WeWire's Strategic Move
WeWire, a prominent cross-border business payment platform with operations in Kenya and Nigeria, has been admitted into the Bank of Ghana’s (BOG) regulatory and innovation Sandbox program. This significant development positions the Ghana-based startup to collaborate closely with BOG, fostering the creation of inclusive financial technology products that aim to attract substantial investments into the African continent.
Harnessing the Power of Mobile Money
WeWire recognizes the transformative power of mobile money in facilitating seamless financial transactions. The company is strategically positioned to develop, test, and deploy advanced payment solutions leveraging blockchain and stablecoins. These technologies are crucial for enabling fast and secure global payments, aligning with WeWire’s mission to enhance financial inclusion across Africa.
Economic Context and Growth Projections
Kenya’s economy has shown robust growth, with a gross domestic product increase of 5.6% in 2023 and a projected growth rate of 6% in 2024. Key sectors contributing to this growth include agriculture, real estate, and manufacturing. Through the Sandbox program, WeWire aims to capitalize on this economic momentum by enabling payments through mobile money platforms, wallets, and digital currencies. This approach will support local and global industry players in expanding their reach into new markets.
CEO's Vision for Financial Inclusion
Eben Ghanney, CEO of WeWire, shared his vision for financial inclusion across Africa. He stated, “We envision a world where large and medium-scale businesses, as well as small local businesses operating in underserved communities, can interact with digital and fiat currencies. We are building solutions that help these businesses send and receive payments and grow beyond their borders.”
In under two years, WeWire has facilitated payment collections and disbursements for global and indigenous organizations across various sectors, including fintech, agriculture, tourism, oil and gas, manufacturing, importation, and exportation, spanning over 80 countries worldwide.
Collaborative Efforts with the Bank of Ghana
Expressing his optimism about future developments, Ghanney remarked, “With the Bank of Ghana’s Sandbox program, we are building a fast, inclusive, and secure system that empowers more African businesses to leverage blockchain technology and digital currencies for payments, thereby boosting trade volumes on the continent.”
Future Prospects and Global Collaborations
WeWire is also keen on collaborating with other Central Banks globally to develop and deploy unique payment solutions tailored to drive growth in their respective business sectors. This forward-thinking approach highlights WeWire’s commitment to innovation and its role in revolutionizing financial services across Africa.
