From Wall Street to African Fintech: The 20-Meter Lesson

A recent experience with my mother, who lives in Harare while I’m based in Johannesburg, highlighted a critical gap in African financial services. After sending her funds via Mukuru, she remarked, “Don’t ever send me money through your friends again.” Why? Because the money arrived directly on her mobile phone, requiring only a brief 20-meter walk to collect—a testament to how Mukuru is reimagining digital finance.

This modest stroll encapsulates the philosophy behind Mukuru’s expansion far better than any corporate presentation. For Juan Seco, Chief Growth Officer and Managing Director for East Africa at Mukuru (and formerly of Jumia), the future of African fintech isn’t about complex software—it’s about eliminating friction in how people receive, store, move, and spend their money.

From New York Finance to Nairobi Fintech

Seco’s path wasn’t linear. After studying at McGill University and working in finance across Europe and North America (including auditing American Express on Wall Street), he relocated to Nairobi with his family—taking what he calls a “huge pay cut” to join Jumia.

Solving the Last-Mile Problem

While at Jumia, Seco observed that cash remained dominant despite the company’s digital ambitions. Payments across different African markets required repeated integrations with various mobile money systems like M-Pesa—an inefficient solution for a growing problem.

This realization led to Jumia Pay and later inspired Seco’s focus on financial infrastructure. He saw similar inefficiencies in corporate banking, where even basic transactions often required physical bank visits.

Mukuru’s Approach: Remittances as the Foundation

Today, Mukuru operates across 60+ countries with a network serving 17.6 million customers. The company’s remittance business has provided a foundation for expansion into broader digital financial services like wallets, cards, and payments—all while maintaining that core principle of eliminating friction.

By focusing on the “last mile” challenge—ensuring funds reach people in usable form—Mukuru is addressing a fundamental need across Africa’s diverse markets. The 20-meter walk from my mother’s house serves as a constant reminder of this mission: to make financial services accessible and seamless for everyone.