Solution Overview & Team Lead Details

Our Organization


What is the name of your solution?

Accessible Financial Services for Guinea & fragile Africa

Provide a one-line summary of your solution.

Enabling African consumers & merchants to access credit, make and receive any local and online payments through their mobile money accounts.

What specific problem are you solving?


Financial exclusion is a widespread challenge in Guinea, significantly more than the average Sub-Saharan African country. The current generation of financial solutions (which have worked in other countries) have failed to reduce the exclusion in Guinea due to the specific historic and legacy issues that have shaped the Guinean social and economic trends.


Guinea (a West African country with a population of about 13 million people and a GDP per capita of $1,057 in 2020)has a significantly lower financial inclusion that its Sub-Saharan African peers.

  • According to the Global Findex Database 2021, only 15% of adults (aged 15+) in Guinea had an account at a financial institution or a mobile money service provider, compared to the average of 43% for Sub-Saharan Africa. 
  • Only 11% of adults in Guinea made or received digital payments in the past year, compared to the average of 34% for Sub-Saharan Africa.


Financial Inclusion in Guinea is particularly a challenge due to the following factors:

  • The high level of poverty and informality in the economy, which reduces the demand and supply of formal financial services.
  • The low level of financial literacy and trust in the financial system, which discourages people from using formal financial services or making digital payments.
  • The lack of adequate infrastructure and regulation for digital financial services, such as mobile money or agent banking, which could increase the outreach and affordability of financial services.
  • The limited availability and diversity of financial products and providers, especially in rural areas, which reduces the choice and competition in the financial market. 
  •  The high cost and risk of using financial services, due to factors such as fees, fraud, network failures, or lack of consumer protection.

These barriers to Financial Inclusion as well as the failure of current available solutions  can be attributed to the following historical and legacy issues that shape the political, social and economic characteristics of the Country.

  • The dependence on mining revenues, which have exposed the economy to external shocks, created rent-seeking opportunities, and neglected other productive sectors.
  • The lack of diversification and structural transformation, which have limited the growth potential, the employment opportunities, and the competitiveness of the economy.
  • The low level of human development, which has resulted from inadequate investment in education, health, and social protection
  • The history of political instability and violence, which have disrupted economic activity, eroded social cohesion, and increased insecurity and mistrust.

What is your solution?


Mudupay is a mobile wallet that allows consumers and MSMEs to make and receive any local or international payment through their mobile wallets. The app avails the following products:

  • Loans (micro-loans, micro-mortgages, invoice discounting for SMEs)
  • Tontine (Thrift savings)
  • Bulk payments (incl. payroll, social grants - to people in the remote areas)
  • P2P transfer 
  • School Fees payments
  • Remittances
  • MSME Marketplace


1 - Transact without a phone, without internet
The Mudupay platform also works for  consumers and MSMEs without access to a smartphone or internet at the point of payment. The Mudupay Card allows:

  • Send family and friends money & withdraw cash at any of our agents
  • Seamlessly pay for your local goods at any merchant
  • Pay your taxi and MotorBike rides
  • Receive money from anyone

2 - Enroll & Transact without ID 

The Mudupay platform allows people without IDs to enroll and transact (subject to T&Cs). This is achieved through the use of a special unique digital token attached to biometric identification. Consumer will be upgraded once they obtain the necessary IDs.

3 - Access to Credit

The Mudupay platform uses ingenious algorithms and AI to avail credit to the clients. Consumers and MSMEs build a credit history that will allow them to qualify for the following types of loans:

  • micro-loans, 
  • micro-mortgages, 
  • invoice discounting for MSMEs, 
  • crowd funded business loans for MSMEs


Here is a link to the Demo - 

Who does your solution serve, and in what ways will the solution impact their lives?

Financial exclusion in Guinea affects different types of users in different ways. Mudupay has tailored its solution to the following:


Consumers in Guinea have low access to formal credit for their personal or household needs, such as education, health, or emergencies. They also have low access to transaction services for:

  • daily expenses, such as utility bills, goods and services, or remittances.
  • income sources or transfers, such as wages, pensions, or social assistance.

