Senegal’s Kori Tech has developed KoriPass, an e-wallet linked to physical payment accessories like bracelets, stickers, or keychains, to help ease the process of making transactions across Africa.
Founded in 2022 by CEO Nazib Ba and CTO Hamidou Ba, Kori Tech aims to solve a significant gap in the market concerning the “inefficiencies and challenges associated with cash transactions”, particularly in sectors like small retail and transportation.
“While there are existing payment solutions, KoriPass stands out with its unique approach leveraging NFC technology for faster transactions, change management, and reduced waiting times,” Hamidou Ba told Disrupt Africa.
An electronic wallet associated with physical payment devices, KoriPass allows users to make micro-payments at their favourite merchants, quickly and without contact, thanks to physical devices, such as bracelets, stickers, or keychains, equipped with NFC and QR code technology. Users without smartphones can visit a KoriPass merchant, open an account, link their preferred accessory, and fund it with cash, or else fund their wallet via the app.
Merchants, on the other hand, do not require multiple accounts – one KoriPass merchant account allows acceptance of all mobile money providers in Senegal.
Ba said early uptake of KoriPass has been “promising”, with steady growth in merchant adoption and user engagement. The solution has garnered positive feedback from both merchants and users.
“The platform has seen a growing number of merchants integrating KoriPass into their businesses, attracted by its simplicity, speed, and efficiency in handling transactions,” he said.
“Additionally, user feedback has been positive, with customers appreciating the convenience and security offered by KoriPass for making payments. The uptake has been particularly strong in sectors such as small retail and transportation, where cash transactions are prevalent, and there is a high demand for efficient payment solutions.”
Disrupt Africa reported in October of last year Kori Tech was one of 10 African startups selected to take part in the fourth edition of Startupbootcamp AfriTech’s ASIP Accelerator Programme, securing US$18,000 in funding and three months of mentorship, access to resources, and networking opportunities. Then, in February of this year, it banked further capital, from La Délégation Générale à l’Entreprenariat Rapide (DER), a Senegalese government-backed fund for tech startups. Now, the startup plans further growth.
“KoriPass is currently operating in Senegal,” Ba said. “The company has ambitious expansion plans to enter new markets, with a focus on francophone countries in West Africa like Ivory Coast, Benin, and Togo.”
KoriPass generates revenue through multiple streams, including subscription fees for POS terminal usage, sales of NFC accessories to merchants, and transaction fees. Ba said, like any startup, it had encountered various challenges during its launch phase.
“These may include regulatory hurdles, market education, and competition from established players. However, the team’s resilience and innovative approach have helped overcome these obstacles and drive the company forward,” he said.
