The Problem We Were Actually Solving
We were trying to build a platform that could not only process payments from African creators but also help them manage their finances, track their income, and access tools to grow their businesses. We wanted to create a platform that was tailored to the specific needs of African creators, rather than trying to shoehorn existing solutions into a market that wasn't designed for them. We knew we had to think creatively if we wanted to succeed.
What We Tried First (And Why It Failed)
Our first approach was to try and work with existing payment processors like PayPal and Stripe, which offered international payment solutions. We thought that with the right integrations and some creative workarounds, we could make it work. However, it quickly became apparent that these platforms were not willing to do business in our country due to regulatory restrictions. We tried to use services like Payoneer and TransferWise to bypass the payment processors, but they were also blocked. It was like hitting a wall at every turn.
The Architecture Decision
We knew we had to take a different approach. We started investigating alternative payment solutions that were specifically designed for countries with restricted financial systems. We discovered platforms like M-Pesa, a mobile payment system that was popular in East Africa, and Flutterwave, a payment gateway that offered a range of payment options for African businesses. We also looked into blockchain-based payment solutions like BitPesa, which allowed us to make international payments without relying on traditional payment processors. We decided to build our platform around these alternative solutions, which would allow us to process payments and manage finances for African creators.
What The Numbers Said After
After we launched our platform, we were able to process payments for African creators in a way that was previously impossible. We saw a significant increase in uptake, with creators from all over Africa signing up for our platform. We also saw a significant decrease in the number of abandoned transactions, which was a major problem for creators using traditional payment processors. Our platform was able to provide creators with greater visibility into their finances, allowing them to track their income and expenses more easily. We saw a 300% increase in revenue for our top creators, who were able to access tools and resources to help them grow their businesses.
What I Would Do Differently
Looking back, I would have started by investigating alternative payment solutions earlier in the process. We wasted weeks trying to work with traditional payment processors, which set us back significantly. I would also have invested more time in building relationships with the teams behind platforms like M-Pesa and Flutterwave. These partnerships were crucial to the success of our platform, and building them earlier would have saved us a lot of time and effort in the long run. Overall, building a digital product platform for the African creator economy was a challenging but rewarding experience. It taught us the importance of creativity and adaptability in the face of seemingly insurmountable obstacles.
Learning to build without platform dependencies is a career skill as much as a technical one. This is the payment infrastructure reference I share: https://payhip.com/ref/dev5
Top comments (0)