Kotani Pay is the first on- and off-ramp blockchain fintech to be awarded the status of Crypto Asset Service Provider by the Financial Sector Conduct Authority of South Africa. Paired with its existing SOC II compliance and FIC registration, this accolade cements Kotani Pay’s position as a trusted and secure partner for businesses and entities in the burgeoning crypto market of Africa.
Crypto adoption in Africa has been on the rise in the recent past. This boom may be traceable to limited access to financial services, a high growth in technological know-how amongst citizens, and, of course, the potential crypto has in disrupting cross-border payments. However, in most countries on the continent, regulatory uncertainty surrounded crypto, which gave way to fraudulent activities and broke trust. The step by the FSCA to introduce this CASP licensing framework is a key move toward clear regulation and the creation of a compliant crypto ecosystem in South Africa.
Kotani Pay Services
Kotani Pay is a seamless cash-in and cash-out platform that empowers Web3 businesses and their users to turn digital assets into local currencies with much ease and efficiency. It offers a comprehensive suite of solutions for businesses and individuals. It gives easy cash-in and cash-out to clients for their preferred local currency through mobile money, card, or bank account. Through its strong network of liquidity partners and a wide range of access to different currencies on the continent, the fintech makes this possible for smooth cash-in and cash-out. The company offers:
- API— Kotani Pay’s open-sourced API will allow any business looking to tap into this robust system to integrate on-ramp and off-ramp services directly into their applications and websites, simplifying local currency payments across Africa.
- Stablecoin Settlement: For those wishing to be settled in USD for some or all their volumes, Kotani Pay opens access to dollar-pegged stablecoins via an Over the Counter (OTC) service, thereby allowing fast settlement of payments and hence smoothing operandi, avoiding foreign exchange volatility.
- SMS Wallet: This allows for full blockchain wallet functionality without internet. Through Kotani Pay’s middleware technology, users can be connected to the Blockchain, but also cash out through their mobile money accounts in their local currency to access funds.
Kotani Pay is closing the gap that exists between digital assets and the real world; it is empowering businesses with new, innovative solutions that will help materialize the web3 future of Africa. Their solutions address real problems faced by any African company: streamlining cross-border payments or reducing foreign exchange risk. With a focus on compliance and a full suite of solutions, Kotani Pay is itself very well placed to become the largest on- and off-ramp provider in Africa. Their belief in trust, security, and new solutions empowers businesses and people alike, offering great scope for exploiting the opportunities that cryptocurrencies present.