At Purpl, we believe that financial inclusion is not just a goal; it’s a powerful tool that can empower individuals and transform communities. Our recent participation in the Financial Inclusion for Migrants 2023 Program Summit in Turkey, led by Village Capital in partnership with the Impact-Linked Finance fund, Swiss Agency for Development and Cooperation, and Austrian Development Agency, has been a transformative experience. In this blog, we want to share the invaluable lessons we learned during this journey and how they will shape our mission of democratizing cross-border money transfers and fostering financial inclusion in Lebanon and the MENA region.
Lesson 1: Power of Collaboration and Building a Network of Impact-Driven Startups
The Program Summit brought together a diverse group of impact-driven startups, including KotaniPay (Kenya), Xpay (Egypt), Uqudo (UAE), Fatakpay (India), Mitrata (India), Susu (Senegal/France), Monak-E-Services (Oman), and Credify (Egypt) and many others. Collaborating with these startups showcased the power of building a network of like-minded entrepreneurs who are making strides in their respective areas of financial inclusion.
Through interactions with these startups, we realized the value of collaboration. Sharing experiences, insights, and knowledge with KotaniPay’s on-ramp/off-ramp service, Xpay’s real-time payments and lifestyle bank, Uqudo’s digital onboarding solutions, Fatakpay’s app-based financial wellness platform, Mitrata’s non-banking financial company, Susu’s accessible healthcare solutions, Monak-E-Services’ migrant fintech services, Credify’s lending and Buy API solutions and other startups founders’ ambitions of creating positive impact worldwide expanded our understanding of the diverse approaches to addressing regional financial challenges.
These collaborative efforts not only fostered collective knowledge but also presented opportunities for joint initiatives and partnerships, reinforcing Purpl’s commitment to democratize cross-border transfer flow and foster financial inclusion. We learned that by joining forces and leveraging each other’s strengths, we can create a more inclusive financial landscape and make a greater impact on the lives of migrants, underbanked, and underserved communities.
Lesson 2: Diverse Approaches to Financial Inclusion
The presence of startups from various regions showcased the diverse approaches to solving financial inclusion challenges.
KotaniPay connects blockchain apps, fintechs, and businesses to local payment channels. Xpay offers convenient financial services for youth and families. Uqudo specializes in digital onboarding and verification solutions in the MENA region. Fatakpay caters to thin-file individuals, particularly internal migrant workers, through an app-based financial wellness program. Mitrata provides credit for enterprise development and essential needs to marginalized groups. Susu makes healthcare accessible through insurance and financing options. Monak-E-Services focuses on financial inclusion beyond borders for migrants and underserved communities. Lastly, Credify enables lending and purchasing through an Open API and SDK solution.
Lesson 3: Insights from Thought Leaders
The panel discussions and presentations by industry experts and startups founders provided Purpl with valuable insights and guidance. We learned about impact measurement, building partnerships in the financial sector, and addressing the specific needs of women migrants. These insights will help us shape our future goals and emphasized the importance of strategic collaborations with stakeholders and humanitarian institutions.
Lesson 4: Refinement through Investor Feedback
Showcasing our achievements and growth potential to investors allowed us to receive valuable feedback and insights. This feedback will help us refine our business strategies and identify areas for improvement. It also opened doors for potential partnerships and funding opportunities, contributing to Purpl’s continued growth.
Lesson 5: Recognition and Motivation
Being acknowledged among the top-ranked startups of this 2023 cohort provided recognition for Purpl’s team commitment and accomplishments and serves as motivation to remain dedicated to our mission and strive for even greater impact.
By incorporating these lessons into our journey, Purpl is better equipped to navigate the challenges of powering financial inclusion and continue making a positive impact in the future.
Written by: Rim Ghandour
