TECHZIM – Remember the new international money transfer startup called Afrocoin that we wrote about back in June? Then, they were just a profile on Crunchbase and a few screenshots here and there promising the service would be live in a couple of months. They are here. Afrocoin is launching. The startup got in touch over the past couple of days and they let us sample the web service before its opened to the world.
In terms of the actual function of the service its mostly as we imagined in terms of it being an international remittance service that users access via apps – web and mobile. But it’s more a Mukuru than we thought. In a lot of ways actually. More on that later, in the meantime, here’s bullet summary of what Afrocoin does:
Which brings us to what Afrocoin is bringing to the market that’s new. The service is looking similar to Mukuru.com in terms of the means to transfer – mobile and web. Mukuru however still have more country channels and a way larger & mature agent network across the markets they send to. The only possible competition point we are seeing Afrocoin bringing to the market is the transfer fee? But the total cost of a transfer is not just the quoted fee on the sender end; it’s the convenience of the whole transaction process, and it doesn’t seem Afrocoin matches Mukuru right now, or that they’ll match the EcoCash Diaspora mobile money service when it launches.
Going over Afrocoin’s service, we were left wondering what the “mobile money” in “Afrocoin mobile money” is, which was dampening a bit. We expected the new and different that their name suggests. What we got is a fledgling version of stuff that’s already there. That doesn’t of course mean they don’t have a chance to fill some gaps left by those that are here already. We just aren’t as excited as we were. But then again, we don’t live in the Diaspora, our view is not exactly the target market’s.
If you a Diasporan and you’re wondering how you can access Afrocoin when it launches the video below explains: