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.
With remittances playing a vital role in the Senegalese economy, contributing approximately 9.8% to the nation’s GDP in 2022, the neobank presents an opportunity for the government to capture a larger share of transaction fees currently paid to foreign intermediaries.
In 2023, remittances from Moroccans living abroad reached a record €10.71 billion, with France, Spain, Saudi Arabia, and Italy being key sending countries.
