In a landmark development, Copia Global, a leading Kenyan E-commerce and Fintech startup, has entered into a transformative five-year partnership with global digital payment giant Visa. This strategic alliance not only signifies a significant milestone for both companies but also holds the potential to reshape the landscape of financial technology (fintech) and E-commerce in Africa.
This collaboration with Visa marks a turning point for Copia Global. Visa, a global payment services provider, has expanded its services to accommodate fintech and web3 features, making this partnership a pioneering venture in the convergence of E-commerce and financial technology.
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Beyond Financial Services: Integration with Copia’s Super App
Visa’s involvement goes beyond conventional financial collaborations. The partnership will integrate Visa’s services with Copia’s super app, offering users a comprehensive suite of features, including digital wallets, shopping, payment gateways, and various financial services. This move is set to enhance user experience and accessibility.
Empowering Users with Flexible Solutions
With the integration of Visa’s services, Copia Global users will benefit from flexible payment options, including a “Buy Now Pay Later” credit feature and a “Save Now Buy Later” savings option. The partnership aims to empower users with enhanced financial services, allowing them to build credit scores and access additional perks through Visa’s loyalty services.
Financial Inclusion and Remittances
The collaboration extends beyond local borders, enabling diaspora natives to remit funds directly into the Copia wallet. Evelyn Wangari, Director of Financial Services at Copia Global, emphasizes the partnership’s potential to bank the unbanked and address financial inclusion for the mass market in Africa.
Pioneering Digital Transformations in Kenya
Copia Global, founded in 2013 by Tracey Turner and Jonathan Lewis, stands as a beacon in Africa’s digital transformations. The Kenyan region has long been recognized as a hub for innovative web3 ecosystems, and Copia Global has been at the forefront of this movement. With a focus on Business-to-Customer (B2C) services, the startup has allowed customers to seamlessly order goods through mobile technologies, agents, and logistics channels.
Since its inception, Copia Global has demonstrated strategic growth, raising an impressive $83.5 million through Series funding. Notable investors, including Zebu Investment Partners, the U.S. International Development Finance Corporation (DFC), Koa Labs, Lightrock, DEG, and Perivoli Innovations, have played pivotal roles in supporting the organization’s journey.
Innovative Marketing Approach
Copia Global’s success lies not only in its technological advancements but also in its innovative marketing approach. The company has expanded its network by recruiting small business owners with strong customer-business relationships, who wear branded Copia uniforms and act as local ambassadors for the platform.
Visa’s Perspective: Enabling Financial Services
Eva Ngigi-Sarwari, Visa Kenya Country Manager, highlights how Copia’s E-commerce platform provides an ideal springboard for Visa to bring financial services to the mass market. The partnership is poised to leverage Copia’s extensive network for contactless payments, remittances, and loyalty solutions.
Copia’s Vision for the Future
Copia Global’s CEO, Tim Steel, envisions that the partnership with Visa will have a profound impact, not only on the company but on millions of lives. The aim is to provide unparalleled access to digital financial services, positioning Copia as a one-stop-shop for all underserved people customers in Africa.
Transformative Potential
As fintech and E-commerce continue to converge, this partnership has the potential to transform Africa’s stance in the global digital financial industry. If successful, it could open new markets for Copia Global, setting a precedent for similar collaborations in the region.
The strategic alliance between Copia Global and Visa represents a groundbreaking moment in the realms of fintech and E-commerce in Africa. The convergence of these two sectors not only signifies technological advancement but also holds the promise of financial inclusion, empowerment, and transformative growth for millions across the continent. As this partnership unfolds, it sets a precedent for future collaborations, heralding a new era in Africa’s digital economic landscape.