Next Generation of Super Apps to Emerge on Emerging Markets

The next wave of "super apps," which integrate banking, commerce, and other services into a single platform, are likely to emerge from emerging markets rather than the United States, according to Nnamdi Okike, co-founder and managing partner at 645 Ventures.

Okike identifies four conditions that precede the rise of a super app: high mobile penetration, weak incumbent competition, poor existing financial services, and a severe financial crisis that erodes trust in established institutions. In these markets, trust is a scarce commodity, unlike in the U.S. where reliable financial services are abundant and cheap.

Nigeria's Moniepoint serves as an example, having become an "operating system" for over 6 million Nigerian businesses and processing over $300 billion in digital payments annually. Similarly, Nubank in Brazil, Grab in Southeast Asia, and Kaspi in Kazakhstan have achieved prominent positions.

Many of these markets have experienced significant financial crises. Brazil's efforts to combat hyperinflation in the 1990s, Kazakhstan's banking crises, and the 1997 Asian financial crisis created voids that these companies were able to fill and grow within.

Okike identifies Bangladesh, Egypt, Vietnam, and Pakistan as potential future hubs for super app development. These nations have faced substantial financial challenges and a distrust of traditional institutions, while their currencies and payment rails remain functional.