Mudupay solution will help consumers to access more convenient and affordable credit options, manage their money more effectively and securely, and improve their living standards and well-being. Specifically, Mudupay:

  • lowers the barriers of distance, cost, and documentation and provide to these financial services for all .  
  • allows Individuals and households will be able to receive their salaries and social grants in any location without documentation/KYC challenges.
  • avail micro-loans to meet unexpected emergencies and other needs. The lending criteria will be unbiaised and based on transaction history alone.


Small businesses in Guinea face difficulties in accessing formal credit to start or expand their activities, due to high interest rates, collateral requirements and information asymmetry. They also face challenges in making and receiving payments, due to the lack of adequate infrastructure and for digital financial services, such as mobile money or agent banking.

Mudupay solution  provides alternative financing mechanisms, microfinance, micro-leasing and crowdfunding. These can provide small businesses with more affordable and accessible credit options. Mudupay’s mobile money or agent networks can enable small businesses to make and receive payments more conveniently and securely.

These solutions can help small businesses to increase their productivity, profitability, and competitiveness, as well as to create more jobs and income opportunities for themselves and others.


Large enterprises in Guinea also face risks and costs in making and receiving payments, due to the high dependence on cash transactions, which are prone to theft, loss, or fraud. Larger enterprises and mining companies are affected by the limited availability and diversity of financial products and providers, especially in rural areas.

Mudupay solutions allows Large Enterprises to bulk-pay their suppliers and employees through electronic transfers on the Mudupay wallet. This reduces the reliance on cash transactions and increase the efficiency and security of payments.


These are negatively affected by the limited availability and diversity of financial products and providers, especially in rural areas.

Mudupay bulk-pay solution, KYC-friendly enrollment and distribution network allows these payments to be distributed effectively and swiftly.

How are you and your team well-positioned to deliver this solution?

We and our team are the right people to design and deliver this solution to the target population because we have a deep understanding of and connection to the communities we are serving. We believe that by involving the communities in every step of the way, we can create a solution that is not only effective and sustainable, but also empowering and inclusive.

We are Guinean, and we have lived and worked in the country for many years. We have experienced the challenges and opportunities of financial exclusion and inclusion firsthand, and we have witnessed how they affect the lives and livelihoods of our fellow citizens.

Our leadership team has 4 individuals (3 Guineans). Put together, the team has valuable skills and insights from their diverse previous experience in Silicon Valley, West Africa and Southern Africa. Among the team, we have members who have worked win rolling out products for the bottom of the pyramid. They have:

  • Set up mobile money agents in several West African countries.
  • designed and priced microfinance products in Southern and West Africa
  • have administered a pay-as-you-go asset financing schemes in West Africa
  • learned how to use digital technologies and innovation to create impactful solutions for social problems.

Ousmane Siedy Diallo, a Guinean, is a very enthusiastic, problem solver, ambitious young entrepreneur with a strong software engineering background. He has worked and still working with some of the best engineers and leaders across Africa, Asia, Europe and North America. He loves solving crazy complex real life problems that impacts millions of people (doing the impossible). 

Ousmane Seidy Diallo relocated from the US in 2019 with a drive to build a payment ecosystem that is bespoke to Africa’s unique needs. After three years of research, software development and stakeholder engagements, Diallo went on to found MuduPay, a fintech company that helps Africans make and receive any local and online payments as well as provide other bespoke financial services.

Which dimension of the Challenge does your solution most closely address?

Make it easier and more affordable for individuals and MSMEs to make investments and transfer payments, across geographies and across different types of platforms

In what city, town, or region is your solution team headquartered?


In what country is your solution team headquartered?

  • Guinea

What is your solution’s stage of development?

Growth: An organization with an established product, service, or business model that is rolled out in one or more communities

How many people does your solution currently serve?

