“Klasha is Simplifying Cross-Border Payment, Driving Financial Globalization With World-Class Solutions ” – Jessica Anuna, Founder/CEO, Klasha

Klasha is a Fintech company providing cross-border commerce solutions, enabling African businesses to access global goods and services easily.

Through Klasha’s technology, global merchants can sell in Africa, and African consumers can pay for international goods and services online using African payment methods and currencies. Klasha’s mission is to enable Africans to remain globally competitive by accessing distant markets using the currencies available to them.

In celebration of World Financial Technology Day, Jessica Anuna, the Founder and CEO of Klasha, spoke with The Guardian to discuss her journey in the fintech industry and other issues.

Before founding Klasha, Jessica had about a decade of experience working with technological and e-commerce companies like Amazon, Net-a-Porter, and Shopify. She grew up in London, UK, and attended Cambridge University, where she obtained a master’s degree in Entrepreneurship and Financial Technology.

She highlighted Klasha’s strategies for driving financial inclusion in Nigeria and Africa: “Our strategy at Klasha has been to make cross-border trade accessible and efficient for everyone by providing comprehensive payment solutions. We’ve developed cross-border payment solutions to reduce global trade barriers significantly. Our platform allows Nigerian businesses to pay business partners and global suppliers in China, the UK, the US, and over 120 other countries using local Nigerian currency. In contrast, the suppliers receive payouts in their preferred currency. Our solutions include multi-currency payment gateways, APIs, and wire transfers that can be accessed via mobile and web apps.”

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Speaking on the continuous rise in the number of transactions processed by Klasha and other fintech companies in Nigeria, she said, “It’s a mix of different things. There’s been a significant shift in consumer behaviour over the years. People increasingly embrace digital payments because of their convenience, speed, and accessibility. The COVID-19 pandemic acted as a catalyst for this shift. It accelerated the adoption of contactless payments and online transactions, forcing many businesses to digitise their operations and consumers to embrace digital financial tools.’’

“The increase in smartphone adoption and internet penetration has also contributed. In 2012, internet penetration in Nigeria was 16% compared to 2023, when it was about 55%. This increase has led to a rise in e-commerce in Nigeria. As more Nigerians shop online, the demand for seamless digital payment solutions has increased, benefiting fintech companies that offer such services.”

We’ve also seen increased investment in the Nigerian fintech space from local and international investors. This influx of capital has allowed startups to scale rapidly, improve their technology, and expand their service offerings.

“Lastly, the collaborative nature of the Nigerian fintech ecosystem has contributed to this growth. Many startups, including Klasha, have formed strategic partnerships with banks and other fintechs, creating a network effect that amplifies the reach and impact of our services. These factors combined have created a perfect storm for growth in transaction volumes.”

Attesting to the impacts of Klasha in Nigeria and Africa’s fintech industry, she stressed that “ fintech is enabling people and businesses to do business globally. At Klasha, we’ve been instrumental in changing the narrative around fintech and cross-border commerce in Nigeria. We’ve allowed Nigerian businesses of all sizes to participate in the global economy. By enabling local businesses to pay international suppliers in naira while the suppliers receive their preferred currency, we’ve removed a major barrier to international trade. This has changed the narrative from Nigeria being a challenging market for international business to being accessible and attractive.

“Our multi-currency payment gateway has opened the Nigerian market to global businesses. By allowing them to receive payments in naira, we’ve made it easier for international merchants to sell to Nigerian consumers. This has changed the narrative around Nigeria’s integration into the global digital economy. By simplifying cross-border payments, we’re improving the ease of business in Nigeria. This is changing perceptions about Nigeria’s domestic and international tech capabilities.”

On the role she sees Nigeria play as Africa’s largest hub vis-à-vis attracting venture capitalists, she said, “The influx of venture capital we’ve witnessed is just the beginning of what I believe will be a transformative era for our tech industry. Nigeria’s position as one of Africa’s largest economies and our young, tech-savvy population equip us uniquely to lead the continent’s tech revolution.

We are gradually becoming the birthplace of innovative solutions that address not just local but pan-African and global challenges. We’re already seeing this with fintech, and the trend is expanding into other sectors like health tech, edtech and agritech.

On the future of Klasha and where she sees it in the next five years, she informed: “In the next five years, we want to operate in the top ten countries in Africa, providing cross-border payment solutions in the most dominant currencies. We’ll continue to innovate and expand our product offerings and forge strategic partnerships with major global e-commerce platforms, payment providers, and financial institutions. These partnerships will allow us to provide seamless cross-border solutions for businesses, truly bridging Africa with the rest of the world.”