Klarna goes live in the UK with Kaoshi
Last week, leading open banking service provider Klarna, announced their entry to the UK in partnership with Kaoshi. With this partnership, Kaoshi is expanding tailored African financial services access for the African Diaspora in the UK, and strengthening their contribution to the continent.
Kaoshi changing the game by catering to the African Diaspora’s financial needs
Despite being a key contributor to the GDP of African countries, Africans in Diaspora are underserved by Africa-based service providers. Some of these providers are waking up to the need to serve this market segment with tailored offerings but are not able to gain access to them or do not have the technology to orchestrate the delivery of the service. This is a huge gap especially in these COVID times when there is limited travel, increasing the hassles involved with getting these transactions done in traditional and informal ways.
With Kaoshi, finally, Africans in Diaspora can gain access to secure, affordable, and innovative financial services that help them meet their commitments back home thanks to Kaoshi. Kaoshi has aggregated service providers across multiple categories of interest to the African diaspora, as well as peer-to-peer players into innovative marketplaces; serving as a one-stop-shop for the African diaspora to get access to the best services at the lowest rates and fees. These services include cross-border money transfer and healthcare insurance for their loved ones which are available today, with more services coming soon.
Open banking partnership with Klarna in the UK
After a proven and unrivaled 15 years of bank coverage in Europe, Klarna is making its debut in the UK’s Open Banking Ecosystem with a Kaoshi partnership, to provide the African Diaspora access to innovative financial services in their home country.
Using Account Information Services (AIS) and Payment Information Services (PIS) provided by Klarna for the UK, Kaoshi aggregates raw financial data on immigrants, that are then refined and processed by its proprietary algorithms into useful financial signals and profiles; which enables the African diaspora access pertinent cross-border financial services needed to fulfill their financial obligations in their home country.
From cross border money transfer to health insurance for loved ones back home to mortgages, auto loans, and bank account registrations in their home country, Kaoshi is able to deliver these game-changing innovative financial services as a result of the financial data provided by Klarna’s single API; which is built in line with the second Payment Services Directive (PSD2) and Access to Account (XS2A) requirements of Open Banking to ensure that bank account information is kept secure, compliant and uncompromised.
The Kaoshi revolution is here to stay
Kaoshi is here to revolutionize how the African Diaspora connects with the continent and commenced a soft launch program in December where many Nigerians in the UK are using Kaoshi’s international money transfer marketplace to find the best money transfer offers and send money back home.
Kaoshi also provides its services to diaspora customers in the USA, Canada, and Germany and will be launching in other countries soon.
With strong technology partners like Klarna and the host of leading Africa based service providers creating tailored diaspora services and hosting them on the Kaoshi platform, Kaoshi is poised to be the platform of choice for the African Diaspora across the world, and we are excited to be able to finally deliver the innovative, flexible and convenient financial services they deserve as they help to further develop the Continent of their origin.
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