Cloud9 Money: A New Neobank Targets Africa’s Youth
A new player is entering the African fintech space. MarketForce and Chpter co-founders Tesh Mbaabu and Mesongo Sibuti have unveiled Cloud9 Money, a neobank specifically designed to cater to the financial needs and preferences of Africa’s burgeoning youth demographic. Cloud9 Money aims to provide a more streamlined and intuitive banking experience compared to traditional institutions, leveraging a mobile-first approach and focusing on the unique demands of digitally native generations.
Banking Reimagined for a Mobile-First Generation
Cloud9 Money operates entirely online, offering real-time payment solutions, clear and accessible credit options, and integrated tools for savings and wealth management. This positions the neobank as a frontrunner in a wave of fintech innovation sweeping across Africa, challenging traditional banking models. Mbaabu emphasizes that Cloud9 Money aspires to be more than just an app, drawing on the aspirational imagery of its name. The goal is to empower young Africans to achieve financial freedom and unlock new possibilities through accessible and user-friendly financial services. Given that 70% of Africa’s population is under 30, and with young Africans projected to make up a significant portion of the global youth population by 2030, Cloud9 Money is strategically positioned to capitalize on this demographic dividend. The neobank also acknowledges the growing entrepreneurial spirit within the continent, aiming to provide tailored financial solutions for young business owners.
Cloud9 Money represents a significant step towards modernizing financial services in Africa. By focusing on the specific needs of young Africans and leveraging technology to deliver accessible and transparent financial tools, the neobank has the potential to empower a new generation of entrepreneurs and contribute to the continent’s economic growth.
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