Business
SmartCard Marketing Systems Inc (SMKG:OTCQB) is Pleased to Announce Entering a Joint Venture Partnership with Aces Group LLC, DBA: KanaCash, Africa
SmartCard Marketing Systems Inc (SMKG:OTCQB) is Pleased to Announce Entering a Joint Venture Partnership with Aces Group LLC, DBA: KanaCash, Africa.
About this update from Smart Card Marketing Systems, Inc.
[{"type":"text","content":"\n New York, NY , June 06, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- The company (SMKG:OTCQB) today to announced a JV partnership with KanaCash, a digital fintech organization based in Africa. The partnership aims at providing KanaCash our proprietary Intellectual Property Portfolio offering to enable a marketplace linked with digital wallet for the merchant and customers based in Africa - offering them a unique solutions in digital payments. The JV enables KanaCash to reach their goal and aims at capitalizing and implementing the tech suite in the untapped market.  More than two million Sub-Saharan African immigrants living in the US transfer money to families regularly. More individuals have a mobile money account than a traditional bank account in Sub-Saharan Africa. Access to mobile money agents is more widespread, particularly in rural areas, than bank branches. As a result, mobile money is quickly becoming the preferred method to receive remittances in the region, but it is still not widely available by the key players in the market. KanaCash will start sending remittances from the US to 11 African markets. Remittance inflows to Sub-Saharan Africa soared 14.1 percent to $49 billion in 2021. The business opportunity for a cutting-edge platform coupled with deep knowledge of the African diaspora and local (Africa) markets, position KanaCash to capture market share, compete and scale quickly.  In addition, mobile money transaction is becoming the preferred method of payments in Africa. Yet, about 60% of the African population (around 100 million people) remain without a traditional banking account. The unbanked population has a high penetration of smartphone poising a unique opportunity for a FinTech company like KanaCash. KanaCash is currently operating in the United States, Liberia, Sierra Leone & Cabo Verde. They are licensed to operate in Liberia and Sierra Leone and have over 24,000 customers at the moment. About the Partnership: KanaCash has offered 15% stake in their company to SmartCard Marketing Systems Inc. at a valuation of $4 Million USD as part of this initiative in exchange of licensing. CEO & Co-Founder McSwain Forkoh stated, “We are excited about the Joint Venture with SmartCard. With this JV, KanaCash is positioned to drive seamless customer experience and intero...