# Makeba

Easier payments and remittances for emerging markets

## Elevator pitch
Makeba is a new financial network that combines money transfers and payments into a digital ecosystem that is highly secure, lightning-fast, and very low-cost. Customers and businesses transact securely and instantly without cash or credit cards using only their smartphones.

- Canonical URL: https://wefunder.com/makeba
- Entity ID: wefunder:company:61466
- Last updated: 2026-06-23T05:01:28Z
- Generated at: 2026-06-23T08:43:14Z

## Quick facts
- Faster and 90% cheaper than competitors
- Customer base growing 35% per month since January launch
- CEO with decades of experience building technology projects in emerging markets
- Fully operational and outperforming in first West African market
- Long stagnant market primed for product that's easier to use and with faster service

## Active fundraises
- wefunder:fundraise:35069: 4(a)(6) successful (USD)

## Story
We've built a financial ecosystem that combines point-of-sale payments and money transfers into a platform that is lightning fast, highly secure, and very low-cost.The Opportunity in AfricaWhile the Makeba opportunity is global, we're first targeting Africa where the demand is high and our team is experienced.Remittance Costs• The average cost of remittance to Africa is very high at 9.5% on average.• Despite high fees $65 billion was sent to Africa in 2018 alone.Cash Transactions• The informal sector in Africa is huge, close to $1 trillion in 2016.• 80% of transactions are still done entirely in cash, which is unsafe and unpractical for both individuals and businesses.Credit Cards• Only 21% of the sub-Saharan population in Africa have a bank account.• In regions where card payments are available, high transaction fees for businesses are prohibitive. Smartphone Explosion• Sub-Saharan Africa has an estimated 500 million low-cost smartphones today & climbing.• Ever faster mobile networks are rapidly rolled out to meet the increase in demand.Young and Growing• 70% of Africa’s 1.2 billion people are under the age of 30.• Increasingly educated and tech-savvy consumers are entering the job market.• Africa’s economy is on an upward trend, GDP grew by 3.8% in 2018.Where Makeba Comes InBy cutting out the middlemen, Makeba transactions are able to move between sender and recipient instantly. Without the need for credit cards, wire transfers or cash.Having no costly payment networks or slow third parties to deal with means we can offer a better and cheaper service to our customers.The goal is for our customers to pay for everything in their lives with Makeba - from sending and receiving remittances to buying groceries and shopping online.Makeba price advantages. Left: Average remittance cost from US & EU to Africa compared to Makeba. Right: Average credit card fee compared to Makeba US transaction fees.We've Proven That Makeba WorksTo test our technology we launched Makeba in the West African country of Cabo Verde earlier this year and we are off to a strong start.We already have over 4,500 customers and our month-to-month customer growth is 28% despite the Corona lockdown.Customer growth in Cabo Verde since launchWe’ve had great feedback from businesses and from the government in Cape Verde. For instance, we have recently partnered with the Post Office to deliver pension payments using Makeba.Together with our local bank partner Banco BAI we are currently offering our customers: • mobile payments• domestic money transfers• airtime purchases• payment of government taxes• pension depositsHow We Make MoneyWe want to grab a share of the remittances market going to and within Africa, collecting a fee on every transfer. At the same time, we want to gain a share of in-person and online point-of-sale payments in Africa; collecting a transaction fee for every payment. With remittances and payments as our foundation, we aim to create additional sources of revenue by adding to our financial services offering. In the first year of operation we expect our sources of income to be: We aim to establish a reliable flow of revenue by encouraging our customers to subscribe to our monthly plans that lower their per-transaction fees. Breakdown of our expected revenue stream in the first year.Our ProductWe're creating a complete financial ecosystem where our customers pay for everything in their lives with Makeba.The cornerstones of our platform are three tightly integrated products:Our Product: Makeba Money