Fintech solution provider WAPI Pay Kenya has signed a Memorandum of Understanding with Singapore’s FOMO pay to provide payment solutions between Africa and Asia.
OMO Pay Co-Founder Zack Yang while at Afro-Asia FinTech Festival in Nairobi said that the partnership would see the first Africa-Asia payment gateway-built opening over US$1 billion of trade.
“These new payment rails will open up Kenyan and African market to the billion Asia market, facilitating women and youth employment via e-commerce, accelerate trade to close the deficit gaps and enhance further business relationships,” Ndichu added.
Other countries to have the service launched include Ghana, Zambia, Uganda and Nigeria before the end of this year.
Payments and remittances contribute to the import and export receipts for the country and are a major source of African countries revenue.
The country recorded US$3.5 billion dollars last year from trades between Kenya and Asia and US$204.2 billion dollars recorded by Africa.
Africa imports vehicles and vehicle spare parts, electronic equipment, refined petroleum, chemicals, rubber, rice, and metals from South Asia.