This archive report was first published on 18 July 2019.
On July 18, 2019, Kenyan financial technology (fintech) company Wapi Pay strengthened payments on its Afro-Asia corridor through a new partnership with Singapore-based Fomo Pay.
The partnership aims to facilitate cheaper and faster funds remittance between the two regions.
Wapi Pay Executive Director Paul Ndichu noted, "These new payment rails will open up Kenyan and African markets to the billion Asia market, facilitating employment creation under accelerated trade and via e-commerce."
The partnership is expected to facilitate the expansion of the Kenyan fintech into the region, with plans to set up shop in Ghana, Zambia, Uganda, and Nigeria by the end of August.
Wapi Pay has already pioneered Afro-Asia payments, partnering with San Francisco-based Flutterwave and Chinese social platform We-Chat (Weixin) to offer real-time payments to customers in China and South-East Asia.
Payments and remittances are crucial to Kenya's import and exports receipts, with trade to Asia accounting for about Ksh.361 billion ($3.5 billion) in revenues across 2018, and trade to the region from the rest of Africa valued at over Ksh.21 trillion ($204.2 billion) in a similar period.
