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pawaPass Collaborates with Mchezo To Enable $2 Million Share Distribution For betPawa Customers

PawaPass, an African regtech platform specializing in user verification and compliance solutions, has entered into a significant partnership with the sports and technology brand Mchezo. This collaboration aims to introduce an economic inclusion initiative, facilitating the allocation of $2 million worth of shares to over 200,000 dedicated customers of betPawa.

This announcement comes in the wake of PawaPass’s recent acquisition of a Trust & Corporate Service Provider (TCSP) license from the Rwandan Central Bank (BNR), ensuring a secure and compliant execution of the extensive share distribution.

Founded in 2022 by Sylvia Brune, PawaPass is revolutionizing online fraud prevention in Africa through a unique blend of low-touch data points, non-ID-based user verification, and highly accurate anti-duplication technology. With its advanced face and document verification tool adhering to top-tier security and encryption standards, PawaPass is well-equipped to manage the secure custody of shares.

This joint initiative aims to empower consumers across 11 African markets, particularly those engaged with betPawa, the sports betting platform owned by Mchezo. PawaPass and Mchezo have collaborated since early 2022 to develop a cutting-edge solution that redefines economic inclusion within the African market, slated for rollout this month.

The TCSP license, introduced by the Rwandan Central Bank in September 2022, underscores PawaPass’s commitment to stringent security, governance, and compliance standards within the local and international regulatory landscape. Each application undergoes a thorough review process, typically concluded within a month, ensuring that companies meeting the criteria are granted this credential. With this license, PawaPass gains enhanced authority to safeguard and manage assets on behalf of third parties, a critical function in administering the share distribution for betPawa customers.

Commenting on the collaboration, Sylvia Brune, CEO of PawaPass, emphasized the significance of streamlining the onboarding process for investors while upholding KYC and AML standards. She highlighted the journey toward obtaining the TCSP license as a means to create a customized solution for Mchezo, enabling micro-shareholders to verify their status and protect their shares.

Kresten Bruch, a Director at Mchezo, expressed excitement about PawaPass’s solution, which facilitates the secure and compliant inclusion of loyal betPawa customers as co-owners of the brand.

PawaPass

With nearly half of sub-Saharan Africa’s population lacking essential identity documents, accessing the formal economy and its associated opportunities poses a considerable challenge. PawaPass’s approach aims to bridge this gap, granting shareholder status to a demographic traditionally excluded from digital financial systems.

This strategic step signifies an effort to dismantle systemic barriers to economic inclusion, fostering an environment where access to identification is no longer a prerequisite for financial empowerment.

Malik Shaffy, a Rwandan entrepreneur who recently joined PawaPass as a Board Director, emphasized the need for fraud-resistant and inclusive solutions to distribute approximately $10 worth of shares to over 200,000 individuals across various African markets. The focus on creating a straightforward yet robust biometric user verification system, accompanied by a digital safe for overseeing share protection, underscores the commitment to enable individuals, even those with basic smartphones and limited access to official identification, to confidently own and access their assets without compromising security. As an entrepreneur, Shaffy emphasized the drive to develop innovative solutions that protect and include everyone as a motivating factor for joining the PawaPass board.

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