AppAverage money transfer fee to Africa using traditional remittance methods compared to the Makeba Plus planMoney TransfersLets customers send money instantly to other Makeba users. PaymentsSecure payments in stores and online without Credit Cards.MessengerCustomers can chat securely to friends and family as well as request and attach money.Cash ServicesAllows customers withdraw and deposit cash at partner banks and at local businesses who are using Makeba Merchant.Bill Pay & AirtimeCustomers can buy airtime directly from the app as well as pay bills from Makeba Merchants, and more.CostThere is no monthly fees for Makeba although customers can select a monthly plan to further lower their remittance fees. It’s always free to receive money, chat and make payments.View in: App Store | Play StoreOur Product: Makeba Merchant AppAverage credit card transaction fee in the US compared to Makeba's POS transaction fees.Point of SaleMakeba Merchant is a free POS app for accepting payments from Makeba Money customers. Manage EmployeesMerchants can track their employees sales in real time and set customized permissions for each employee.Fast & SecureUnlike with credit cards there are no unexpected chargebacks, and payments are deposited in full instantly. CostThere are no set-up cost, monthly minimums and no subscription fees - although customers can select a monthly plan to further lower their transaction fees. Our Product: Makeba Payment SDKWe are currently in the testing phase of our Payment SDK which will allow third party apps and websites to accept Makeba as a form of payment.The SDK can be adapted by any approved third party providers that connects to the internet - ranging from e-commerce websites to in person payment kiosks and more.We're developing a payment SDK that lets third parties charge thru MakebaSecurity Is Our Top Priority With Makeba, fraudulent charges are near impossible as each payment requires the user’s explicit approval to be processed. Unlike credit cards, Makeba transactions can’t be made without the customer agreeing to it.Also, all our customers must pass through the same KYC process, so we know who is behind each transaction and can better monitor each account for suspicious activity.All our customer deposits are held by our bank partners in insured bank accounts that follow the same regulation and security protocols as normal bank accounts do.In times of Corona virus Makeba's touch-less payments are also a benefit to personal health and safety.How We're Growing and What's NextOur immediate goal is to raise $700,000 in funding with WeFunder to help us launch in the US and Senegal by the end of 2020Through the bank partnerships we have in place, we aim to quickly launch in 14 additional West African countries and EU regions with an African diaspora.Looking further ahead, our long term objective is to have 9 million subscribers and $ 1 billion in revenue by 2025.Near term expansion goals with our bank partnersWe have a robust customer acquisition strategy:Leveraging our Merchant NetworkWe will focus on first building a strong network of merchants that accept Makeba through regional sales teams, social media campaigns and referral programs. Strong Referral ProgramWe have a generous incentivized referral program for merchants and individuals who refer new subscribers to Makeba. Community EventsPartnerships with local diasporas to gain exposure and turn users into brand ambassadors.E-mail marketingTo promote referral program & downloadsSocial Media & AdvertisingEducate and expose the audience to the Makeba services. Reinforce the emotional connection to financial inclusion and empowerment. Efforts will be targeted through ads on social media channels like Facebook, Twitter, and Instagram.Influencer Marketing and PR BuzzBuild relationships with individuals who have influence with our target groups. Consistently pitching local and diaspora press outlets to cover Makeba stories.By keeping administrative costs low and focusing on viral marketing efforts to drive user growth, margins can exceed 50%, while still being the lowest cost remittance and POS service available. *The above chart contains future-looking projections which cannot be guaranteed.Let's Move Money Forward TogetherThe market is ready: By creating a low-cost and easy to use financial platform we can give more people and economies a chance to develop and grow stronger. It’s time to bring millions of people into the modern economy.

