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As fintech services proliferate across different African markets, the need to have sufficient KYC and identity verification processes in place has intensified amid increasing fraud challenges and more stringent regulatory requirements. We have product depth in Nigeria already.
Barnwell tells TechCrunch that although these transaction volumes look impressive, pawaPay would have done more if not for regulatory hurdles and licensing approaches in each market. . We want to be completely covered in all the markets, with full licensing and be a very stable reliable premium product in these markets,” he added.
It was the perfect marketing required to onboard several customers in Africa and challenge Binance , the world’s largest crypto exchange by volume, for market share. And if they were a shareholder, we would have had to file a change of control in the UK, where we’re licensed. It’s public record that it never happened.
Last October, it had 8,000 users from Cameroon, its first market and others including Ivory Coast, Burkina Faso, Mali, Guinea, and Senegal. As a result, users on the platform have grown in multiples over the last 14 months. Now, it counts over 70,000 users across nine Francophone African countries. .
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