Kotani Pay’s mission is to revolutionize the Financial Ecosystem

Sam Kariuki, Kotani Pay COO, presented on financial inclusion and the Web 3:0 revolution at the ninth session of Digital Workplace Transformation Africa. The online event hosted by Becky Njagi discussed at length how Kotani Pay is enabling everyone to access financial services without a bank or internet

Here is the problem

Mr. Kariuki pointed out that in a global population of 7.9 billion people, 1.3 billion people are unbanked. This means they have no account at any financial institution. Out of this, 60% come from Africa with the majority of them being either young, coming from poor households, out of the labor force, or having low educational attainment.

“Blockchain, which is a significant technology in the Web 3:0 revolution, promises transparency, speed of transactions, affordability, and many other benefits. This is very much true at least for the 770 million Africans who have smartphones. Unfortunately, 440 million Africans out there have no internet connection and do not get to experience the convenience of this technology,” Mr. Kariuki added.

Fear not

Mr. Kariuki, who is also the COO of Kotani Pay, and the team set out on a solution for the African market. A USSD connected to the blockchain can be accessed without the internet, giving real-time transactions without the need for a bank account.

Kotani Pay has bridged that gap by providing blockchain functionality that was once reserved for those with internet access only. Now, even with a feature phone or a smartphone, you can access the blockchain wallet through familiar interfaces such as SMS and USSD. Through Kotani Pay, even the marginalized communities are part of the Web 3:0 revolution, enjoying all the perks others do.

Financial Inclusion

Sticking to the theme of the meeting, Mr. Kariuki explained that Kotani Pay is offering financial inclusivity by offering Universal Basic Income (UBI), access to gig work as an alternative income generator, and access to lending services.

Kotani Pay strongly believes that everyone deserves a fair financial advantage in improving their lives. It’s with this regard that together with its partners, Impact Market (A poverty alleviation protocol) and Refugee Integration Organization, Kotani Pay has enabled UBI payment to its beneficiaries in Kenya and Ghana. Through the partnership, ten communities in need have received financial support.

“We also recognize that the Gig work employs 35, 557 Kenyans and contributes $109 million to the economy. It’s with the support of our partners, that workers can now earn digital assets for the work they perform in Corsali and redeem this value as Fiat to their local mobile money wallets via Kotani Pay, “Mr. Kariuki added.

The Digital Workplace Transformation Africa that hosted the discussion is a community of technology enthusiasts, business users, developers, and support looking to share and support one another to leverage the capabilities of technology. Through their meet-up, they have been able to create a platform for people with innovative ideas to share all while fostering a learning and collaborative environment.