As FindiPay is probably the main source of growth in the medium...

As FindiPay is probably the main source of growth in the medium to long term (together with WLA), quite interesting to look at this business into more details.

My understanding of FindiPay : it offers a digital platform for payment, via merchants, focusing on rural areas.
For example, FindiPay enables transactions, like money transfer or bill payment.

I could not find much details regarding the way Findi expects to monetise this business*.
But I imagine it is by getting a fee from every transaction.
They also mentioned in a presentation that they could generate advertising revenue via FindiPay.

FindiPay is still at a very early stage.
It is now available in 28,000 merchants (increase by 17,000 in FY 3/24) and FindiPay targets to be available at 60,000 merchants in FY 25.

In FY 24, FindiPay generated 208 m$ of gross transaction value vs an annualised rate of 160 m$ in Nov 23.
Only revenue indication : FindiPay represented 10 % of Findi revenues in FY 3/23, which corresponds to 5 m$ of revenues for FindiPay.

It seems that this business does not require much Capex, as total Capex FY 3/24 of Findi can be explained by the 550 new ATM for the CBI contract.
So, most of their costs are probably cost of development for the digital platform.

Thanks to its long term SBI contract (7+3 years), Findi is probably not in a hurry to get a quick return from FindiPay, as the SBI contract offers them a good visibility for the next 10 years in term of cash flow/free cash flow**.

* except saying that Findi continues to pursue a number of revenue share arrangements with channel partners to further develop its product offering.
** as long as the number of transactions/ATM remain stable.