Failing to Win

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In 2009, Canadian entrepreneur Mike Quinn moved to Lusaka, Zambia, to seek out African entrepreneurs creating scalable businesses. He discovered two South African brothers who had started a venture to help unbanked smallholder farmers receive mobile payments in a cash-dominated market. After persuading his retired parents to mortgage their house for $100,000, Mike became a co-founder and CEO of Zoona for nearly a decade. Together with his partners, he established a network of over 3,000 entrepreneur agents in Zambia and Malawi, enabling millions of unbanked consumers to transfer $2.5 billion in money. Based in Cape Town, Zoona secured over $35 million in venture capital and became a key player in Africa's fintech landscape. Mike's journey offers an honest look at the challenges faced by a pioneering African startup led by a purpose-driven entrepreneur. Zoona encountered significant obstacles, including currency crises, failed investments, resistance from major mobile operators, and ongoing struggles to align growth strategies with its billion-dollar goals. Through these failures, Mike gained insights into entrepreneurship in Africa, which fueled his determination to persevere and innovate.