## FAQ
1. **Hello, interesting company best of luck to you. The perks appear to be blank but looks like there are perk levels. What is the perk at 500 and 1000 dollar level?**
   - Good morning, the main perks is the opportunity to invest early on in a new financial ecosystem tool that will impact millions in emerging markets, and my team design a nice Unique makeba investor customized tee shirt that we will ship to the early investors. Have a wonderful weekend.
2. **In your video you mention Venmo, PayPal, and Square. How do you plan to compete with these companies in Africa? I understand that they are also very interested in the African market and will likely increase their own investments there. Do you have a specific strategy in mind t...**
   - Good morning, thank you very much for your question Jason, Africa is composed of 54 countries, each with different markets dynamics and banking regulations, we have agreement in place with 14 countries mainly in west africa for now, PayPal and square are relying on Visa MasterCard etc... to operate witch cost merchants from 2.75% to 3% of the gross sales, makeba is at 0.25% to make sure the remittances inbound stays in the ecosystem by being spend with merchants that accepts Makeba. So I gues...
3. **No doubt this is a huge opportunity, but the pathway into the US and Europe won't be easy or cheap, implying that you'll need many millions more (you estimate $7M in your proffer). Where do you plan to get it? Is Senegal your next strategic focus, or US/Europe rollout? To date...**
   - Hi Todd, Thank you for your question. We have indeed experienced how difficult it is to find a bank partner in the US and EU market, but we have closed the loop on both relationships and part of this round of funding will be allocated to the necessary costs of implementing both relationships. In order to get to this point, part of our cash burn was to build very robust AML/BSA compliance programs to meet regulatory and bank requirements. Once we have implemented the EU/US bank relationships, ...
4. **Why did you decide to start in Africa? I know there are other countries (e.g. Mexico, the Philippines, etc.) with strong remittance markets. Also, you had a net loss of around $900k last year and are trying to raise $700k in this investing round. How will you ensure the money ...**
   - Hi Kyle, We decided to start in Africa because of my familiarity and network in the region and because it is the market with the highest cost of remittances. The net loss from the last two years was necessary because we had to set up a lot of regulatory frameworks and had to invest in the development of mobile applications and the technology for the Makeba system. Now that we have completed the development of the product and will start to book user revenue, we will not be netting a loss at th...
5. **Hi Alexander, can you please give us an update on: - how many customers Makeba have right now (August 2nd) ? - can you disclosure how many transactions did you processed last month ? Thanks**
   - Hi Gabriel, Thank you for learning about Makeba and submitting your questions. I’m happy to report that July saw our continued user acquisition growth. As of August 2nd, we are now at 2,943 individual Makeba Money users (Prev Month June: 2,282) and 296 Makeba Merchant users (Prev Month June: 224), for a total of 3,239 users. As far as transactions, we processed 623 total transactions in the month of July. As we develop the merchant network, we will see an increase in the number of transaction...

## Team
- Yamandou Alexander (CEO)
- Adriana Henriquez (Chief Operating Officer)
- Hernidia Tavares (Cape Verde Country Manager)
- Mayoro Diagne (Technology Project Manager)
- Dana Endundo Ferreira (Market Director, Europe)
- Fatim Sow (Chief of Staff)
- Justin Howes (Creative Director)

