[PRESS RELEASE – Zug, Switzerland, May 12th, 2026]
As part of a broader initiative to expand access to essential banking infrastructure across Africa, Cantor8 has announced plans to bring major mobile money systems such as M-PESA and EVC Plus onchain through a collaboration with Yiksi Limited.
Cantor8 has signed exclusive memoranda of understanding with Yiksi Limited to enable leading mobile money platforms to operate on blockchain rails and to facilitate direct digital money-to-crypto conversions.
Working with Taran App, a prominent African fintech platform, and Yiksi, Taran App’s cryptocurrency exchange, Cantor8 will leverage Taran App’s infrastructure to bring two of Africa’s most widely used mobile money systems onchain via the Canton Network.
This partnership will serve as a pilot for a wider rollout across additional African countries and mobile money ecosystems, demonstrating how onchain digital money infrastructure can scale across the continent.
Mobile Money Infrastructure and Blockchain Integration
Limited traditional banking infrastructure in countries like Kenya and Somalia has driven widespread adoption of mobile money systems such as M-PESA and EVC Plus.
These platforms are crucial for financial inclusion and everyday economic activity in mobile-first economies where formal bank access—about 15% in Somalia—remains constrained by the lack of branches and strict identification requirements.
Porting these systems onto blockchain networks like Canton presents an opportunity to improve interoperability, settlement efficiency, and global connectivity. Onchain integration can provide users with a cohesive digital financial system that bypasses many limitations of conventional infrastructure.
Ongoing innovation in digital onboarding and identity solutions is steadily reducing access barriers, enabling wider reach for payments and remittances across emerging markets.
The Need for Digital Money in African Economies
To appreciate the impact of digital money and mobile-based transfer systems like M-PESA and EVC Plus, it helps to consider the environments where they have thrived.
Three main factors have driven the success of these systems in countries such as Somalia and Kenya:
- Limited or non-existent access to reliable traditional banking services.
- High mobile phone access and user familiarity with mobile services.
- Local currencies that face structural challenges, prompting shifts to alternative means of value storage and transfer.
The Banking Gap
Since the early 1990s, Somalia has evolved into a mobile-first economy supported by services like EVC Plus, which fill the void left by a sparse traditional banking sector. According to the US State Department’s 2025 Investment Climate Statement, formal banking penetration in Somalia is only around 15%, driven down by limited branch networks and strict ID requirements.
Cantor8 aims to help bridge this gap by integrating secure digital infrastructure and modernizing mobile financial connectivity.
The company is also targeting similar inclusion gaps in Kenya, where M-PESA is widely used but rural populations still face barriers to full financial participation. By deploying mobile-first technologies, Cantor8 seeks to scale financial access and integrate these markets into a cohesive digital ecosystem.
Nonviable Local Currencies
Both Somalia and Kenya are increasingly relying on mobile-first financial systems to navigate structural currency and monetary challenges.
Somalia’s central banking limitations and circulation of counterfeit Somali Shillings have driven a market preference for the US Dollar and mobile money services for stability.
Kenya’s Shilling remains more integrated with global markets, though the country’s fiscal profile reflects substantial infrastructure investment. Despite macroeconomic pressures, Kenya continues to lead in digital financial innovation, using mobile platforms to broaden economic participation.
These trends point to a shift away from cash toward digital solutions, setting the stage for next-generation payment infrastructure and improved financial resilience across East Africa.
Mobile-Native Populations
Cellular connectivity in Somalia and Kenya is outpacing traditional banking growth, reinforcing their mobile-first character. Somalia’s mobile penetration approaches 60%, with roughly 11.5 million connections growing annually, which drives strong uptake of digital financial services.
Kenya’s market is even more saturated: by late 2025, SIM subscriptions exceeded the population with around 1.5 SIMs per person and a penetration rate above 100%. This dense mobile footprint highlights the central role telecoms play in commerce and financial access.
Together, these connectivity metrics provide a solid foundation for expanding digital payment infrastructure to reach more people across East Africa.
The Rise of Digital Money
These factors create fertile conditions for digital money denominated in stable currencies like the US Dollar, instantly accessible via mobile devices, and offering many functions comparable to traditional bank accounts.
In Somalia, EVC Plus (operated by Hormuud Telecom) serves as a backbone for daily commerce, with mobile money adoption among the world’s highest. Hormuud supports millions of users who rely on EVC Plus for routine transactions.
Similarly, in Kenya, a large majority of adults access financial services through digital platforms like M-PESA. As of 2025, estimates indicate a very high share of mobile money transaction value is handled by M-PESA, making it a central pillar of the country’s payments landscape.
Enter Canton Network & Cantor8
Cantor8 offers infrastructure components—such as its C8 Registry token issuance engine—that enable mobile money systems like M-PESA and EVC Plus to operate directly on blockchain rails, specifically the Canton Network.
Bringing mobile money onto Canton unlocks both general blockchain benefits and specific capabilities unique to the Canton Network.
Instant Settlement
Blockchain rails can provide atomic settlement, so transactions are completed instantly in a single step. This removes in-transit settlement risk and reduces operational burdens for mobile money providers.
No settlement gaps. Fewer intermediaries. Faster, more efficient transfers.
Compliant Privacy
While many public blockchains expose detailed transaction history, the Canton Network offers a privacy-focused alternative suitable for regulated industries. It protects sensitive details—counterparties, balances, and timing—while producing tamper-proof audit trails that authorized regulators and auditors can access when required.
Integrating M-PESA and EVC Plus on Canton allows users to maintain financial privacy while giving authorities secure, auditable oversight.
Interoperability
Canton functions as a “network-of-networks,” where institutions maintain private ledgers but can interoperate through the network’s Global Synchronizer. This design preserves privacy while enabling seamless interaction across different systems.
For mobile money users, this means funds can be used across borders and at a wider variety of merchants without lengthy or risky conversion processes.
Banking Africa
An interoperable constellation of mobile money platforms allows users to hold funds in stable currencies, transfer money across borders seamlessly, and access broader financial services. Cantor8’s initiative aims to create a pan-African payments system that narrows banking infrastructure gaps and fosters a more connected, efficient regional economy. This pilot marks the first step in that broader vision.
About Cantor8
Cantor8 is an infrastructure provider within the Canton Network ecosystem. Founded and led by experienced technologists and DAML developers, Cantor8’s offerings include self-custody wallet solutions, private transfer infrastructure, compliant token issuance services, and custom development.
If you would like to speak with the team, contact [email protected].