Smart Card Marketing Systems – GuruFocus.com
New York, NY, June 06, 2022 (GLOBE NEWSWIRE) — via NewMediaWire —The company (SMKG:OTCQB) today announced a JV partnership with KanaCash, an Africa-based digital fintech organization.
The partnership aims to provide KanaCash with our proprietary IP wallet offering to enable a digital wallet-linked marketplace for Africa-based merchant and customers – providing them with a one-stop digital payments solution.
The JV enables KanaCash to achieve its goal and aims to capitalize and implement the technology suite in the untapped market.
More than two million immigrants from sub-Saharan Africa living in the United States regularly transfer money to families. More people have a mobile money account than a traditional bank account in sub-Saharan Africa. Access to mobile money agents is more widespread, especially in rural areas, than bank branches. As a result, mobile money is rapidly becoming the preferred method for receiving funds in the region, but it is still not widely available by major market players. KanaCash will begin sending funds from the United States to 11 African markets. Remittances to sub-Saharan Africa soared 14.1% to $49 billion in 2021. The business opportunity of a cutting-edge platform coupled with in-depth knowledge of the African diaspora and local markets (African ) enables KanaCash to gain market share, be competitive and scale rapidly.
Additionally, mobile money transactions are becoming the preferred payment method in Africa. Yet around 60% of Africa’s population (about 100 million people) remains without a traditional bank account. The unbanked population has high smartphone penetration, which presents a unique opportunity for a FinTech company like KanaCash.
KanaCash currently operates in the United States, Liberia, Sierra Leone and Cabo Verde. They are licensed to operate in Liberia and Sierra Leone and currently have over 24,000 customers.
About the partnership:
KanaCash has offered a 15% stake in their business to SmartCard Marketing Systems Inc. for a valuation of US$4 million as part of this initiative in exchange for a license.
CEO and Co-Founder McSwain Forkoh said, “We are excited about the joint venture with SmartCard. With this JV, KanaCash is positioned to deliver a seamless customer experience and interoperability in remittances and payments across Africa.
SMKG:OTCQB CEO Massimo Barone said, “We are delighted to partner with KanaCash on our acceleration program and are excited to be the first to tap into the market with this joint venture. Our collaboration with KanaCash expands our reach and is a major step for us in creating adaptive digital payments offerings for growing local markets in Africa – also expanding Axepay’s global payment rail network.
“We are also expanding services to capture multi-industry services in e-commerce, mobility, brick/mortar retail and scale with AR/VR for metaverses. SMKG:OTCQB’s IP suite includes over 20 platforms that include 8 market technologies – all in one company.
Market segments for technologies include: Bank 4.0, Web 3.0, Payments, Cross Border Payments, Retail Wallets, Omnichannel, NFT Minting, Crypto Issuing, Digital Assets Tokenization, Blockchain Multi-porting and more recently Metaverse(s).
About Kana Cash:
Aces Group LLC, DBA: “KanaCash” is an innovative web and mobile application tailored to the mobile payment needs of sub-Saharan Africa and its diaspora. KanaCash integrates with existing local infrastructure and gives people more access and control over how, when and where they spend their money. KanaCash currently provides international money transfers between the United States and Liberia, Ghana and Kenya and is expanding to other African countries. KanaCash is also developing into a large-scale digital payment platform that includes mobile money, point-of-sale (POS) terminals, online payments, automated teller machine (ATM) connectivity, and more.
Of Note: Recent spotlight has focused on Visa Everywhere Fintech, Mumbai Gov’t Fintech JV, Axepay FX Cross-border Payment Rails, acquisition of Chat Bot AI code library, OriginatorX – Ethereum Token Issuing & Patent Tokenization and the minority stake of Xpay Payment.
About SmartCard Marketing Systems Inc (SMKG):
SmartCard Marketing Systems Inc (SMKG) is an industry leader specializing in e-commerce, cloud and mobility applications, providing white label solutions to the global PayTech and FinTech markets. SMKG is a Boutique Technology Company, providing Business Intelligence and Digital Transformation Strategies with a proprietary portfolio of applications and wireframes for Banking, Corporate and Retail eWallets offering Blockchain Protocols, Issuance Crypto Mining, NFT Minting, Tokenization, Digital ID-eKYC, Digital Automation Strategies with “License to Own” Market Apps.
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For additional inquiries, contact:
President Enterprise Solution
SmartCard Marketing Systems Inc.
CEO, Massimo Baron
SmartCard Marketing Systems Inc.
SMKG Phone: 1-844-843-7296
CEO and Co-Founder, McSwain Forkoh,
Aces Group LLC, DBA: “KanaCash”