Cameroonian startup Paykap to expand its activities to Togo
Last Tuesday, Paykap, mobile money transfer and e-payment solution behind Fricacoin, Africa’s first cryptocurrency, signed various partnership agreements with some ten local microfinance institutions, thus entering the Togolese market.
Under the agreements, the fintech which operates only in Cameroon, Côte d’Ivoire and Canada so far, will create decentralized financial systems (DFS) necessary for its money transfer platform.
In effect, Paykap’s new partners who will become “certified Paykap agents” will act as physical intermediates providing the fintech’s services to populations, against agreed commissions, up to 30% according to credible sources.
According the firm’s CEO, Dalvarice Ngoudjou, a seed fund of CFA3 million will be put in place to ensure the SFDs functionning. This fund will be replenished every time a set alert threshold is reached.
The arrival of the Cameroonian startup in Togo will surely boost financial inclusion and e-commerce in the West African nation. It will help foster fund transfers by the diaspora (valued at almost $500 million last year) as related costs are actually high worldwide.
PayKap Mobile Money is an e-wallet enabling its holder to operate various financial transactions with their bank accounts or other PayKap users, using mobile phones regardless of the networks.
Fiacre E. Kakpo