Leading fintech company Kotani Pay has become the first on-ramp and off-ramp blockchain Fintech is to receive a Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority (FSCA). This achievement, coupled with Kotani Pay’s existing SOC II Compliance and registration with the Financial Intelligence Centre, solidifies its position as a trusted and secure partner for businesses and individuals in Africa’s growing crypto market.
“This is an exciting time for the Kotani Pay team. Receiving the CASP license is a pivotal Milestone for us, underscoring our commitment to compliance, transparency, and innovation in the crypto industry. We believe that regulation is essential in building trust and confidence in Digital finance, and we are proud to lead the way by setting a high standard for our clients,” said Felix Macharia, CEO of Kotani Pay.
The African continent has witnessed a surge in crypto adoption in recent years. This surge is due to factors like limited access to financial services, a growing tech-savvy population, and the potential of crypto to revolutionize cross-border payments. However, regulations surrounding Crypto have remained somewhat ambiguous across the continent, leaving room for fraudulent activities and breaking trust. The FSCA’s introduction of the CASP licensing framework marks a significant step towards establishing clear regulations and fostering a compliant crypto Ecosystem in South Africa.
Kotani Pay’s Services
Kotani Pay is a seamless cash-in and cash-out platform empowering Web3 businesses and their users to convert their digital assets into local currencies with ease and efficiency. The platform offers a comprehensive suite of solutions designed to cater to business and individual needs. With a robust network of liquidity partners and a vast array of currency access within the continent, the fintech enables seamless cash-in and cash-out for clients in their preferred local currencies via mobile money, card, or bank account.
Kotani Pay offers:
● API: For businesses who would like to leverage its robust system, Kotani Pay’s API empowers these businesses to integrate on-ramp and off-ramp services directly into their applications and websites, simplifying local currency payments across Africa.
● Stablecoin Settlement: For businesses needing USD settlements, Kotani Pay provides access to dollar-pegged stablecoins through an Over-the-Counter (OTC) service. This allows them to settle payments quickly, streamlining operations and mitigating foreign exchange volatility.
● SMS Wallet: With this, users can access a fully-functional blockchain wallet without the Internet. Users can connect to the blockchain and access their funds by leveraging Kotani Pay’s middleware technology and cash out through their mobile money accounts in their local currency.
Kotani Pay seeks to bridge the gap between crypto and the real world. By doing this, it empowers businesses with innovative solutions and contributes to Africa’s web3 future. Their solutions address practical challenges faced by African companies, such as streamlining cross-border payments and mitigating foreign exchange risks. By prioritizing compliance and offering a comprehensive suite of solutions, Kotani Pay is well-positioned to become Africa’s leading on-ramp and off-ramp provider. Their focus on trust, security, and innovative solutions empowers businesses and individuals to navigate the exciting world of cryptocurrencies.
With the CASP license, Kotani Pay not only sets a new benchmark in regulatory compliance butalso reaffirms its dedication to fostering a trustworthy and efficient crypto ecosystem. As Africa continues to embrace the digital finance revolution, Kotani Pay stands at the forefront, ready to onboard the next million of African users to Web3.
Lucky Nkhoma
Owner & MD – Soweto Brand Communications
Soweto Sunrise News
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