Leading fintech company Kotani Pay has become the first on-ramp and off-ramp blockchain
fintech 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
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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 but
also 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.