## Q&A
- Q: Your valuation seems extremely pricey for a pre-revenue company. Can you explain how you came up with this valuation? Frankly, I think you would have raised much more capital by this point if your valuation was more reasonable. Thank you.
  - A: Good Morning Mike. Thanks for your questions. The valuation is based on a steeply discounted cash flow model assuming a customer base of less than 1% of Africa. It is also reflective of the agreements we have forged and clearances we have received from bank partners and governments, respectively, that allows us to operate in 14 countries in Africa and the EU/US. Further, it is reflective of the agreements we have signed and other verbal agreements with government entities who will promote and implement Makeba in their countries and states. It is reflective of all the agreements and interest we have received from the business sectors, which include the Coca Cola bottling company, key food markets, the United Nations, mobile phone network operators, and gas stations.
- Q: I read your answers to the previous questions as well as mine and I think you have a great concept/product with lots of relationships already established. But it seems to me with your burn rate and competition, that time is of the essence to get funding, which has stalled on this platform over the last few weeks. As someone else mentioned, the high valuation may be a deterrent. I know I would be more inclined to invest a larger amount with a lower valuation or with some kind of discount.
  - A: Good evening, we can set a call to discuss all your suggestions, it will be nice to meet you and answers all your questions. Please add me on LinkedIn. Thank you.
- Q: Hi Yamandou, Please share the letter in response to Xavier Châtellier's questions when it's ready. Thanks.
  - A: Hey Jeff, Xavier questions have been answered. Cheers.
- Q: I only have 1,000 to invest and 3 shares just doens't seem worth it to me as a novice investor, but I wish you continued success -- I think this is a great opportunity for those that can afford it.
- Q: Why is the stock value so high? $300 is a lot for one share
  - A: Hi and thank you for your question. The share price is reflective of the valuation of $30 million and the number of authorized and issued shares, which is 100,000. During the wefunder round, I am selling the shares of the Company that I own as to not dilute previous seed investors. If your question is in regard to the valuation of $30 million, the valuation is based on a steeply discounted cash flow model assuming a customer base of less than 1% of Africa. It is also reflective of the agreements we have forged and clearances we have received from bank partners and governments, respectively, that allows us to operate in 14 countries in Africa and the EU/US. Further it is reflective of the agreements we have signed and other verbal agreements with government entities who will promote and implement Makeba in their countries and states. It is reflective of all the agreements and interest we have received from the business sectors, which include the Coca Cola bottling company, key food markets, the United Nations, mobile phone network operators, and gas stations. We are happy to discuss these in detail with any interested investor.
- Q: When can we realize returns on our investment. Or can one request a withdrawal of their capital contribution
- Q: why is it taking so long for this app. to take root while other money transfer app. that come after Makeba have become so popular across Africa and the rest of the world for example sendwave ,Nala, Taptap send and Lemfi to name but afew.
- Q: When is Makeba going to be available in the East African market and especially Kenya
- Q: When will this raise be finalized? I submitted a pending request to increase my investments towards the end of your fundraise. Wefunder has had it in a "pending" status since October 2020.
  - A: Hello, indeed that round is closed. Thank you
- Q: what plan does makeba have for the bitcoin market in africa? Statistics indicate that bitcoin is increasingly used by the young population of the continent, which are the majority. I would like to know if makeba has any plans to join in the bitcoin market of Africa.
  - A: Hello, for now, I see great potential in the technology of blockchain, Crypto is a full subject that we will get to in due time. Cheers
- Q: Is it still possible to invest with Makeba
  - A: Hi Mr. Benking, yes it is please reach out at info@makeba.money and a team member will reach out to you. Cheers.​
- Q: Please how can I apply for financial Assistance?
- Q: Hi Alexander, My Account has not been debited for my recent investment, and l'm curious to ask. Thanks
  - A: Hey Tibe, I emailed the team at Wefunder to know what's up with your share purchase. Thank you
- Q: I really like the idea behind this business and think there is a lot of potential here. The big concern I have is lack of revenue and burning through $100K a month. Can you give an update on your cash position? I see as of the end of May you had $185K in cash. What does the runway look like if you raise ~$350K on this platform? Do we still only have a few months before another raise or take on more debt? Thanks!
  - A: Hello Matthew, Thank you for your comment and your kind words. Cash flow is indeed tight at this moment and I significantly reduced our operating expenses to ensure that we stay strong while we finish this Wefunder campaign. We are also at a discussion stage to sign a term sheet with other institutional investors to supplement the amount raised on WeFunder. We are targeting to raise about $2 Million before the end of the year to give us a runway for a Series A of $5 Million in May 2021.
- Q: Hello, I would please like to read the answers in the letter to Xavier down below. Thank you!
  - A: Hi Judah, thank you for your question, the answers to Xavier questions are below is questions. Cheers.