As at 30 April 2023, Mudupay served the following:

  • 9 Large Enterprises
  • 7000 Consumers and SMEs
  • Average of 9,000 individual transactions per month, totalling $3m in value

Since roll-out in July 2022, Mudupay has processed US$25 million worth of transaction. These represent a total of 85,100 individual transactions between Consumers, Large Enterprises, and MSMEs.

Why are you applying to Solve?

Mudupay's ambition is to scale within Guinea as well as to roll out this solution to other African countries with the same barriers, historical and legacy issues as Guinea. Our target includes Sierra Leone, Liberia, DRC, Uganda, Mali, Guinea Bissau and Burkina Faso.

Solve can help us acheieve our ambition by connecting us with partners who can provide us with monetary and/or non-monetary support, such as grants, loans, equity, mentorship, networks, training, exposure, or advocacy. We are not applying to Solve only to raise funds, but also to leverage the expertise, experience, and connections of the Solve community. We believe that by joining Solve, we can accelerate the impact and sustainability of our solution for financial inclusion through our international expansion ambition.

To be specific, Solve can help us overcome the following:

  • Financial: We need additional funding to scale up our solution within Guinea and to roll out our product in other African countries that face similar challenges and opportunities for financial inclusion. 
  • Mentorship: Our Team needs mentors to ensue that we are able to deliver on our ambition to provide affordable and accessible financial services to low-income and marginalized groups.
  • Technical: We need technical assistance and guidance to improve the quality and reliability of our digital platform and to ensure that it meets the standards and requirements of different markets and regulators. We also need technical support to enhance the security and privacy of our users’ data and transactions.
  • Legal: We need legal advice and representation to navigate the complex and evolving regulatory frameworks and policies that affect financial inclusion in different countries and contexts. We also need legal assistance to protect our intellectual property rights and to comply with the relevant laws and regulations in each market.
  • Cultural: We need cultural awareness and sensitivity to understand and respect the diverse needs, preferences, and behaviors of our users and stakeholders in different communities and countries. We also need cultural competence and communication skills to engage effectively with different partners, such as financial institutions, regulators, civil society organizations, and community leaders.
  • Market: We need market access and intelligence to identify and reach potential customers and beneficiaries in different segments and locations. We also need market feedback and validation to test and refine our value proposition and business model in different scenarios.

In which of the following areas do you most need partners or support?

  • Business Model (e.g. product-market fit, strategy & development)
  • Financial (e.g. accounting practices, pitching to investors)
  • Human Capital (e.g. sourcing talent, board development)
  • Legal or Regulatory Matters
  • Monitoring & Evaluation (e.g. collecting/using data, measuring impact)
  • Product / Service Distribution (e.g. delivery, logistics, expanding client base)
  • Public Relations (e.g. branding/marketing strategy, social and global media)
  • Technology (e.g. software or hardware, web development/design)

Who is the Team Lead for your solution?

Ousmane Seidy Diallo

More About Your Solution

What makes your solution innovative?

With MuduPay employees and temporary workers can receive payments instantly instead of waiting for days to cash out cheques or receive physical cash payments.

Businesses can make payroll and pay suppliers in minutes instead of weeks instead of manual paperworks and signing cheques.

SMEs and Informal small businesses like mom & pop shops, market sellers, Taxis can get loans base on their payments transactions and make hourly small automatic repayments which prevent them from defaulting and build up their credits.

Employees, Families, Communities members can contribute their tontine with zero risk of losing their money and build up credits and be eligible for loans through their tontine contribution and collection.

What are your impact goals for the next year and the next five years, and how will you achieve them?


Our impact will be driven by the Mudupay platform's Access & Usage.

We target 130,000 Active Users in Guinea. These will:

Include MSMEs, Large Enterprises, Consumers, Billers, Merchants

  • 5,000 Active Agents (proprietary network)
  • 20,000 Number of Cards Issued (and actives users)
  • 130,000 Number of App dowloads (and active users)
  • 2,000 MSMEs actively trading on Mudupay Marketplace
  • 13,000 access to credit services


  • Presence in atleast 5 countries (including the equally fragile ones). Target include: Guinbea, Liberia, Sierra Leone, DRC, Mali, Burkina Faso
  • Ensuring that the mobile money penetration is above Sub-Saharan Average in these countries
  • Increased access for women and youth in all these countries
  • African MSME marketplace that does not have borders as far as payments are concerned

Which of the UN Sustainable Development Goals does your solution address?

