NAIROBI, Kenya, Jul 17 – Fintech solution provider WAPI Pay Kenya 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 Africa – 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.
Kenya alone traded US$3.5 billion dollars last year with Asia while the rest of Africa did about US$204.2 billion dollars.
According to UN Comtrade, Singapore’s main destination markets in Africa in 2015 were Liberia and South Africa, while for Thailand the main export markets were Egypt and South Africa.
Exports to African economies from Southeast Asia mainly consist of vehicles and vehicle spare parts, electronic equipment, refined petroleum, chemicals, rubber, rice, and metals.