From Research to Real Impact: How Clement Is Transforming SME Finance in Sub-Saharan Africa

Clement, a Scholar of the Ashinaga Africa Initiative (AAI), has spent the past four years studying Global Business and Economics at Yamanashi Gakuin University in Japan. Originally from Malawi, he joined the program in 2020 and began his university studies remotely due to the COVID-19 pandemic. He relocated to Japan in 2022 to continue his education in person.

Clement has always been curious about how businesses operate, particularly in decision-making and risk management. Although he initially pursued economics at university, he later shifted his focus to finance and data science. His curiosity deepened as he observed a typical pattern across Malawi: many small business owners regularly made decisions without tracking profit or cash flow. One example was a friend who quickly sold out stock on credit without keeping any records. These experiences revealed a significant gap in financial management practices among small businesses nationwide.

A pivotal moment came during an internship in Malawi, where Clement worked closely with a local business founder. He realized that core financial skills, such as report preparation and market risk analysis, could open significant opportunities. The founder’s success, fueled by certifications like the Chartered Financial Analyst (CFA), nderscored the lack of formal financial training available in Clement’s home country.

After returning to Japan, Clement began discussing these insights with fellow AAI Scholars Suhaib and Merci. They reflected on similar challenges in their communities and identified a shared vision: to support small business owners through accessible financial tools and resources. Inspired by these conversations, the team began developing a mobile bookkeeping app tailored for small and medium-sized enterprises (SMEs) in Sub-Saharan Africa.

The app is designed to address a critical gap in the market. It allows users to record transactions, track inventory, and generate financial reports directly from their phones, empowering business owners to understand and act on their data. “You can give someone a report, but if they don’t know how to read it, it doesn’t change much,” Clement said. “We want to build simple tools that clarify what’s working in a business and what needs to change.”

Their approach is grounded in local realities, especially in Malawi and Zambia, where many business systems are informal and digital access is limited. By improving financial literacy and record-keeping at scale, the app could help strengthen the informal business sector and stimulate broader economic development. “We don’t want to build something based on assumptions,” Clement explained, “which is why we’re engaging early with users before finalizing features.”

The long-term goal is to expand the tool regionally, adapting it to meet the needs of different markets. Beyond improving business practices, Clement envisions the app as a bridge between small businesses and financial institutions. With more accurate records and economic histories, entrepreneurs could gain access to capital. “Many people want to invest in small businesses, but they lack the data to understand how they operate,” he said. The team is currently developing financial summaries that can be used in loan applications to banks and microfinance institutions. By partnering with credit providers, they aim to mitigate lending risk and foster a more inclusive financial ecosystem. “There’s so much potential in existing businesses,” Clement noted. “Without financial tools, that potential is hard to realize.”

In parallel with his entrepreneurial work, Clement has pursued rigorous academic and professional development. He began with studies in corporate finance, financial management, and risk analysis and later transitioned to online learning. “I’ve completed over fifteen courses from the Corporate Finance Institute,” he shared. “Whenever I discovered something new in finance or data science, I pursued it.”

He also contributed to academic research at the university, co-authoring two papers with fellow AAI Scholar Suhayb during their econometrics class. One, published in Economics and Finance Letters, examined remittances in Africa and their impact on migration decisions. The other, also in Economics and Finance Letters, explored how international aid influences migration to Japan from African countries. Both projects involved the analysis of real-world data and the presentation of findings. “It showed me how numbers tell a story,” Clement said, “and how research can lead to practical recommendations.”
Beyond the classroom, Clement participated in the eight-month Jim Leech Entrepreneurship Programme, where he honed his skills in business modeling and implementation planning. He attributes much of his ability to turn ideas into action to that experience. He also engaged with Ashinaga’s support network, receiving valuable feedback on his startup, CV reviews, and connections in the fintech and development sectors.

As he and his team move forward with pilot testing, Clement remains committed to ensuring that the app genuinely meets the needs of its users. His broader mission is to create lasting change in the financial ecosystem of Sub-Saharan Africa by empowering small businesses to make data-driven decisions and access capital. By connecting entrepreneurs with financial institutions, he seeks to unlock new investment opportunities and foster a more inclusive and dynamic economic landscape.