Gozem, a Francophone Africa-focused super app, has launched Gozem Money, a mobile money platform developed in partnership with NSIA Bank Togo, a branch of the banking division of NSIA Group. The service aims to expand access to affordable financial services for everyday users in Togo.
“We are proud to offer a solution that combines technology, simplicity, and social impact,” said Jean Sylvestre Nango, Managing Director of Gozem Money Togo. “ Gozem Money reflects our ambition to transform the sector and actively contribute to sustainable financial inclusion.”
Gozem’s choice of launching in Togo is strategic. The total value of Togo’s mobile money transactions in Q1 2024 saw a 3% surge to $1.54 billion compared to the previous quarter. The country has a mobile money penetration rate of 39% among its 8 million residents, with over 57% of these individuals actively making digital payments.
“With our expertise and nationwide presence, we are driving the country’s digital transformation and supporting the emergence of a more inclusive economy,” Max-Ange Didier Djecketh, Managing Director of NSIA Bank Togo, added.
Gozem Money will enable users to top up their wallets, make transfers across operators, and make purchases on compatible platforms, as the solution is fully interoperable with all mobile money operators in Togo. The platform claims its withdrawal fees are five times lower than the standard market rates.
Gozem is entering into a sector dominated by mobile money services backed by the country’s telecom operators. TMoney, owned by Yas (formerly Togocom), holds about 60% of the mobile money market, while Moov Africa’s Flooz Wallet holds the remaining 40%. Gozem Money’s entry could spark price competition; yet, winning the scale will depend on Gozem’s agent-network density. Gozem is betting that its below-average pricing scheme will provide an affordable alternative for users.
The launch comes almost two years after the startup acquired Moneex, a Beninese startup specializing in electronic payments, for an undisclosed amount. Gozem plans to expand the service to other countries where it already operates, including Benin, Gabon, and Cameroon.
Gozem’s mobile app is a culmination of transport, e-commerce, and financial services for consumers, driver-partners, and businesses. Launched in November 2018, the startup claims to have completed over 20 million rides across 16 cities.
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