Klasha establishes in Ghana to boost e-commerce payments.
Klasha, a Nigerian and San Francisco-based financial business that provides digital infrastructure services for cross-border trade in Africa, has establishes their presence in Ghana. This follows a $2.4 million financing led by Greycroft to scale the company. This is a significant milestone for the company as it is its first expansion into another African country, allowing merchants to tap into the rapidly increasing e-commerce market in West African countries.
Their solutions, they claim, enable Africans to purchase from merchants worldwide, pay in local currencies, and receive their purchases within ten days, regardless of where they are on the continent. Klasha takes payments via USSD, bank account, mobile money, and card. This development places them in the $429 million Ghanaian e-commerce market, expected to grow to $811 million by 2024.
Speaking on their solutions, Jessica Anua, Chief Executive Officer in a statement made available to TechCabal said:
“Before now, international online and offline businesses faced the challenge of accepting online payments from Africa and even delivering items to Ghana. “Our solution will simplify the process, removing payment and last-mile delivery barriers”.
The Klasha mobile app is now available in Ghana, with features such as fast money transactions between Ghana and Nigeria. It has also launched a multi-currency wallet, which allows users to save, swap, and send money in various currencies for free. It was established in 2018 by Jessica Anuna to make it easier for African consumers to purchase products directly from global fashion merchants. They have, however, developed throughout time and were re-launched in May 2021 following several modifications. According to a 2017 estimate by Statista, the value of e-commerce in Africa is $16.5 billion. However, a survey by McKinsey, a consulting organization, predicts that by 2025, this value will rise to $75 million.
KlashaWire, the company’s newest product, allows businesses to transfer significant payments to their suppliers in Africa utilizing local African currencies and a range of payment options. Within three business days, Klasha remits the funds to the vendors in popular denominations such as the US dollar.
According to Klasha, payments can be made to every country in the world except Libya, Somalia, Iraq, Iran, and Ukraine for a transaction fee of 0.7% of the amount transferred. The marketing manager, Edidiong Ekong speaking on Klasha’s future plan for expansion said: “expand to more countries to facilitate seamless e-commerce and cross-border payments.”
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