowering independent contractors and encouraging business and employee engagement. With the app, users will be able to track money more efficiently and make well-informed financial decisions by streamlining invoicing and payouts.

COO Sabica Pardesi stated, “We wanted to solve a problem we had experienced ourselves.”

“Our goal is to lead and influence our community and affect one million people.”

Fintech companies from all over the continent are showing interest in this industry, and Moya is just the newest player. When utilizing Paypal, one of the most popular platforms for international payments, African workers have frequently expressed concerns. According to some, the American fintech company makes it tough for Africans to withdraw their money.

A fintech firm from in Nigeria called Cleva raised $1.5 million in pre-seed capital in January 2024 with the goal of improving the continent’s international payments infrastructure. With support from Y-Combinator as well, Tolu Alabi, the CEO, and Philip Abel, the CTO, created the startup in 2023 with the goal of giving African individuals and businesses access to US-based accounts so they may receive US cash more easily.

Kenya’s Payd was established in 2023 with the goal of strengthening the ability to expedite payment processes, enhancing financial management, and enabling independent contractors to efficiently manage their income. During the Mozilla Africa Innovation Challenge, their idea was chosen as the winner and they were awarded a grant of KES 4 million ($27,529.25).

Moya Money invites interested users to sign up for the waitlist for its forthcoming app release, as it continues to be committed to changing financial management for independent contractors and small enterprises.

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