Wapi Pay, a Kenyan fintech startup has signed a Memorandum of Understanding with Singapore’s Fomo Pay to provide payment solutions between Africa and Asia.
Speaking on the sidelines of the Afro-Asia FinTech Festival in Nairobi, Fomo Pay Co-Founder Zack Yang says the two companies are expected to build the first Afric –Asia payment gateway through partnerships and platforms integrations. He added that the partnership will open US$1 billion of trade between Africa and South-east.
Wapi Capital Executive Director Paul Ndichu said that the partnership would also create new opportunities between the two continents.
“These new payment rails will open up Kenyan and African market to the billion Asia market, facilitating women and youth employment via e-commerce, accelerate trade to close the deficit gaps and enhance further business relationships,” Ndichu added.
After the launch in Kenya, the two companies plan to take the service to Ghana, Zambia and Uganda later this month and to Nigeria in August.
Payments and remittances contribute to the import and export receipts for the country and are a major source of African countries revenue.
