Nigerian startup Klasha, the industry leader in global cross-border payments, has announced that it has been awarded a Money Services Business (MSB) license by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
This license allows Klasha to legally operate as a money services business in Canada. Klasha is now authorized to conduct business in Canada as a provider of monetary services thanks to this licence.
The MSB license that was awarded to Klasha is an important landmark for the H2 growth strategy that the company is pursuing. Klasha is now able to offer financial services to companies in Africa that want to accept payments from or transfer payments into the continent as a result of the company getting this license.
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These services include processing payments and foreign exchange transactions.
The acquisition of the license by Klasha is in accordance with the company’s aim to promote smooth online cross-border payments between Africa and the rest of the globe by delivering solutions for online payment that are easy to use, quick, and accessible.
Since 2021, Klasha has been operating in Africa as a provider of cross-border payment services, and the company has rapidly established itself as a dominant participant in the industry. Klasha is a licenced payment service provider (PSP) in a number of different African countries, where it presently services over 2500 merchants across six different countries.
Klasha is now in a position to provide its cutting-edge payment services to Canada, thanks to the company’s recent acquisition of a Money Services Business (MSB) licence, which will further extend its reach and effect in the global payments sector.
Remarks from the CEO of Klasha
“We’re thrilled to have obtained the MSB license from FINTRAC. This license enables us to operate from Canada, allowing us to reach more global merchants who want to accept payments or send payments into Africa,” said Jess Anuna, CEO of Klasha. “This represents a significant step towards expanding our footprint and delivering our cutting-edge payment services to merchants in one of the world’s most dynamic economies.’’
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About Klasha
Klasha is a technology startup that enables foreign businesses to sell their goods and services online across borders to millions of customers in Africa using African payment methods.
The company has developed a payables and receivables solution for businesses and customers that enables the movement of funds between Africa and the rest of the world without any friction. American Express, Greycroft, and Seedcamp are among the organisations that have invested in the company.
Klasha is an online retailer of fast fashion that was specifically developed to deliver innovative and inexpensive fashion to highly connected millennial women in emerging countries, particularly in Africa. It was founded in 2018 by Jessica Anuna, who is 28 years old and serves as its CEO.
Through the use of Klasha Wire, you will be able to easily send significant payments to your foreign vendors in local African currencies, such as naira, cedis, or any of the other African currencies. In addition to South Africa and Tanzania, Zambia, and Uganda, the company is also involved in Nigeria.