Welcome to the first #SheTechsTheFuture interview series, where we highlight the stories of top female tech entrepreneurs in East Africa. Our goal is to inspire and motivate young women to pursue their dreams of building successful tech companies on the African continent.
In today’s interview, we had the privilege of speaking with Beth Wambui, CEO and founder of MyWagePay. As a leading entrepreneur in the fintech industry, Beth has built an innovative financial wellness company that targets corporate employees and helps alleviate their financial challenges.
In this interview, Beth shares her journey of starting and scaling MyWagePay, the challenges she faced along the way, and her advice for aspiring female entrepreneurs in East Africa.
We hope that Beth’s story will inspire and encourage young women to pursue their passion for technology and entrepreneurship and to see the potential that lies in building successful tech companies in Africa.
1. How did you start your company? (Share your company story)
In 2020, during the height of the COVID-19 pandemic, the idea of Mywagepay was born. With economic instability in the country, even employees with stable jobs were struggling financially. To address this issue, we decided to launch a financial wellness company that targets corporate employees and helps alleviate their financial challenges. We officially launched in 2021 with a pilot program and began scaling into the larger market in early 2022.
Our launch was met with success, which led us to obtain a Digital Credit Provider (DCP) license from the Central Bank of Kenya in September 2022. As one of the first 10 companies to receive this license in our first year of operation, we have grown significantly. Today, Mywagepay aspires to transform into a fully digital bank that serves underserved populations in Africa, and we are committed to continuing our mission of providing financial wellness to those who need it most.
2. What motivated you to pursue a career in technology?
My passion for enhancing financial inclusion in the country inspired me to explore the tech industry, particularly fintech. Kenya is a rapidly growing economy with a tech-savvy population, and a significant portion of the population remains unbanked or underbanked. Through fintech innovation, we can address this challenge and provide financial services to these underserved communities. Thus, my decision to pursue a career in technology was driven by my desire to make a positive impact on society by leveraging the power of technology.
3. How have you seen the tech industry evolve during your career, and what changes would you like to see in the future?
Over the past decade, Kenya’s tech industry, particularly the fintech sector, has undergone significant evolution. Mobile money services like M-Pesa were introduced in the early 2000s and quickly gained popularity, providing Kenyans with access to basic financial services via their mobile phones. This paved the way for other fintech startups to emerge, offering a range of financial products and services, including digital payments (such as Mywagepay), lending, insurance, and investment.
Today, Kenya’s fintech industry is one of the most developed in Africa, with a thriving ecosystem of startups, investors, and support organizations. In recent years, there has been a focus on developing fintech solutions that address specific challenges facing the country, such as financial inclusion, access to credit, and remittances. The Kenyan government has been supportive of the fintech sector, introducing policies and initiatives to promote innovation and entrepreneurship and creating a permissive regulatory ecosystem.
Looking to the future, the fintech industry in Kenya is likely to continue to grow and evolve. Trends that may emerge include continued innovation in digital payments and mobile money, with the potential for new solutions that make payments even more seamless and accessible. Traditional financial institutions may also adopt more fintech solutions to compete with startups and meet changing customer needs. Fintech companies may also focus more on financial inclusion, developing solutions that reach underserved and marginalized communities. Finally, the use of data analytics and machine learning may increase, enabling the development of more sophisticated credit scoring models, fraud detection systems, and other applications.
4. How do you stay motivated and focused on achieving your goals?
I set clear and specific goals to achieve success in both my personal and professional life. To make sure these goals are manageable, I break them down into smaller tasks and prioritize staying organized.
Additionally, I celebrate small victories along the way to provide a sense of accomplishment toward my overall goals. I recognize the importance of surrounding myself with supportive individuals, including mentors and others who have experienced similar journeys.
5. How do you stay up to date with the latest advancements in technology and ensure your company stays ahead of the curve?
As an AfricaBerlin Network Ambassador, I actively participate in conferences and events focused on technology. I also conduct thorough research to stay informed about developments in the field, especially in terms of regulatory changes and technological advancements. By doing so, I can ensure that Mywagepay stays ahead of the curve and remains up to date with the latest advancements.
6. Which opportunities do you see for young women in tech?
The tech industry in Kenya offers a multitude of opportunities for young women, including roles in product and project management, UX/UI design, marketing and communications, and entrepreneurship. However, support is crucial to help these women venture into these and other fields in the Kenyan tech scene.
7. What are the biggest challenges you’ve faced as a female tech founder and how did you overcome them?
As a professional in Kenya, I have encountered numerous challenges including gender bias and discrimination, limited access to funding, a dearth of role models and support networks, and the ongoing struggle to balance personal and professional life.
To overcome these hurdles, I have learned to rely on a strong support network, be proactive and assertive in seeking out funding opportunities, and collaborate closely with role models and advocates for equality.
Additionally, I make self-care and work-life balance a top priority to ensure that I maintain my mental and physical well-being. Despite the obstacles, I remain committed to achieving success in my field and advocating for greater opportunities and equality for all.
8. What are some key traits you believe all successful tech founders share?
Successful founders in the tech industry are typically visionary, innovative, resilient, and adaptable. They are driven to achieve their goals and are customer-focused, always striving to provide the best possible experience. With these qualities, founders can overcome challenges and achieve success in their companies.
9. What advice would you give to young women who aspire to start a career in tech?
For young women, my advice is to pursue their passion and not give up. It is crucial to continuously build their skills and knowledge to stay ahead in their chosen field. They should embrace risks and be persistent in their efforts to become successful entrepreneurs.
10. Where do you see your company 5 years from now
Our vision for Mywagepay is to evolve into a fully digital bank within the next five years. We are determined to expand our services beyond our current payment, lending, savings, and infrastructure as a service solution to include partners across East and West Africa.
By doing so, we aim to gain a deeper understanding of the regulatory environments and market dynamics in these regions, which will position us well to achieve our long-term goal of becoming a digital bank. Our focus remains on creating accessible and innovative financial solutions to meet the needs of underserved populations across Africa.
In conclusion, the story of Beth Wambui and MyWagePay is one that serves as an inspiration to aspiring female tech entrepreneurs in East Africa. Beth’s determination, vision, and commitment to innovation have led to the creation of a company that is enabling corporate employees to take control of their finances and alleviate financial stress.
We are grateful to Beth Wambui for sharing her journey with us and for the impact she is making through MyWagePay. Connect with Beth on LinkedIn.
SheTechs the Future is an initiative aimed at fostering female-led digital ventures in East Africa, specifically Uganda, and Tanzania. The project is implemented by StartHub Africa in partnership with the Business Scouts for Development (BSfD) by the Gesellschaft for Internationale Zusammenarbeit (GIZ), the Federation of German Industries (BDI), and Sequa on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ).
