Daniel Yu, the founder of Wasoko, has announced his decision to step down as CEO after leading the company for over 11 years. His exit comes a year after Wasoko merged with Egypt’s MaxAB, creating a regional retail-tech leader. The move highlights a broader shift across Africa’s tech scene as founders transition out of operational leadership.
Leadership Transition at Wasoko
Yu confirmed his departure in a public statement, saying the merger with MaxAB marked a natural point to hand over the reins. He will remain an adviser while MaxAB co-founder Belal El-Megharbel takes sole leadership of the Cairo-based group. Relocating to India, Yu plans to focus on personal projects, including his role as board chair at nonprofit Malengo.
Strategic Pivot Toward Fintech
Wasoko-MaxAB is reorienting its business model away from traditional logistics toward financial services. The company recently secured a license from the Central Bank of Egypt to enable cash transactions for its vast network of informal retailers. Its fintech arm in Egypt already generates more than $180 million annually and has disbursed $20 million in loans with repayment rates above 99 percent.
Market Realities and Investor Sentiment
The pivot reflects the low margins of B2B e-commerce and increasing investor scrutiny. In early 2025, Wasoko investor VNV Global marked down the value of its 2.1 percent stake by 4 percent to $10 million. The company’s emphasis on higher-margin fintech offerings is a direct response to these market pressures.
A Wider Trend of Founder Exits
Yu’s decision mirrors leadership shifts at other high-profile African startups. In South Africa, Yoco’s Katlego Maphai stepped down as CEO, while mPharma’s Gregory Rockson transitioned to board chairman in Ghana. Egypt’s Elmenus also saw founder Amir Allam exit, replaced by industry veteran Walid El-Saadany to better navigate a competitive market.
Wasoko’s leadership change signals both a personal transition for Yu and a strategic evolution for the company. The move reflects a broader trend of African startups maturing, with professional management replacing founder-led leadership as firms scale. For Wasoko, the next chapter will be defined by its aggressive push into fintech as the company’s core growth driver.