SmartCard Marketing Systems Inc. announced entering a joint venture partnership with Aces Group LLC, DBA: KanaCash, Africa. The partnership aims at providing KanaCash their 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% 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.