For Elmawkaa, the acquisition marks a significant success for its founders and early investors, who include entities such as Flat6Labs, TIEC, 500 Global, and Taqadam.

As the first blockchain fintech company in South Africa to receive the Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority (FSCA), Kotani Pay has also positioned itself as a trusted bridge between fiat and digital currencies.

“Since winning the competition, we have hit 200,000 registered users in Kenya and are now expanding our solution into Rwanda,” shared Samuel Njuguna, CEO and co-founder of Chumz.io.

It aims to employ and develop thousands of Egyptian specialists, with a target to increase its current workforce of 350 to 5,000 in the coming years.