The Waxd story started when Waxd patented a method for processing app payments through EFT rails, cutting merchant fees from 2-3.5% to 0.4%. Although the idea was good, it needed the co-operation of the banks. This was not very forth coming as the solution would cost the banks in transaction revenues. After months of frustration, Waxd decided to look at areas of innovation where the banks had failed.
In Africa, this is the informal market. Currently, there is no banking product that can cater for the payment of a single cigarette, a really small transaction amount. Current banking infrastructure and banking paradigm will not allow for this. This is how the Raven ecosystem was born. Though initially envisaged to revolutionise payments, the Raven has proven itself to be of benefit to multiple industry verticals.
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