Shaping the Future of African Commerce Through Vertical Integration With Daniel Yu (Founder & CEO of Wasoko)

Quote - “The spirit of Afropolitan, and why I'm so excited about the
community that's being built, is to connect one of the most powerful
forces in the world, which is human communities, to the fastest
growing place in the world, which is the African continent.”

The Afropolitan Podcast highlights Afropolitans who embrace the
unknown and walk with purpose. Through this podcast, we aim to empower
Africans in the Diaspora to maximize their potential and contribute to
the development of a vibrant and progressive black community.
In this episode, we chat with Daniel Yu, Founder & CEO of Wasoko, a
technology company that is transforming the $600 billion market for
essential goods sold through mom-and-pop stores in Africa. Wasoko
provides on-demand ordering, delivery, and financing services to these
small retailers. Wasoko's platform enables shop owners to place orders
at any time via SMS or a mobile app, and offers free same-day delivery
of goods directly to their stores. Additionally, Wasoko provides "Pay
Later" financing options to support the growth of these shops. The
company operates in several African countries, including Kenya,
Tanzania, Rwanda, Uganda, Côte d'Ivoire, and Senegal, and collaborates
with major companies such as Unilever and Procter & Gamble. Wasoko has
raised over $145 million in equity financing from investors like Tiger
Global and Avenir Growth Capital, making it one of the largest tech
companies in Africa.
Daniel Yu is an entrepreneur and software developer with extensive
experience working and traveling in over 65 countries, primarily in
emerging economies such as Africa, the Middle East, Central America,
Brazil, Southeast Asia, and China. He is skilled at exploring markets
and building networks to effectively launch technology-driven
businesses. Daniel is conversational or fluent in eight languages:
English (native), Mandarin, Swahili, Arabic, Spanish, Cantonese,
Portuguese, and French.
Daniel is passionate about leveraging technology and innovation to
transform the retail landscape in emerging economies, empowering small
businesses, and making a positive social impact across Africa. Join us
as Daniel discusses his journey with Wasoko and the importance of
digital technology and services to solve Africa’s supply chain
problems.

Daniel’s Reading List:
1. Doing Good Better: How Effective Altruism Can Help You Help Others,
Do Work that Matters, and Make Smarter Choices about Giving Back by
William MacAskill - https://amzn.to/41EnFJj
2. Shoe Dog by Phil Knight - https://amzn.to/3IkPMq2
3. Mountains Beyond Mountains by Tracy Kidder - https://amzn.to/455COGn
Show Notes
2:00 Daniel breaks down his background and what led him to Africa as
an entrepreneur
3:27 Daniel, as the founder and CEO of Wasako, has been working to
transform commerce in Africa and tells us the problem it aims to solve
4:49 Daniel details the monetization model of Wasoko
5:16 Daniel talks about some of the assumptions he had of this
commerce model and what challenges he faced going to market
6:54 Daniel talks about the importance of startups to vertical
integrate in Africa to ensure successful delivery of their chosen
offerings and how the process of building in Africa differs from being
in California, where certain aspects are already taken care of, and
the focus is primarily on software development
8:20 Daniel explains why he started in certain African countries
compared to others and the cultural differences experienced in each
country
10:09 Daniel paints the customer onboarding process early on
11:16 Daniel details the early stages of a startup and the struggles
you have to go through
12:37 Daniel talks about his educational background and how It
informed the work he does today