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Zug, Switzerland, May 12th, 2026, Chainwire
As part of a broader initiative to expand access to essential banking infrastructure across Africa, Cantor8 has revealed plans to bring leading mobile money systems such as M-PESA and EVC Plus onchain via Yiksi Limited.
Cantor8 has secured exclusive MOUs with Yiksi Limited, outlining plans to bring leading mobile money systems onchain and enable direct digital money services-to-crypto conversion via blockchain rails.
Through its partnership with Taran App, a leading 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 forms of mobile money on-chain via the Canton Network.
The partnership serves as a crucial pilot for a broader rollout across additional African nations and mobile money ecosystems, demonstrating how onchain digital money infrastructure can scale across the continent.
Mobile Money Infrastructure and Blockchain Integration
Limited banking infrastructure in regions like Kenya and Somalia has led to the widespread adoption of mobile money systems like M-PESA and EVC Plus.
These platforms are vital for financial inclusion and economic activity in mobile-first ecosystems where traditional bank penetration, around 15% in Somalia, remains low due to physical and documentation barriers.
Migrating these systems to blockchain networks like the Canton offers a significant opportunity to enhance interoperability, settlement efficiency, and global connectivity. This evolution, in turn, provides users with a fully integrated digital financial system that bypasses conventional infrastructure.
Despite access challenges, ongoing innovation in digital onboarding continues to reduce barriers, scaling payments and remittances across these emerging markets.
The Need for Digital Money in African Economies
To understand the impact of digital money and mobile-based transfer systems like M-PESA and EVC Plus, it helps to first understand the regions in which they operate and have seen widespread adoption.
At the core, three key factors have driven the success of these systems in emerging economies like Somalia and Kenya:
- Limited-to-non-existent access to reliable banking infrastructure.
- A high degree of mobile phone access and competence.
- Unworkable local currencies.
The Banking Gap
Since 1991, Somalia has transitioned into a mobile-first economy led by services like EVC Plus, filling the void left by a sparse traditional banking sector. According to the US State Department’s 2025 Investment Climate Statement, formal banking penetration sits at just 15% due to branch scarcity and rigid ID requirements.
Cantor8 aims to bridge this gap by integrating secure digital infrastructure and modernizing mobile connectivity.
The firm is targeting similar inclusion gaps in Kenya, where M-PESA dominates but rural barriers persist. By deploying mobile-first technology, Cantor8 intends to scale financial access and integrate these emerging markets into a cohesive digital ecosystem.
Nonviable Local Currencies
Somalia and Kenya are increasingly pivoting toward mobile-first financial systems to navigate structural economic challenges.
In Somalia, decades of central banking limitations and counterfeit Somali Shilling (SOS) circulation have driven a market shift toward the US Dollar and mobile money for stability.
Kenya’s Shilling (KES) remains more integrated into global markets, though its debt profile reflects heavy infrastructure investment. Despite macroeconomic pressures, Kenya continues to lead in digital innovation, utilizing mobile platforms to deepen economic participation.
Together, both nations demonstrate a move away from physical cash toward digital foundations, clearly setting the stage for next-generation payment infrastructure and improved fiscal stability across East Africa.
Mobile-Native Populations
Somalia and Kenya are cementing their status as mobile-first economies as cellular connectivity outpaces traditional banking growth. Somalia’s mobile penetration has reached nearly 60%, with 11.5 million connections growing at a 7% annual clip, driving widespread adoption of digital finance.
Kenya’s ecosystem is even more saturated; as of late 2025, SIM subscriptions hit 78.4 million (a 149.5% penetration rate). This high density of roughly 1.5 SIMs per person underscores the central role of telecoms in regional commerce.
Together, these metrics provide a robust foundation for next-generation digital payment infrastructure across East Africa’s most connected populations.
The Rise of Digital Money
The aforementioned factors create the perfect conditions for a financial system that is (a) denoted in USD, (b) immediately accessible through mobile devices, and (c) provides similar functionality to bank accounts, to flourish.
Digital money system, EVC Plus (operated by Hormuud Telecom) is now the backbone of Somalia’s economy. Mobile money adoption in Somalia is among the highest in the world, with over 87% of the population using mobile money services.
For additional context, Hormuud currently serves nearly 5 million users, the vast majority of which use EVC Plus for daily transactions.
Similarly, as of 2025, a staggering 85% of Kenyan adults had access to financial services through digital platforms like M-PESA. Indeed, several estimates put M-PESA’s share of mobile money transaction value in Kenya at well over 90%.
Enter Canton Network & Cantor8
By leveraging Cantor8’s cutting edge infrastructure components, such as its C8 Registry token issuance engine, mobile money systems like M-PESA and EVC Plus can be brought directly onto blockchain rails – Canton Network specifically.
In doing so, said mobile money gains access to both the advantages brought by blockchain generally, and those that only Canton Network can deliver.
Instant Settlement
Blockchain rails are able to provide atomic settlement on transactions, meaning transfers and other actions are settled instantly, all in one single transaction. This entirely eliminates the aforementioned ‘in-transit’ risk and dramatically reduces the operational burden placed on mobile money providers.
No settlement gap. No extractive middlemen. More efficient money.
Compliant Privacy
While public blockchains like Ethereum and Solana expose all historical transaction data, the Canton Network provides a privacy-focused alternative essential for regulated industries like banking. Built to shield sensitive details, including counterparties, balances, and timing, Canton ensures transaction data remains confidential.
To meet compliance standards, the network generates tamper-proof audit trails accessible only to authorized regulators and auditors. Integrating M-PESA and EVC Plus onto Canton’s rails allows users to maintain total financial privacy while enabling seamless, foolproof oversight for authorities.
Interoperability
Canton operates a so-called ‘network-of-networks’ where differing institutions operate and maintain their own blockchain ledgers, ensuring privacy is maintained, while the network’s key interoperability component (The Global Synchronizer) allows for these separate networks to interact seamlessly.
In the case of mobile money, users will be able to put their funds to use in different countries and at different merchants, without undertaking lengthy and high-risk conversation processes.
Banking Africa
Through an interoperable system of mobile money platforms, users will be able to leverage the stability of the US Dollar, seamlessly use and transfer their funds across borders, and much more.
The end goal of Cantor8’s initiative is to create a seamless pan-African payments system that remedies inequalities around banking infrastructure and creates a more interconnected and efficient African economy. This is just the beginning.
About Cantor8
Cantor8 is the leading infrastructure provider for the Canton Network ecosystem. Founded and operated by Oxbridge alumni, exited founders, and best-in-class DAML developers, Cantor8’s product suite spans self-custody wallet solutions, private transfer infrastructure, compliant token issuance, bespoke development services, and much more besides.
If you are interested in speaking with us, users can reach out to reni@cantor8.tech.
Contact
Co-Founder & Chief Marketing Officer
Reni Achkar
Cantor8
reni@cantor8.tech
+12202639520
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
