A graduate in economics with a flair for business, Angolan entrepreneur Fátima Almeida has always been passionate about contributing to the digitalization of her country. As the founder of fintech BayQi, she now intends to use her platform to help connect Africa to the rest of the world.
Fátima Almeida launched BayQi in 2016, initially as a financial technology and e-commerce application whose main objective consisted in facilitating financial transactions in Angola to promote financial inclusion across the country. In 2022, BayQi was transformed into a full-blown fintech, and currently offers a digital wallet, a marketplace, a mobile payment system, and acts as a payment account for commercial partners. I recently had the privilege of meeting her: here is a summary of our inspiring conversation about the digital and financial inclusion revolution which she is currently leading in Angola.
What challenges did you face as a woman entrepreneur when starting BayQi?
Starting BayQi was a path full of challenges. One of the biggest obstacles was the lack of an established e-commerce and fintech culture in Angola. We had to educate the market, introduce new technologies, and show consumers and partners the benefits of adopting digital solutions. Access to finance was another significant barrier, and still is to this day.
How is BayQi contributing to the economic and social transformation of Angola?
Our most significant contribution to Angola’s economic and social transformation lies in facilitating digital payments and promoting financial inclusion. For example, we have carried out several programs in favor of digital inclusion, such as the campaigns “Cada Um Ensina Um: Angola + Inclusiva” (“Each One Teach One: Angola + Inclusive”), which promoted digital finance education in the country, and “Comércio Mais Inclusivo — Bairros Digitais” (“More Inclusive Commerce—Digital Neighborhoods“), which helped young entrepreneurs grow their businesses by providing them with an accessible and efficient payment platform. We are creating digital leaders by enabling access to BayQi’s financial app and to our payment gateway, empowering more people to participate in the digital economy in an active and innovative way.
What can you say about the benefits of BayQi and the team behind this platform?
Our team is made up of professionals who share the same vision of transforming the payment system in Angola and who have both an understanding of technology and a deep passion for innovation. Regarding benefits, BayQi presents itself as a digital wallet that can be equally useful to customers, businesses, and Angola’s digital economy as a whole. Customers enjoy faster, safer and more convenient daily transactions. Businesses get access to an efficient and affordable payment solution, which helps increase financial inclusion and reduce operating costs. As regards Angola’s digital economy, BayQi represents a significant step in the modernization of our payment systems and promotes innovation and economic growth.
What is your vision for the future of BayQi and its impact on the African continent?
We intend to make BayQi a reference in digital payment solutions across Africa, as well as a promoter of financial inclusion and a pillar of economic growth. This way, we believe we can have a positive impact on the entire region. Our aim is to transform BayQi into a digital bank and expand it to the PALOP* community, and then to other African nations. For example, our modern structure and use of blockchain technology could allow us to become the Southern African Development Community’s (SADC) back-up bank, which would facilitate trade across the region. In the long term, we intend to list BayQi on a national stock exchange, then on NASDAQ or the New York Stock Exchange. This will be a significant milestone for the African population as a whole.
How do you assess the position of Angolan women in strategic positions in the corporate world?
I believe that training will always be fundamental to the evolution of any leader. Angolan women are increasingly taking on strategic positions, which is a sign of progress. However, there is still a lot of work to be done to achieve true gender equality in the corporate world. We must continue to support and promote women’s education and professional development so that they can occupy more prominent positions and contribute even more to Angola’s growth.
How do you see the role of young leaders in Africa’s transformation in the coming years?
Young leaders are essential to the transformation of Africa. They bring energy, new ideas, and an innovative perspective that are crucial to the continent’s continued development. In this new technological era in which artificial intelligence will dominate the world, it is crucial that we start producing local technology. The leaders of the future will have to be technological leaders, which is why we need to stimulate and provide financial support to technology companies like BayQi, so that they can create laboratories, empower their teams, and encourage driven young people who want to make things happen. However, for Angola’s digital future to come true, the government and the country’s biggest companies need to collaborate and invest in our technologies and minds—in other words, in local software and hardware.
*PALOP: Países Africanos de Língua Oficial Portuguesa, or Portuguese-speaking African Countries
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