Kenyan fintech startup Kyanda, a money transfer app that aims to help users make all sorts of transactions at as low a cost as possible, has launched operations in South Africa.
The startup has processed over three million transactions since its formation, and Kathuli told Disrupt Africa its goal is to build a payment ecosystem that serves both Kenya and Africa as a whole. With over US$10 billion being moved within South Africa each year, and over 24 million South Africans sending money to each other daily, South Africa is the first stop on a broader expansion journey.
“We have other markets in our pipeline. This would be achieved best once we establish the market fit for our products, and of course after we’ve built firm roots in the current locations we’re present,” said Kathuli.