The appointment is fundamental to extending OmiRetail’s footprint across Francophone Africa, a region experiencing rapid economic growth and promising opportunities for the e-commerce sector.

Steve Dakayi brings a wealth of experience to OmniRetail, with a strong background in e-commerce and leadership roles. 

Before this appointment, Dakayi was the founder and CEO of BetaStore, a B2B e-commerce startup he established in 2020. Despite BetaStore’s eventual closure, the startup provided Dakayi with the required insights into the dynamics of the B2B e-commerce industry in Africa. 

His career also includes a tenure at Jumia, one of Africa’s largest e-commerce platforms, where he held important roles in commercial and fulfilment operations. 

His work at Jumia involved leading innovative teams, driving commercial strategies, and managing complex fulfilment processes, all of which provided him with the skills needed to scale through the challenges of expanding an e-commerce business in emerging markets.

OmniRetail’s decision to expand into Francophone Africa is driven by the region’s economic performance and the strategic advantages it offers. 

The Francophone African market is characterised by a stable currency, the CFA franc, which is pegged to the Euro, providing a degree of economic stability that is less common in other parts of Africa. 

This stability, coupled with high economic growth rates, particularly in countries like Ivory Coast, Cameroon, and Senegal, makes the region an attractive target for expansion. 

According to the International Monetary Fund (IMF), six of the seven fastest-growing economies in sub-Saharan Africa are in Francophone countries, stressing the region’s potential.

In his new role, Dakayi will be responsible for leading OmniRetail’s operations in Ivory Coast and spearheading the company’s broader expansion into Francophone Africa. 

He will report directly to Deepankar Rustagi, CEO of OmniRetail, and will focus on establishing strong local partnerships and driving the company’s growth in these new markets. 

Dakayi’s strategy is centred on maintaining an asset-light model to ensure operational efficiency and profitability. This approach aligns with OmniRetail’s business philosophy, which emphasises sustainable growth through strategic market entry and prudent financial management.

The Francophone region’s growing middle class is another factor driving OmniRetail’s expansion. This demographic shift is resulting in increased purchasing power and changing consumer habits, creating a fertile ground for the growth of e-commerce. 

Dakayi recognises the potential of this trend, noting that the rising middle class is a key driver of economic expansion in the region. He is confident that OmniRetail’s focus on fast-moving consumer goods (FMCG) will resonate well with consumers in Francophone Africa, allowing the company to establish a strong market presence.

OmniRetail’s expansion into Francophone Africa is a move that mirrors similarities with other major players in the B2B e-commerce sector. 

The company’s goal is to become the leading e-commerce platform in Africa, and the expansion into Francophone countries is a vital part of this vision.

The fund will enable BetaStore’s expansion into Ghana, the Democratic Republic of Congo and Cameroon by the end of this year, decentralizing its products and services to serve more informal retailers.

The fund was received from 500 Global, VestedWorld, and Loyal VC, bringing the investment raised by BetaStore to $3 million to date.

BetaStore makes it possible for small businesses to seamlessly source their inventory and access capital to scale their business growth.

The startup is on a goal to reach the over 10 million informal retail outlets representing more than 90% of the total trade of essential goods; where in Nigeria alone, more than 1,500,000 outlets are selling way beyond $12 billion worth of FMCG goods.

Through the platform co-founded by Steve Dakayi-Kamga and Leo-Armel Tchoudjang, informal retailers can order products via AI-powered channels using SMS, WhatsApp chat and other Apps, after which they would have their goods delivered to their stores. The company provides smart financing to these informal retailers and using the BetaStore wallet, they can repay loans, deposit money for operations, send, receive and save money.

Also, BetaStore helps manufacturers make data-driven informed decisions to scale up their businesses efficiently. It is set to fully launch its financing in July, following a pilot program carried out last year, involving 200 retailers.

BetaStore affirms that its customer base has grown 10 times compared to what it was at the beginning, with revenue also increasing at a commendable rate; its new growth plan will ensure the increase of these, including the rollout of its buy-now-pay-later (BNPL) product.