  • 1. No Poverty
  • 2. Zero Hunger
  • 3. Good Health and Well-being
  • 5. Gender Equality
  • 8. Decent Work and Economic Growth
  • 9. Industry, Innovation, and Infrastructure
  • 10. Reduced Inequalities

How are you measuring your progress toward your impact goals?

We are currently just tracking Access & Usage through the following:

  • Number Users (Small Enterprises, Large Enterprises, Consumers, Billers, Merchants)
  • Number of Agents 
  • Number of Cards Issued (and actives users)
  • Number of App downloads (and active users)
  • Number of Users on Marketplace
  • Number and Value of transactions (Bulk Payments, P2P, Cash in, Cash out, Remittance etc.)

What is your theory of change?

Our solution is a digital platform that connects people and businesses with financial services that they need and want. We want to help them access and use financial services like sending and receiving money, saving, borrowing, or buying insurance. These services can improve their lives by helping them earn more, save more, invest more, or cope better with problems.

Our theory of change is:

  • We create a digital platform that offers different financial services through mobile phones or other devices. We work with local partners who provide these services, such as banks, insurance companies, or mobile money providers.
  • We find out what people and businesses need and want from financial services, by asking them questions, listening to their feedback, or testing our ideas with them. We also teach them how to use our platform and the financial services on it.
  • We tell people and businesses about our platform and how it can help them, by using different ways to reach them, such as radio, TV, social media, or word of mouth.
  • More people and businesses sign up for our platform and use the financial services on it. They can choose the services that suit them best and pay a fair price for them. They can also trust that their money and data are safe and secure on our platform.
  • People and businesses who use our platform and the financial services on it improve their income, resilience, and well-being. For example, they can start or grow a business, pay for education or health care, or deal with emergencies. They also have more power and status in their families and communities.
  • Our solution reduces poverty and inequality in the countries where we work. It also boosts economic growth and development by making the financial system more inclusive and innovative.

We have evidence to support our theory of change from different sources, such as:

  • Research studies that show how financial inclusion can benefit people and businesses in different ways, such as increasing their income, savings, investment, or resilience .
  • Data from our platform that show how many people and businesses sign up for our platform and use the financial services on it, how often they use them, how much they spend or save on them, etc.
  • Feedback from our users and partners that tell us how satisfied they are with our platform and the financial services on it, what problems or benefits they have experienced from using them, what suggestions or complaints they have for improving them, etc.
  • Evaluation reports that measure the impact of our solution on the lives and livelihoods of our users and partners, such as their income, consumption, savings, investment, employment, productivity, resilience, or well-being.

Describe the core technology that powers your solution.

MuduPay is built using the most robust latest technologies.

Infrastructure: We use GCP as our cloud service with Kubernetes, Docker, Cloud Build, Cloud Armo plus Git and Github.

Backend: Our core backend services are built using the Python, Go and JavaScript programming languages.

APIs: We use GraphQL and gRPC for our APIs.

Database: We use PostgreSQL, CouchDB and MariaDB as our data storages.

Front-end/User interface: We use Reactjs, React Native and Electron for our Web, Mobile and Desktop applications.

Which of the following categories best describes your solution?

A new application of an existing technology

Please select the technologies currently used in your solution:

  • Artificial Intelligence / Machine Learning
  • Big Data
  • Software and Mobile Applications

In which countries do you currently operate?

  • Guinea

In which countries will you be operating within the next year?

  • Guinea
  • Côte d'Ivoire
  • Sierra Leone
Your Team

What type of organization is your solution team?

For-profit, including B-Corp or similar models

How many people work on your solution team?

We currrently have 10 full staff members.

How long have you been working on your solution?

4 years

What is your approach to incorporating diversity, equity, and inclusivity into your work?

