pawaPass partners with Mchezo for $2 million share distribution to betPawa customers

Kigali,  Rwanda. pawaPass, a  regtech  platform providing  user verification and compliance solutions for African businesses, has forged a landmark partnership with sports and technology brand Mchezo. This collaboration will launch an economic inclusion initiative, facilitating  the  deployment  of  $2  million  worth  of  shares  to  over  200,000  betPawa’s committed customer base. This  news follows  pawaPass’s  recent acquisition of a Trust & Corporate Service Provider  [TCSP]  licence from the  Rwandan Central  Bank  [BNR], which will ensure a secure and compliant execution of the mass share distribution.

Started in 2022 by Sylvia Brune, pawaPass is revolutionising online fraud and abuse prevention in Africa with a unique combination of low-touch data points, non-ID-based user verification, and highly accurate anti-duplication technology. With  its cutting-edge face and document verification tool that meets the  highest security and encryption standards, pawaPass is well-positioned to manage the secure custody of shares. This initiative will empower end-consumers across 11 African markets, for the  Mchezo-owned sports  betting brand bet Pawa. Since early 2022, pawaPass and Mchezo have engaged  in developing a state-of-the-art solution to redefine economic inclusion within the African market and will start to roll out this month.

The TCSP licence, introduced by the Rwandan Central Bank in September 2022, affirms pawaPass’ adherence  to   rigorous   security,  governance  and  compliance  standards  within  the  local  and international regulatory landscape. Each application undergoes a rigorous review process, typically concluded within a month, ensuring companies that meet the criteria are granted this credential. With this licence, pawaPass gains reinforced authority to safeguard and manage assets on behalf of third parties, an essential function in administering the share distribution for bet Pawa customers.

Speaking on the partnership, Sylvia Brune, CEO of pawaPass, said, “Conventionally, the process of onboarding  investors  and  safeguarding  assets  in  line  with  Know  Your  Customer  (KYC)  and

Anti-Money Laundering (AML) standards is a costly and manual process that  makes it impossible for micro-shareholders to own digital assets like shares. In our quest to make this process more efficient and scalable, we ended up  embarking on the TCSP licensing journey to create a bespoke solution for Mchezo that both verifies those selected to become micro-shareholders and safeguards their shares.

“By making the process more inclusive and scalable, we have opened up the door for more inclusive investment opportunities, enabling hundreds of thousands to participate in the economic landscape with confidence and ease.”

Kresten  Buch,  a  Director  at  Mchezo,  shared,  “ For years, we  have wanted to  make our loyal customers co-owners of the bet Pawa brand because they are the reason we exist. But doing this in a compliant, secure, and cost-effective way has been very difficult so we are excited that pawaPass has provided us with a way to finally make this possible.”

With nearly half of sub-Saharan Africa’s population lacking basic identity documents, individuals face significant  challenges  when  trying  to  access  and  participate  in  the  formal  economy  and  the opportunities  that  it  provides.  pawaPass’  approach  bridges  this  gap,  enabling  a  demographic traditionally excluded from digital financial systems, to gain shareholder status. This is an important step towards dismantling systemic barriers to economic inclusion, fostering a landscape where access to identification is no longer an essential requirement for financial empowerment.

Rwandan entrepreneur Malik Shaffy, who recently joined pawaPass as Board Director, commented, “Allocating 10 of shares to over 200,000  people across  multiple African  markets demands solutions that are fraud and abuse-proof, but also scalable and inclusive. In response to rising online fraud and the growth of new internet users, we needed to create a simple yet fraud-proof biometric   user  verification  system  accompanied  by  a  digital  ‘safe’  designed  to  oversee  the safeguarding of shares.

As a result, individuals with the most basic smartphones and lacking access to official identification can confidently own and access their assets without compromising security.

As an entrepreneur, the drive to build innovative solutions that protect and include all is what excited me to join the PawaPass board.”