Ayodeji Ayenuwa
In a significant collaboration, African regtech platform PawaPass and sports-tech brand Mchezo have initiated an economic inclusion project. Over $2 million in shares will be distributed to 200,000 betPawa customers, a move aimed at transforming them into micro-shareholders.
PawaPass, founded in 2022 by Sylvia Brune, recently acquired a Trust & Corporate Service Provider (TCSP) license from the Rwandan Central Bank, ensuring the secure execution of the share distribution.
Brune emphasizes the platform’s commitment to revolutionizing online fraud prevention in Africa by utilizing low-touch data points and non-ID-based user verification.
“This partnership with Mchezo streamlines Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, creating opportunities for widespread economic participation,” says Sylvia Brune, CEO of PawaPass.
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The TCSP license strengthens PawaPass’s adherence to stringent security and compliance standards, allowing them to safeguard and manage assets on behalf of third parties. This capability is vital in the efficient administration of the share distribution for betPawa customers.
Kresten Bruch, Director at Mchezo, expresses excitement about making loyal customers co-owners of betPawa in a compliant and cost-effective manner. “Doing this in a compliant, secure, and cost-effective manner has been challenging, so we are excited that PawaPass has provided us with a way to finally make this possible,” notes Bruch.
Rwandan entrepreneur Malik Shaffy, a recent addition to PawaPass’s board, highlights the significance of creating fraud-proof and inclusive solutions. “As an entrepreneur, the excitement of building innovative solutions that protect and include everyone is what drew me to join the PawaPass board,” says Shaffy.
The initiative aims to allocate shares to individuals lacking basic identity documents, addressing a significant challenge faced by a substantial portion of sub-Saharan Africa’s population.
By providing shareholder status to this demographic, the collaboration marks a crucial step in breaking down barriers to economic inclusion in Africa.
Techrectory with Agency Report.
