Andrew Anastasiou, a Cypriot banking professional has set his sights on the emerging markets of Latin America and Africa, with a soon to be launched new payment service.
Although at this stage, the finer details of the launch are yet to be known, what is known is that a new “eVoucher” product will be launched alongside LyncPay. No trade name has been given to this service as of yet, but sources stated that the sister brand will be focused heavily on the Forex market.
The forex market is a lucrative market worth an estimated $4 trillion a day. What was once the preserve of financial institutions and professional traders, has thanks to the advancement of technology and the advent of the internet, expanding into an activity carried out across the four corners of the globe.
The service will incorporate “direct acquiring”, and that through a simple integration, FX Traders can purchase the voucher and instantly redeem it on the Brokers site by using a unique 3 digit code which is connected to the Broker’s payment terminal.
Logical Move Towards the Unbanked
The latest move by Andrew seems a logical one. Currently, there are an estimated 1.7 billion people in the world that are regarded as ‘unbanked’, 66% of which are Sub-Saharan Africans.
The region is home to all eight economies where 20 percent or more of adults use only a mobile money account: Burkina Faso, Côte d’Ivoire, Gabon, Kenya, Senegal, Tanzania, Uganda, and Zimbabwe.
Meanwhile, in Latin America, approximately 55 percent of adults own a mobile phone and have access to the internet, 15 percentage points more than the developing world average. Since 2014, the share of adults making or receiving digital payments has risen by about 8 percentage points or more in such economies as Bolivia, Brazil, Colombia, Haiti, and Peru.
Andrew Anastasiou is a long-time banking professional and entrepreneur behind a number of payment solution companies, having successfully built Stasi Capital Ltd, and then SagaPay.
Attention now turns to the new venture and the battle to conquer Africa and Latin America.
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