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GeneralLiberia news

KanaCash to boost Liberia’s financial sector

-launches new products 

By Lewis S Teh 

As a means of boosting the financial sector of the country, Kanacash, a financial technology company has opened its newest hub down 14th Street in Sinkor, Monrovia.

The investment also aims to reduce public stress by addressing financial needs of people who find it extremely difficult to conduct financial transactions both domestically and internationally.

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KanaCash is an innovative web and mobile application created by Liberians and tailored to mobile payment needs of Sub-Saharan Africa and people in the diaspora.

It is integrating with existing local infrastructure and giving population more access to and control over how, when and where they spend their money.

Speaking Monday, October 30, 2023, during the official opening ceremony in Monrovia, KanaCash Chief Executive Officer, McSwain Forkoh, disclosed that the company was established by two Liberians, who came up with the idea of establishing a financial company that would ease remittance and payment services pressure.

“We understand the challenges you face when sending money to families, friends, and loved ones. We are now licensed by the Central Bank of Liberia as a payment services provider, we can now move money across the country”, he explains.

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He further narrates that KanaCash is committed to solving cross-border financial transaction problems across Sub-Saharan Africa, as well as connecting African diaspora to seamlessly process money transfers.

According to him, the launch is centered on cross-border money transfers within Mano River Union countries to form more relationships and get well-connected to the Liberian people before expanding to other countries.

“We want to expand digital transformation and the vision of the CBL; we want to provide more jobs for the citizens and to contribute to revenue generation of the country.”

Mr. Forkoh expresses delight that the company is making its debut in Liberia with a focus on cross-border launch, and as time goes by it will be at various hotels, paying bills, and carrying out other vertical financial transactions.

He reveals that the opening of KanaCash office in the country is to buttress efforts of the government by reducing and providing more access points for customers to receive their money.

According to him, KanaCash will give back a percentage of its profit to buttress the education sector of Liberia, saying “We can’t always depend on government to do it all; we need to give back to the people.”

“Everything we put out is authentic; we are reliable; it’s a secure service our people can trust.

Whenever you send your money from abroad you can rest assured that it is safe and guaranteed, for the growth of the country.”

Also speaking at the ceremony, the Country General Manager of KanaCash, Mrs. Passion A.J DayoCollins encourages Liberians to take advantage of the new financial company, something, she says is meant to ease the financial burden of the public.

“Today is a special day for us because we will be providing jobs for many Liberians, everything can’t be politicized. This company is here to solve all the financial problems people are experiencing in sending or receiving money from abroad”, she adds.

Operation Manager, Josiah P. Toe, who drilled participants on how to use the App says interested individuals can get the app from Google Play store, saying just download the app and put in all the details of the beneficiary and immediately send the money without headache.

On the other hand, he points out that when receiving remittances, a customer only needs to carry code of the beneficiary to any of their agents in order to collect the exact amount of money that was transferred.

However, if a customer doesn’t have the Kanacash app, he or she may easily go to one of their agents and provide detailed information and the recipient in question will automatically take delivery of the cash.

In remarks, Mr. Isaac Vlah Tokpa extols the organizers for the opening of the new financial company, which he notes will help address constraints faced by the sector.

He believes that one of the things that affects citizens across the country is financial inclusion, saying “Our people in rural areas don’t have access to these things, and this is causing problems for this country.”

Mr. Tokpa stresses that financial extension is key to the development of any country, adding “If we can extend to both Ghana and Guinea and other countries, it will create jobs. Let’s support our own business if we must get on the right trajectory.”

The launch of the CanaCash cross-border money transfer product was witnessed by a cross-section of financial and banking institutions, including Guarantee Trust Bank or GTBank, Global Bank, Orange Liberia, and forex bureau operators, among others. Editing by Jonathan Browne

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