BAB 4: 🧑💻Meet Ismail Ahmed, the man who shaped Africa’s fintech revolution
From Civil War Refugee to Global Fintech Titan: How a Somaliland refugee built a global remittance empire - WorldRemit.
🌍✨ First things first - Happy Monday! 🌍✨
If you’ve ever sent or received money across borders, there’s a good chance you’ve heard of WorldRemit. This is the story of the man behind the brand, Ismail Ahmed.
It is a mix of resilience, risk-taking, and rebellion, and offers deep insight into how Africa’s fintech landscape has evolved over the years. A story that deserves attention. So, grab a cup of coffee (or tea, or… we don’t judge) and buckle up, because Ahmed's story is like a fintech fairy tale with a lot of audacity.⛰️🔥 The Main Gist…
Ismail Ahmed is the founder of Zepz, parent company of WorldRemit. He grew up experiencing the turmoil of conflict and displacement during the civil war in his country, Somaliland. His family fled to Ethiopia as refugees, relying on remittances to survive.
His life took a turn when he received a World Bank scholarship to study economics in London, United Kingdom. Due to the civil war in his country, it was difficult to travel. His brother, working in Saudi Arabia at the time, saved the situation. He sent some money for him to secure a ticket.
Imagine fleeing a civil war, arriving in the UK, penniless, only to change how the world moves money across nations to Africa! We can say he pioneered a movement. 🥇 🌐
However, it wasn’t a direct or easy journey. Ahmed spent about a month and a half going through a neighbouring country, Djibouti before he finally landed in the United kingdom. The situation kept his family in the dark for months not knowing where he was or if he arrived safely. Can you imagine the relief when he finally sent his first remittance back home? Proof of life!
🚀 A vision fuelled by frustration
Life in the UK wasn’t exactly all crumpets and tea either. He worked multiple jobs, like many migrants. Ahmed did strawberry picking in the fields of Kent, dishwashing, you name it. Despite his academic scholarship, the realities of survival took precedence. He worked so hard to take care of himself and support his family back home.
He experienced the frustration of cumbersome systems and high costs associated with sending money back home. Migrants like him had to walk long distances to find agent shops, pay exorbitant fees—sometimes as high as 30%—and endure lengthy processes to send small amounts to loved ones.
Imagine paying £30 in fees just to send £100! 🤯
This was another experience that sowed the seed of his remittance solution but there is more.
💼 Ahmed was fired at the UNDP for whistleblowing
Post-studies Ahmed had a good start in his career and along the line, he joined the United Nations Development Program (UNDP).
Ahmed’s time at the UNDP was like an episode of a political drama. He was hired as a compliance adviser. He uncovered corruption within the UNDP’s Somalia program while working on a project in Dubai. His findings: A Systemic corruption syphoning aid meant for people like his family back home. 😔
When he presented the evidence to his superiors, they didn’t praise his honesty. Instead, during a tense meeting at the Riviera Hotel, Ahmed’s boss warned him that going public would cost him his job. Determined to expose the truth, Ahmed refused to back down and this got him fired from the organisation.
In true “plot twist” fashion, Ahmed took this as a sign to kick-start his entrepreneurial dream. Who knows, maybe without that scandal, the world, Africa specifically, might still be using overpriced remittance services. 🌚
Sometimes, getting fired is the best thing that can happen to you. Just ask Ahmed—or, you know, Steve Jobs. 🤠
😎 The vision, execution and impact
Fast forward to 2010, Ahmed co-founded WorldRemit with Catherine Wines and Richard Igoe. They built a digital-first remittance service, at a time when traditional money transfers were costly and inefficient. The goal was simple: to make it easier, faster, and more affordable for the African diaspora community to send money home.
The timing couldn't have been better. The remittance market was ripe for disruption, especially in Africa, where millions of people relied on money sent by their relatives abroad. The traditional players in the industry—like Western Union and MoneyGram—were slow to adapt to digital transformation, creating a massive opportunity for WorldRemit to carve its niche.
Investors were sceptical whether a tech solution could disrupt the remittance industry dominated by legacy institutions. Some doubted if Africa, with its vast rural population and limited banking infrastructure, was ready for digital financial solutions.
However with tenacity he had a first break raising his first seed round of $345,000 from Future Perfect Ventures and a corporate partner in July 2010 after speaking to many investors. This early validation was crucial, setting the stage for future success.
WorldRemit went on to raise a total equity funding of $658 million dollars in over 11 years with the largest round in Series E raising $257 million in August 2011.
Fundraising was one hurdle, scaling across a fragmented African market was a bigger challenge. Ahmed partnered with telcos and banks like MTN, Access Bank, and UBA to extend financial services beyond cities and into rural areas. This helped millions of unbanked Africans to process international money transfer seamlessly from relatives abroad, directly into mobile wallets.
Despite the challenges of navigating regulatory hurdles and convincing African governments & institutions, Ahmed’s deep connection to the problem and personal grit kept him from moving forward. WorldRemit facilitates money transfers across 130 countries in over 70 currencies and continues to democratise access to money transfer services globally.
TODAY’S KEY TAKE OUT: TALK THE TALK AND WALK THE WALK.
💪🏽 8 BOLD moves from Africa’s Fintech Trailblazer
🚀 2010: Launched WorldRemit
🏆 2015: Won EY Entrepreneur of the Year in London
🎓 2017: Founded the Sahamiye Foundation
💵 2020: Processed over $10 billion in payments, becoming a global leader in digital remittances
🎖️ 2020: Named Most Influential Black Briton by Powerlist.
🏗️ 2021: Pledged $500 million through the foundation to fund startups, vocational training, and infrastructure in Somaliland.
💰2021: Raised a total of $658 million over 15 rounds from 52 investors (49 institutional; 3 Angels)
🌍 Today: Serves over 5.7 million customers in 130 countries with 1000+ employees.
👋 Final Thoughts
From civil war refugee to global fintech titan, Ismail Ahmed’s story teaches us the power of boldness in the face of adversity. His pioneering work at WorldRemit laid the groundwork for the flourishing African fintech industry, inspiring startups like Flutterwave and Chipper Cash. Today, the continent's fintech scene is booming, driven by innovations that Ahmed pioneered.
"I’ve always remained positive in the face of challenges. If you take those challenges and you’re passionate about what you want to do, you’re more likely to succeed." -Ismail AhmedAs we celebrate this audacious African, I leave you with a question:
What bold things are you doing this week to contribute to your community and beyond?
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