Kanoo secures wearable payments tech deal at AfriCaribbean trade forum
Kanoo Pays ended the AfriCaribbean Trade and Investment Forum, which occurred last week at the Baha Mar Convention Center, with the sale of two million units of wearable payments technology for the Caribbean, the company’s Chairman Nicholas Rees told Guardian Business last week.
The company is already in the African market, helping the Bank of Ghana to roll out a central bank digital currency (CBDC), but the mobile wallet company and fintech firm is hoping to further expand its presence on the continent.
Kanoo was part of the AfriCaribbean Trade and Investment Forum in conjunction with the International Trade Center (ITC).
Rees explained that the ITC invited Kanoo to be part of its trade show booth, as the company positions itself to expand into more African markets.
“The conference was pretty amazing. We made a lot of positive connections,” said Rees.
“We had a lot of interest from businesses, business owners and entrepreneurs in Africa as well.
“And we actually got some sales on the first day for the wearable technology. The wearable exhibit was a smashing hit. Everyone was interested in those wearables.
“So, we’re moving to lock in with a MOU [memorandum of understanding] right now for about two million units. But, that was for the Caribbean.
“Then, we were having conversations about how we can make the tech widely available throughout Africa.”
Rees said the conference was a huge relationship builder for Kanoo and began a wider conversation on collaboration he said has been long needed for this country.
According to Rees, the relationship with ITC will be ongoing and collaborative, as Kanoo continues to foster opportunities in Africa and build educational opportunities for people in The Bahamas and the Caribbean.
Rees told this paper recently that Kanoo already has projects in Tanzania, Mozambique, and the Ivory Coast that are underway.
He said the company also has contracts with five major banks in Africa for wearable technology.
He added: “We have another investment in the offline payment card space, where we’re looking at doing some work in Tanzania.
“One of the concepts and projects that we’re looking at is the digitization of raw materials and products out of Africa, creating a digital platform to connect farmers and suppliers of raw materials with end users, businesses, in an authenticated, verified marketplace that is obviously facilitated and undergirded by payments.
“So, we have, through three of our investments… we’ve actually found in Africa already in multiple countries working with one central bank.
“We are expanding to another five central banks in the West African bloc, and also another five commercial banks that we actually have contracts signed in the wearable payments space.”
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