2021-10-14
In May 2020, a team of three women came together in a partnership with Gemini Capital Partners to help create a solution for the deteriorating financial situation in Liberia.During the COVID-19 pandemic accessing money from the banks became challenging for people in Liberia. More people were holding on to cash reserves and the banks were running short of cash. This in turn led to fear and distrust of banking institutions in Liberia. The aim was to develop a home-grown digital financial service solution to reduce dependency on cash, reduce transaction costs and expand financial services usage to rural residents, and market & street vendors. As a response the platform Kolakash emerged, appropriately named after the kola nut that has been used as a currency in African cultures for centuries.With the majority of retail market activities being carried out by women and youth, Kola’s team is customizing its solution to meet the needs of these two overlapping groups, with the introduction of mobile wallet merchant transactions. Kolakash provides a comprehensive package of digital e-money and e-payment solutions that capture all facets of mobile transactions necessary to ease the burden associated with digital financial transactions. The solution includes payment services to cater for private and public sector needs. The platform is also being extended to the diaspora users, who provide support to family and friends in their home countries.
