Chooki had just started with his doctorate degree at UChicago when he discovered a financial crisis in the international money transfer scene. Oil prices had just plummeted, which was making access to forex difficult in many sub-Saharan countries.
It was obvious that big time international money transfer agencies like MoneyGram and WorldRemit were profiting from this financial crisis. No one was taking any steps to solve the problem.
Obi listened to all Chooki had to explain about the financial crisis in the international money transfer sector. He also listened to Chooki’s proposed solution, which at the time was the seedling idea of what would later become Kaoshi. Obi immediately realized the ingenuity of Chooki’s proposed solution and liked it.
At first they both studied the money transfer market to understand barriers to entry and stringent financial regulations. Soon, they were accepted into the Polsky Summer Accelerator program at UChicago’s Booth School of Business, where they began developing their business idea and formalizing the development of the Kaoshi platform.
They figured out how they could use state of the art financial technology to facilitate international money transfer in a safe, convenient and cheap fashion. They also realized that a partnership with African banks would be crucial to overseeing money swaps. While they and their brilliant team would be focused on technological developments, the banks would be focused on regulatory aspects, which they were better suited for.