Our leadership team has four people:

  • 25% are female. 75% male
  • 75% are Guinean. 25% Zimbabwean

The team has diverse religious backgrounds (Christian, Muslim, Atheism)


We want to make our work more diverse, fair, and inclusive, because we think that this will help us reach our goal of helping more people and businesses access and use financial services. We respect and value the differences of our users, partners, and team members, and we want to make sure that everyone can have a chance and a voice in our solution.

Our leaders are from Guinea, and they know the problems and opportunities of financial inclusion. They also have skills and knowledge from working in Silicon Valley, where they learned how to use technology and innovation to solve social problems.

Our goals for making our work more diverse, fair, and inclusive are:

  • To have a team with different backgrounds, views, and experiences, who can bring new ideas and insights to our solution.
  • To give all team members equal chances to learn and grow in their work, and to support their career goals in our organization.
  • To create a culture of respect, trust, and teamwork among all team members, where everyone feels welcome, supported, and valued, and where everyone can share their opinions and feedback without fear or bias.
  • To work with our users and partners in a way that understands and respects their needs and wants from financial services, and that involves them as co-creators of our solution.
  • To check how our solution affects different groups of our users and partners, such as by gender, age, income, location, or occupation, and to make sure that our solution is good for everyone.

Your Business Model & Funding

What is your business model?

Our business model is to provide a digital platform that connects people and businesses with financial services that they need and want. We provide value to our customers and beneficiaries in terms of impact and revenue.

Our key customers are people and businesses who lack access to or use of formal financial services, such as transactions, payments, savings, credit, or insurance. Our key beneficiaries are the same as our customers, as well as the local partners who provide financial services through our platform, such as banks, insurance companies, or mobile money providers.

We provide our customers and beneficiaries with a range of financial products and services that meet their needs and preferences. We provide these products and services through a digital platform that uses mobile technology, biometric identification, and alternative data. We also provide financial education and information to our customers and beneficiaries.

Our customers and beneficiaries want or need our products and services because they can improve their income, resilience, and well-being. They can also access and use financial services more easily, affordably, and securely.

We generate revenue from different sources, such as:

  • Fees from our customers for using our products and services, such as transaction fees, interest rates, or premiums.
  • Commissions from our partners for providing them with access to our platform and customer base, such as referral fees, service fees, or revenue sharing.
  • Grants or donations from external sources who support our mission and vision, such as foundations, governments, or investors.

Do you primarily provide products or services directly to individuals, to other organizations, or to the government?

Individual consumers or stakeholders (B2C)

What is your plan for becoming financially sustainable?

Our plan for becoming financially sustainable is:

  • To diversify and grow our revenue streams, which are:
    • Earned income from fees and commissions from our customers and partners
    • Contributed income from grants and donations from external sources
    • Expand into several African countries to build scale and achieve an African MSME Marketplace
  • To manage and reduce our costs and expenses by:
    • Optimizing our operations
    • Leveraging technology
    • Partnering with local actors to reduce compliance costs
  • To monitor and evaluate our financial performance and sustainability using various indicators and tools, such as:
    • Income statements
    • Balance sheets
    • Cash flow statements
    • Break-even analysis
    • Return on investment

Share some examples of how your plan to achieve financial sustainability has been successful so far.

To date, we have achieved the following:

  • Towards diversifying and growing our revenue streams:
    • Signed up 9 Enterprises, 7000 consumer
    • For Jan-April 2023, we are processing an average of $3m a month from 9000 various transactions per month
    • Raised $300,000 in pre-seed capital
    • Submitted an application to the central bank for an Electronic Money Issuer
    • Signed a partnership with a US Based remittance-as-a-service provider (Machnet, Inc)
    • Partnering with local Banks (Akiba, Vista Bank) to utilize their pipeline of clients and license
    • Partnering with Super Agents ( Cash moove) to utilize their  distribution networks respectively.

  • To monitor and evaluate our financial performance and sustainability:
    • We now produce monthly financial reports which include Income statement, Balance sheet, Cash flow statement as well as a Management Discussion and Analysis.

Solution Team

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