What makes Kafali PAY unique in fintech?
Kafali PAY is here to simplify how African families send remittance payments to their relatives. In the same world Paypal, Transferwise, crypto exist in plain sight, consumers still use services like MoneyGram, WU, and Xoom. Not because they provide better rates but they have agent locations where recipients are living unbanked or underbanked markets. This problem is extremely visible in African countries especially in E. Africa where more than half the population in countries like Ethiopia don’t have a bank account. Our product acts as an extension of their service by extending their services and infrastructure to populations they could not readily access with just their agent stores.
We’ll add greater value to our MTB partners by adjacently building new partnerships so we can service more regions across the world and deliver their services online rather than just in stores.
When we tell consumers / MTBs (Money Transmitting Businesses, much like Western Union or Moneygram) of the positive benefit of not having to drive and likely paying far less in fees to agents, we are a no-brainer choice for their remittance needs. For payment providers in desperate need of digital presence beyond a plain website and agent kiosk (much like the array of remittance services that work throughout East Africa), we provide them with the application infrastructure to handle the ACH (like writing a check) payments seamlessly with their current agent services itn he states they are licensed. Thus reaching more users of their service, specially for those no other option exist. We’ll add greater value to our MTB partners by adjacently building new partnerships so we can service more regions across the world and deliver their services online rather than just in stores.