Fintech entrepreneur and Wapi Pay co-founder Edward (Eddie) Ndichu, made news headlines last year after he secured a deal with foreign investors for the startup - an online payment platform serving Asia and African countries.
Eddie Ndichu talks about his investment in Kenya’s financial sector
A report from the World Bank states that it's more expensive to send money to sub-Saharan Africa than to any region in the world
According to Eddie, Wapi Pay provides a payments gateway for African businesses to receive and send money from Asia via mobile money platforms and bank accounts.
He noted that they opted to invest in the Kenyan economy with the aim of making international money transfers faster, easier and much cheaper.
A report from the World Bank states that it's more expensive to send money to sub-Saharan Africa than to any region in the world.
It is also the most expensive region to send money from. In the first quarter (Q1) of 2020 alone, people spent an average of 8.9% to send money to the region, much higher than the global average of 6.8%.
“The low value of banknotes in many countries, the large amount of cash carried in daily life and consumption not only poses a security risk to personal property, but also makes it impossible for the government to track the flow of funds in the informal economy, as a result the 'cashless society' policy has been welcomed by many governments,” Eddie said.
Eddie says that, currently, mobile money access is close to 100 per cent while access to formal banking services stands at 44 per cent, a development which gives their startup an upper hand in the money market.
He adds that people should strive to work with cashless systems because they are always secure, time-saving, and with the proliferation of mobile phone technology, easily accessible.
“It required internet, which was just not ubiquitous at the onset. However, the surging mobile phone access across the continent provided a bridge for the gap,” he said.
Eddie disclosed that their company targets to process $500 million in remittances by the end of 2022, grow the number of registered suppliers and beneficiaries in Asia to 100,000; and sign up at least 500,000 merchants, traders and businesses in Africa.
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