Liberia Application Launched -For Intern’l Web-based Remittance Service

By: Stephen G. Fellajuah

A Liberian innovative web and mobile application tailored to the mobile payment needs of Sub-Saharan Africa and its Diaspora was launched last Friday, June 18, 2021, in the country. The application identified as ‘Kanacash’ is integrating with existing local infrastructures and giving the population more access to and control over how, when, and where they spend their money.

Making remarks at the official launching ceremony of the apps at the Boulevard Palace hotel in Monrovia, the Co- Founder & CEO of Kanacash, McSwain Forkoh said he was particularly proud that Liberians can come together and develop a product in the market that meets regulatory requirements to launch a Liberian owned remittance program that will employ hundreds of Liberians.

“As Liberians, we can use our Diaspora network to easily use an application that will contribute and make the simplest financial transactions in Liberia”, Mr. Forkoh averred, adding, that Kanacash  have the best partners in the world, and is a secured regulatory accepted solid product where customers can be highly confident of their transactions.

As a company currently partnering with LoneStar MTN, the Co- Founder said “We want to make sure our platform and products have some of the most highly secured backing in the industry and that’s what Kanacash represents today.”

He continued, “With Kanacash, you can tell your family members, loved ones, friends and business partners to start to use apps from the US. Go to the play apps store, download it in the US and begin to start sending money directly to your MTN mobile wallet.”

The Chief Executive Officer of the institution pointed out that Kanacash is a global company, not a franchise of any company.

“We are a Liberian global brand. We are excited to bring this into Liberia. Kanacash’s entire Africa operation is headquartered in Liberia. As Liberians, we saw it very important to contribute to our economy,” he indicated.

Forkoh further said as a company that is currently in Kenya and Liberia, Kanacash will soon be moving into Sierra Leone, and Nigeria, and by the end of the year, it is expected to be in 11 African countries.

Mr. Forkoh added that the institution is locating its global customer service and IT center in Liberia, which he said is going to create employment opportunities for Liberians as the company looks forward to training young energetic Liberians who are passionate about working to contribute to Liberian society.

Also remarking, the Co- Founder & CTO, Spencer Biah, thanked the Liberian Government via the Central Bank of Liberia for their support to the company. He said Kanacash is very appreciative of the level of professional support that the Central Bank has accorded it, saying that the opportunity to work with the biggest team at the Central Bank for months convinced them that Liberian businesses can be successful.

“To the Liberian people, Kanacash is here and Kanacash is yours. Kanacash, a global remittance company, was established by Liberians to address some of the money transfer challenges that Liberians currently faced”, Mr. Biah declared.

He furthered that the company looks forward to a full embracement in the Liberian space, and in the Diaspora through engagements in Liberia and abroad.

He further said Kanacash is looking forward to partnership with local Liberian businesses within the country, importantly to accomplish the social corporate responsibility by working with local community organizations.

For his part, the Executive Chairman of the Liberian Bankers Association and President of the Liberian Bank for Development and Investment (LBDI), Mr. John B. S Davies, III, said the presence of Kanacash in Liberia represented an innovative milestone in the digital transformation of the country.

The Bankers Association Chief Executive furthered said  it is yet another important step in ensuring that the digital landscape, inclusive of the need for more avenues for cross border transactions, is continuously enhanced and the evolution which will make the financial sector more responsive to the need of the people especially in terms of the options in the financial industry is assured.

“We believe that the announcement by Kanacash today is a very important one; and to highlight the importance, embraces the nature of digital financial transactions in Liberia for 2020, saying, in 2020, Liberia consummated 47.3 million digital financial transactions in US dollars totaling the dollar valued of 4.2 billion US.

Mr.  Davies indicated that there are more opportunities and options to provide services to the people of Liberia, and said the economy is expanding and there will be need for more tools and avenues to ensure that expansion is necessary.

‘He concluded saying, “What we are witnessing today is an excellent example that Liberian can ride to the higher height,” and then declared LBDI’s preparedness to partner with Kanacash.


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