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Unlocking mobile money in emerging markets
Monique Maddy (MBA 1993) is focusing her entrepreneurial energies on connecting the world's poor to global commerce through their cell phones. In 2007 she launched Ezuza, a Mexico City–based mobile money company that focuses on the unbanked and under-banked in emerging markets. (Zuza means “gain” in Zulu; the e stands for electronic.)
“Ezuza is interested in disruption,” says Maddy, who is the company’s CEO. “In emerging markets, mobile money is designed to leapfrog plastic by going from cash directly to digital. Because the global economy is increasingly digital, billions of cash-based buyers and sellers are currently excluded from global commerce. These individuals, because of their collective size, will likely redefine the concept of banking and financial access in the future.”
Working in developing countries is both challenging and exciting, says Maddy. Her advice to others who might wish to follow her lead? “Things generally take a lot longer to implement, and you need to build certain cultural factors into your business plan and understand how best to manage those. Patience and persistence are must-haves. Find good local partners who share your vision and your business philosophy.”
(Published April 2014)
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