KanaCash, an innovative web and mobile application created by Liberians and tailored to the mobile payment of sub-Saharan Africa and its disaspora, was launched over the weekend in Monrovia.
Speaking at the launching ceremony, held at the Boulevard Palace Hotel, 13th Street, Sinkor, the Chief Technology Officer, Spencer Biah, stated that KanaCash platform allows users to send money from their mobile devices or web directly to the recipient’s mobile money wallet.
Biah noted that KanaCash is integrating with existing local infrastructures and giving the population more access to and control over how, when and where they spend their money. He said KanaCash is currently providing remittances from the United States of America to Kenya and Liberia.
He further mentioned that their mobile money transfer will expand, providing remittances between eleven African countries, including Ghana, Nigeria, Senegal, Liberia, Guinea, Ethiopia, Cameroon, Ivory Coast, South Sudan and Sierra Leone.
Explaining more, he indicated that Liberia has been selected as the headquarters for KanaCash operation in Africa. For the US and diaspora markets, Biah noted that Kana Cash intends to extend additional financial services, such peer-to- peer cash transfer and digital banking to large African immigrants already within its network.
Biah noted that their company is committed to solving the cross-border financial transaction problem across sub-Saharan Africa, as well as connecting African diaspora to seamlessly process money transfer.
For his part, McSwain Forkoh, Chief Executive Officer, KanaCash, thanked the government of Liberia (GOL), through the Central Bank of Liberia (CBL), for allowing their mobile payment service operation in Liberia.
According to him, he has over ten years of experience working in the financial service industry in the diaspora. Forkoh noted that, as Chief Executive Officer of KanaCash, he is positioned to lead the firm in strategic development and ensure utmost compliance with regulatory obligations.
He said their mobile money transfer payment is secure and fast in sending money across the world.
John Davis, President of the Liberian Bank for Development and Investment (LBDI), applauded the two Liberians for such a worthy endeavor. He said his institution stands ready to support the Liberianization Policy.
According to the LBDI boss, last year digital banking generated US$47.3 million just in Africa, noting that he will ensure that KanaCash achieves its goal.