Pava Pay raises ڈالر 9 million seed with the help of MSA, 88 mph and Mr. Easy’s Zigadat Capital – Tech Crunch

Building around mobile money is key when companies create digital payment solutions for African countries outside of Nigeria and South Africa.. it is. Literally A non-brain

This concept is ubiquitous in East Africa, but since mobile money is an initiative led by telecom operators, there are technical complexities needed to build an integrated infrastructure for businesses..

PayPay, a UK-based and Africa-based payment company, is one of the few to deal with these complications. The company takes technical integrations from telecom operators such as AirtelTigo, Econet, MTN, Safaricom, Orange and Vodafone and turns them into an API for business..

Today, the company is announcing that it has cut off ڈالر 9 million in seed funding to expand its operational presence, recruit talent and expand into new markets..

The UK-based fund 88mph led the round with China’s MSA Capital, which was attended by Zagadat Capital, Capel Ventures and Vanani Capital..

Pava Pay hired online sports betting company betPawa last year. Company Led by CEO Nikolai Burnwell, former head of New Markets, Africa at Betpawa. He is also sitting at 88mph.

According to him, starting pawaPay was to help people send and receive money. Internationally Use of mobile money

An interesting example would be the freelancers in Cوریte d’Ivoire who are trying to get paid for services on a global payment platform.. as usually., They will If needed Using a bank account or card. But in places like Ivory Coast, where mobile money is in vogue, it becomes a problem.

How big is mobile money in Africa?

There are more than 350 million unbanked people in sub-Saharan Africa, according to 2015 World Bank figures. Different figures are responsible for this state, but from the point of view of banks, no incentive actually leads them to bank..

Most non-bankers earn little. atleast Wages in their respective countries, so it is difficult for banks to make money from these people.. In addition, opening a bank account involves several KYC (Know Your Customer) processes for a subset of this population.

But one thing is for sure: non-bankers have mobile phones, and there are over 850 million mobile connections in Africa.

(Image courtesy of NJIKIZANA / AFP) (Image GEKESAI NJIKIZANA / AFP via Getty Images)

This is a huge market because mobile money is popular all over the continent. Telecom operators used proxies to bypass banks and set up their own systems to allow people to transfer money. Safely Using a mobile phone for a reduced or no transfer fee..

Therefore, people with phone numbers can access basic financial services such as savings and transfers.

Currently.Through the mobile accounts of up to 500 500 billion, the mobile money market passes through sub-Saharan Africa annually. About 300 million active monthly users.. This alternative financial structure is the largest in the world.

But because it is one of the most developed. Each telecom operator has its own unique mobile money product that has created a fragmented infrastructure.. For traders, fragmentation means that it can be excessive. Expensive to scale.

Mobile money and card payment doors.

Pava Pay seeks to position itself as a market leader in high volume mobile money payments while providing credibility and transparency to merchants. Its API allows these merchants to access telecom operators’ mobile money systems and send payments to millions of mobile money accounts..

“We are betting heavily on the growth of mobile money and all the complexities and needs of mobile infrastructure. Be built Around paying with mobile money, “Barnwell told TechCrunch..

“And the way we look at the continent, we’re looking at the adoption rate for mobile money at a crazy pace. It has become very clear that this is a very important financial structure and if you want to do serious volume and business on mobile money, there is a lot missing in it.. ”

Image Credit: پاوا پے۔

PowerPay handles local operations, compliance, regulatory cores and bank accounts, making it easier to receive payments in new markets.

The company claims to handle more than 10 million transactions per week on its trains, with beta operations in 10 African countries – Cameroon, DRC, Ghana, Kenya, Mozambique, Nigeria, Rwanda, Tanzania, Uganda and Zambia. ۔

Barnwell told TechCrunch that although these transaction volumes look impressive, if PayPay is not for every market due to regulatory barriers and licensing practices..

“In every country, we have to start with the right data from the beginning to understand how they view space, On the licensing sheets, what kind of companies they want to license, what kind of requirements they are looking for, how we can work Up close With them to make sure they are comfortable with us..

However, the CEO says that while regulation slows down the process, it is important for Pava Pay. Because many unorganized companies operate without a license and unstable technology, with some fraudulent intent..

“W.I went and decided that we wanted to be fully regulated. We want to be fully covered in all markets with full licensing and become a highly stable, reliable premium product in these markets..

There are various payment gateways to facilitate payments for businesses in Africa, such as Filter View, DPO Group, Yoko, MFS Africa and PayStack.. But In terms of Pure Mobile MoneyPlay, MFS Africa is a clear competitor to PowerPay. Both are platforms. on a large scale Focuses on tackling unique challenges with mobile money, while others innovate around bank and card payments..

پاوا پے۔

Image Credit: پاوا پے۔

MFS Africa connects more than 300 million mobile money wallets enabling banks, telcos, money transfer operators and other financial institutions to collaborate on a large scale in Africa through a single integration point..

Pava Pay is not far away. Barnwell says the company connects to almost the same number of wallets and hopes to roll out 30 to 40 telco integrations soon.

While East Africa (inspired by Kenya’s M. Pisa). on a large scale The main market for mobile money has been West Africa. properly. Last year, West Africa recorded 198 million mobile money accounts, compared to 293 million in East Africa.

The West African region also saw the biggest increase. In terms of The value of the transaction is 46%, more than 178 billion, and countries such as Ghana, Senegal and Ivory Coast are leading the charge, which offers a wide range of opportunities for these payment gateway providers. Unlike the payment market where two Countries are prominent

“While much of the focus is on card payments, the giant in payments in Africa. Really Mobile is money, “said the CEO.

One of the main reasons PavaPay’s Mobile Mini Focus was 88mph’s founder and PavaPay Chairman Kirsten Butch led the era. He said that when 88mph Actively Investing in Africa a decade ago, “One of the key drivers was that mobile money was a better way to pay for credit and debit cards when used for online payments.. ”

For Zagadat Capital, the investment was made by founder Oluvasin Ajibade (also known as Mr. Easy, a singer, songwriter and popular businessman in the African music scene), who also sits on the board of Pava Pay. Had to say about:

Being an investor much more Focused on Africa and very familiar with the landscape, We believe That art is not tech focused on mobile money. Only One of the most exciting places to invest but also one of the most important bridges to ensure the financial inclusion of billions of people across the continent.. That was the cooker for us. We believe With a clear mission, vision and strategy, and we believe the Pawa Pay team is the best team to achieve that.

Leave a Reply

Your email address will not be published.