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Tunisian here. The local ecosystem isn’t that strong relative to other players in the MENA region.. for now. If you dig under the covers, the most successful ex
by Cyph0n 3y ago
Tunisian here. The local ecosystem isn’t that strong relative to other players in the MENA region.. for now. If you dig under the covers, the most successful examples and exits started out in Europe or NA by Tunisian founders with a secondary presence in Tunisia.
I think it comes down to two main reasons:
1) Insane levels of regulation and bureaucracy, with a sprinkle of corruption.
2) A banking system that seems diversified and modern on the surface, but is actually an oligopoly and extremely behind technologically.
That being said, I think there is a lot of talent in the country. Also, at least among the younger generation, there has been a shift towards learning English (instead of French) to better work with the US market.
Side note: I’ve always wanted to work on a fintech startup for the Tunisian market to help with point (2) above, but as soon as I think about dealing with the banking system and government regulations, I reconsider.. One interesting player in this space is Flouci.
- mkoubaa 3y agoTunisian here too. Speaking English is also an advantage because the anglosphere isn't predisposed to prejudice against north Africans.
- Cyph0n 3y agoGood point.
- Cannabat 3y agoCan you elaborate or point to some writing on this topic? Who is prejudiced against North Africans and why?
- zen_1 3y ago>Who is prejudiced against North Africans and why? I think France, Germany and the Netherlands have some degree of prejudice against North Africans (specifically Moroccans and Algerians). As for why, you'd need to consult at a history book and look at the socioeconomic statuses of the aforementioned North African diasporas in those countries.
- Simon_O_Rourke 3y agoAre there any French banks with a presence in the Tunisian market that would offer a smoother integration for any fintech start-up?
- Cyph0n 3y agoNot entirely sure. But just to clarify, it isn’t purely a tech problem, but also a lower level banking infra problem. Two things to note: 1. Tunisian currency is tightly controlled by the central bank, which means it is very difficult to move currency out of the country. Therefore, you - as a fintech startup - would need to integrate with the local banking system and separately setup a legal pipeline to be able to move money out (e.g., to spend on infra costs, SaaS products, etc.). 2. Credit cards do not exist and debit cards are not widely used for payments; cash is still king. So any startup that wants wide market penetration needs to deal with cash at some level. It’s kind of a chicken and egg problem.