This Luxembourg-based fintech startup “Koosmik” aims to develop banking inclusion in West Africa through its mobile banking application.
Grégoire Yakan, founder and CEO of Koosmik, takes the stock one year after the opening of his Togolese subsidiary and discusses his projects, including the upcoming arrival of Claude Grunitzky (True agency and Trace TV) in the Koosmik team.
Koosmik aims to address the issues of banking and financial inclusion in Africa. We are currently expanding into Togo. This subsidiary, created in September 2017, already has seven employees. More generally, our target market is West Africa and more specifically the UEMOA region. With our first experience in Togo, we can see that, although very ambitious, our positioning is the right one.
The potential market for mobile banking in West Africa was estimated at 444 million in 2017.
According to Grégoire Yakan, founder and CEO of Koosmik.
The figures show a strong appetite for our application. Koosmik manages to attract more than one new user per minute. The potential mobile banking market in West Africa was estimated at 444 million in 2017 (with an annual growth rate of 21% between 2016 and 2017). It should reach 634 million in 2025 (source GSMA). The market is therefore growing very strongly, a trend supported by demographic and economic developments in the region.
“Claude Grunitzky, born in Togo, is a true self-made man and accomplished entrepreneur. He is the founder of Trace, a successful magazine that has become a world-renowned media group, notably through the Trace TV channel. Claude will bring his knowledge of the African market and advise us on the development strategy to adopt.
After seducing Goldman Sachs with his first company, this graduate of the Massachusetts Institute of Technology and professor at Harvard and Science Po will contribute to Koosmik’s expansion beyond the African continent, particularly among the diaspora abroad. Claude Grunitzky will be present on the Koosmik stand at CES 2019, an event for which Koosmik has been selected to represent Luxembourg along with 15 other start-ups.