• About
  • Privacy Policy
  • Careers
  • Manage Subscriptions
Friday, September 22, 2023
TechEconomy
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Phones
      • Gadgets and Appliances
      • Accessories
      • Laptop
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Partners
    • Editorial
  • Podcast
  • TECHECONOMY TV
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Phones
      • Gadgets and Appliances
      • Accessories
      • Laptop
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Partners
    • Editorial
  • Podcast
  • TECHECONOMY TV
No Result
View All Result
Techeconomy
No Result
View All Result

Home » Kotani Pay Raises $2 Million Pre-seed Funding to Simply Remittance through Blockchain

Kotani Pay Raises $2 Million Pre-seed Funding to Simply Remittance through Blockchain

Joel Nwankwo by Joel Nwankwo
September 5, 2023
in StartUPs
0
Kotani Pay
Felix Macharia, Co-founder of Kotani Pay

Felix Macharia, Co-founder of Kotani Pay

Sifax
Advertisements

Nairobi-based crypto payments startup, Kotani Pay, has announced a $2 million pre-seed funding round to drive its vision of making cross-border remittances easier for the large underbanked populations in Africa.

The pre-seed funding round was led by P1 Ventures, with participation from a  number of investors including DCG/Luno and Flori Ventures, with plans to further expand to Rwanda, Senegal, Ivory Coast, Tanzania, and Nigeria.

RelatedPosts

EBANX

Brazilian Fintech EBANX Expands into Eight New Africa Markets

September 21, 2023

Flapmax Reveals 12 African Startups in FAST Accelerator AI Program 2nd Cohort

September 21, 2023

Remittances face an intractable obstacle in hefty transfer costs, despite playing a crucial role in the African economy. An underdeveloped financial infrastructure, information asymmetry, and currency fluctuations are only a few of the causes that have contributed to the excessive expenses. Families at home may lack the necessary identifying documents or even bank accounts.

Kotani suggests using blockchain to make remittances to Africa possible after recognizing these difficulties with the current system of sending money there. To transfer money worldwide at a fraction of the cost of the traditional method, it specifically uses stablecoins, which are cryptocurrencies backed by fiat currencies like the USD.

Kotani has developed a middleware connecting blockchains to local payment networks, many of which allow users to send money on feature phones without the internet using a communication protocol called Unstructured Supplementary Service Data (USSD). This allows users to actually cash out the stablecoins they hold in their mobile wallets and pay for things in local currencies.

In addition, Kotani customers can “on-ramp,” or change their local currencies into US dollars. This feature is now targeted more at enterprises but, according to the founder, it might be made available to retail consumers in the future with the right licensing. The co-founder claims that a “network of liquidity providers through partnerships with local forex services and money transmitter operators, from whom we source local USD,” makes the process possible.

Felix Macharia, speaking on the service process, noted that the central banks in the countries where the firm operates already “monitor these transactions as they oversee all termination points to banking and mobile money services. 

After purchasing Nigerian firm Fuhlstack, the startup plans to launch further products, such as Reconset, a Reconciliation-as-a-Service offering, and Money Ledger, a Ledger-as-a-Service solution.

Advertisements
innovation
AIT
Advertisements
ShareTweetSend
Previous Post

FSDAi Commits $19.5 million to Boost Climate Resilience in Africa

Next Post

African Telco Executives to Discuss Africa’s Digital Transformation at the NOVACOM Summits

Joel Nwankwo

Joel Nwankwo

Nnamdi Joel is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

Related Posts

EBANX
StartUPs

Brazilian Fintech EBANX Expands into Eight New Africa Markets

by Joel Nwankwo
September 21, 2023
0

Yesterday, during the seventh edition of its Payments Summit, held in São Paulo, Brazil, Brazilian-founded fintech EBANX announced it is...

Read more
Flapmax Reveals 12 African Startups in FAST Accelerator AI Program 2nd Cohort

Flapmax Reveals 12 African Startups in FAST Accelerator AI Program 2nd Cohort

September 21, 2023
Payday Explores Acquisition Options

Payday Explores Acquisition Options

September 21, 2023
Mergers and Acquisitions

Unlocking Growth: How to Use Mergers and Acquisitions to Secure Investment

September 21, 2023
Innovation Support Network - ISN Gathering 2023

ISN 5th AGM & Annual Gathering Showcases Nigeria’s Thriving Innovation Ecosystem; Ushers in New Directors

September 20, 2023
Complete Farmer Secures $10.4 Million Funding to Enhance Ghana's Agric Efficiency

Complete Farmer Secures $10.4 Million Funding to Enhance Ghana’s Agric Efficiency

September 20, 2023
Next Post
African Telco Executives to Discuss Africa’s Digital Transformation at the NOVACOM Summits

African Telco Executives to Discuss Africa’s Digital Transformation at the NOVACOM Summits

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisements
Ad 15
Insurance Meet Tech
Advertisements
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
​Sodiq Tijani Toju Africa

Meet Sodiq Tijani, a Product Expert and Entrepreneur Banking the Unbanked

March 2, 2023
Product Led vs Sales Led Business Models

Product Led vs Sales Led Business Models: What Startups Should Know

January 10, 2023
Samsung Galayx A04e - Cheapest Samsung Phones in 2023

Cheapest Samsung Phones in 2023

September 11, 2023
Sodiq Tijani Youcloudpay

How Sodiq Tijani is Empowering African SMEs for Economic Growth

February 9, 2022
Google Cybersecurity Scholarship

Google Recognizes Shortage of Cybersecurity Experts in Africa, Announces Scholarships

22

Ad Dynamo Has Eyes on Nigeria – CEO

19

Digital Marketing in Africa: Bringing Much-Needed Skills to Nigeria’s Youth

16

Ad Dynamo by Aleph Group Launches free Digital Academy

14
microfinance banks

CBN Launches Portal for Seamless Licensing of Microfinance Bank

September 21, 2023
EBANX

Brazilian Fintech EBANX Expands into Eight New Africa Markets

September 21, 2023
Africa-America Institute

Africa-America Institute Honours MTN Group for Helping in Africa’s Digital Transformation

September 21, 2023
Six Signs You Might Need a High-Speed Mesh Wi-Fi System

Six Signs You Might Need a High-Speed Mesh Wi-Fi System

September 21, 2023

Follow Us

APPLY

Underdog Tech Award
Apply

InDrive Launches Underdog Tech Award to Reward African Founders

by Joel Nwankwo
September 20, 2023
0

The Underdog Tech Award, a brand-new international competition, has been launched by InDrive. The e-hailing company aims to uncover the...

Read more

WomenPreneurs

Hiring in South Africa by Jessica Hawkey redAcademy
WomenPreneurs

Women in Business: Q&A with Jessica Hawkey, Founder & MD of redAcademy

by Techeconomy
August 22, 2023
0

"Jessica Hawkey is the Managing Director of redAcademy"

Read more

BusinesSENSE For SMEs

Managing Difficult Customer
BusinesSENSE For SMEs

Five Keys to Managing Difficult Customers

by Techeconomy
August 23, 2023
0

You will at one point in your business be confronted with dealing with difficult customers. So, mastering the right strategies...

Read more
  • About Us
  • Career
  • Contact Us
  • Policy

© 2023 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Phones
      • Gadgets and Appliances
      • Accessories
      • Laptop
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Partners
    • Editorial
  • Podcast
  • TECHECONOMY TV

© 2023 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.