Andrew Anastasiou, the entrepreneur and businessman from Europe recently closed a $15M distribution deal with Kenyan energy giant Amu Power. The commercials of the final closure are yet to be disclosed, but it is assumed that LyncPay will be supporting Amu Power’s twenty million consumers with the LyncPay voucher system.
LyncPay is due to launch in May 2021, with pilot programs due to start by the end of 2020. The project will offer digital payment solutions via a cash-to-voucher system to Kenya’s 50+ million citizens, with a considerable percentage of that being classified as “un-bankable”. The project is said to be costing in the region of $2.4M with a further $1M in funding available from the entrepreneur if necessary.
There are also reports of acquisition claims by Kenya Commercial Bank, although Andrew Anastasiou explained that if there is a claim of acquisition under review, it has not reached him yet and therefore would appear unfounded. Reports are also surfacing regarding the companies pre-IPO status being valued at $30M, with large publications citing documents that were publically accessible via the Bank of Mauritius, which is the regulatory body for LyncPay.
Andrew Anastasiou is also in the process of finalizing deals with 3 other utility providers in Kenya and is expected to enter negotiations in Nigeria and Tanzania soon.
There is still a lot that is unknown about the product that is being provided by LyncPay, with new evolutions appearing almost daily. However, we do know that the system will incorporate full scale back office abilities and that the essential product is the ability to deposit cash and purchase a paper voucher with a 10 digit code, which can then be entered into an online portal turning the cash deposit digital.