WapiPay, a Kenyan fintech based in Kenya and with operations in Uganda, and Singapore, and operating across Africa, has shared stats on its impressive growth in 2024.
According to the latest stats, the company:
- Over KES 44 Billion in total processed volume in 2024.
- Saw over 625% YoY growth
- Over 1,118,673 registered suppliers & beneficiaries in Asia
- Over 1,020,419 registered merchants, traders & businesses in Africa
In 2021, WapiPay raised $2.2 million pre-seed investment to scale up global payments and remittances between Africa and Asia.
According to Edward Ndichu, CEO of Wapi Pay, the transformative impact of digital platforms on remittances and cross-border payments in Kenya and Africa is undeniable. Advancements in digital infrastructure and mobile technology now enable transfers as small as $1 (Sh129) to Kenya in under 20 seconds via mobile phones, a significant improvement from traditional, time-consuming methods.
This digital shift is crucial for achieving Kenya’s goal of increasing remittances from nearly $500 billion (Sh65 trillion) in 2024 to $1 trillion (Sh129 trillion) by 2027, as outlined by the State Department for Diaspora Affairs. Ndichu notes that digital remittances are more cost-effective, with mobile-to-mobile transfers averaging a 4.11 percent fee, compared to 6.89 percent for cash-based services.
Additionally, digital transactions enhance security and traceability, fostering greater user confidence and financial inclusion, especially among women who benefit from the privacy and autonomy of mobile money services.
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