How I Overcame Mobile Money Security Challenges To Build A Thriving Business As A Young African Entrepreneur.
On August 26, 2020, I stood in the middle of Zimbabwe’s bustling Capital City, Harare, staring at my phone in disbelief. Until this day, I had never quite understood the importance of systems of mobile money security for entrepreneurs. The payment for a massive order I had sold to what seemed like a trusted buyer had not come through. The buyers had vanished, leaving me with nothing but empty coops and a mountain of debt. It felt like the world had collapsed. But I knew I couldn’t give up. Too many people were counting on me.
I started Mukuyu Traders for Africa with a simple yet powerful vision, to create jobs and empower my community. With a loan, I launched a poultry business, employing youths from my village. We also ventured into manufacturing and selling peanut butter, a staple in Zimbabwean households. We wanted to create products that people needed while providing opportunities for young people to earn a living.
However, 26 August 2020 my dreams, my vision were nearly shattered. We fell victim to fraudsters who prey on the desperation for sales in small product-based start-ups. Coupled with lack of sufficient security and checks on our part, and inefficient payment systems for business transactions.
Being a fledgling start-up, we have always made social media advertising one of our key strategies. Not only is it a pretty inexpensive way of advertising, but it is also an effective and the widest-reaching communication platform. It allowed us to also sell to overseas based Zimbabweans who would were running businesses in Zimbabwe or just wanted to surprise family members back home. Social media has helped the small players to get in front of a bigger audience. However, it has also exposed the same small players to cyber security challenges that small players don’t have the kind of security or checks to repel.
As orders poured in, diaspora orders became a regular thing. So, when someone approached me using foreign contact and made an order of 1,000 dressed chickens, it raised no red flags in me. Unassumingly, I told my workers to pack the dressed chickens and have them ready for the client. Once done, we alerted the would-be buyer, and as per normal routine they asked for my personal details to send payment. Close to late afternoon they gave me notification that they had sent the payment and even sent the supposed proof of payment. They had already made arrangements to pick up the chickens, so they instantly loaded them up and left. Without real-time, safe and direct payment platforms to receive money without needing to go to the bank, the ‘buyer’ knew I could only get to the bank the following day.
I would like to believe that I’m someone who has always tried to practice caution in my dealings. So, I contacted an official at my bank to verify the proof of payment details. Unfortunately, as the ‘buyer’ might have been counting on, the bank was closed at this time, and they could not confirm anything. The following morning, when I visited the bank, they said there was no money in the account. My world seemed to rush in and crumble around me all at once. I tried to reach out to the buyer hoping it was maybe just a mistake, but they were nowhere to be found. Only when reported the case, did we find out that they were using fake documents.
I had to come into acceptance that the payments were indeed fake, and we had been scammed. We lost everything. The capital we used was from a loan, and suddenly, we were back to square one. In debt, depressed and downcast but I could not afford to remain wallowing in self-pity for too long as my creditors wanted their money back.
Refusing to give up, I made a bold decision to pivot the business. I reduced my workforce temporarily and shifted our focus to rearing local chickens, which were hardier and required less capital. This move proved to be a game-changer. We secured a tender from a company that specialized in buying local birds, providing a steady stream of income. Local chickens saved us. They taught us the value of resilience and adaptability.
The scam was a painful but valuable lesson. We implemented strict payment verification processes to ensure we would never fall victim to fraud again. We also looked to trade with viable, registered customers and always verify payments before releasing products. This new approach not only protected the business but also built trust with reliable clients. To today I cant overemphasize the importance of mobile money security for entrepreneurs and young business people.
In the meantime, I got to pay off the money I owed on loans using my own savings. It took time to recover from that loss. However, I realized that in life and in business being a person that pays back their loans will get you further than defaulting and dishonesty. It also teaches you integrity, honesty and value of money.
While rebuilding the poultry side of the business, I also focused on expanding our peanut butter production. Made from locally sourced peanuts, our peanut butter became a hit in the community and beyond. Additionally, we have invested in building boreholes to ensure a reliable water supply for our operations and the community. The boreholes have been a lifeline, helping us water our crops and providing clean water for the village.
Today, Mukuyu Traders for Africa is a thriving business, employing 10 people and making a tangible impact in the community. Every challenge has taught us something valuable. We’re not just building a business, we’re building a future. My vision is to feed the whole country of Zimbabwe. I want to provide quality organic products to the whole of Africa. I also aim to be the most important brand in Africa at large; the next big supplier, like Irvines, RCL Foods, Astral Foods, Cairo Poultry Co and other big market players on the continent. We also try to teach other new businesses on importance of understanding mobile money security systems and risks for entrepreneurs and start-ups.
