Through the years, a cashless transactional system has only been a dream for businesses existing in Africa.
Even though traditional mobile banking and other similar services are making its way down to remote regions in the continent, it is evident that more would be needed if its entrepreneurs will ever be able to compete against their Asian and European counterparts.
Papersoft Africa, digital transformation firm iVEDiX and a group of international bankers have united to provide a blockchain-based solution targeted towards African entrepreneurs.
According to a press release by the new partners, the solution will feature an onboarding platform that has smart contracts written on a blockchain.
The wider target of the new solution will be millions of entrepreneurs in Africa, even though it will first be launched in Somalia and the Democratic Republic of Congo.
Serge Nawej, President of the Commission of Young Entrepreneurs (CNJE) of the Congolese Federation of Companies (FEC) in the DRC said in the release,
After four years of foundation setting and due diligence, we are excited to birth a unique, comprehensive and tangible mobile tech opportunity to financially empower and impact millions of young entrepreneurs throughout Africa.
Innovative Blockchain Mobile Banking Solution For Africans
The solution promised by Papersoft Africa and co will make electronic cash and e-banking available to anyone with a mobile phone and also provide access to revolving funding for millions of entrepreneurs.
In addition, it will also reach the unbanked populace in Africa who are described in the release as being “locked out of the mainstream financial system and trapped in cycles of poverty”.
Working with governments and organizations within the private sector has been pinpointed as one of the major ways by which the new solution will be scaled.
In the long run, the platform is expected to benefit different industries and segments in Africa. It will birth new employment opportunities as well as access to markets and financial services, as well as create new sources of income generation.
Blockchain technology without a doubt has a lot of potential for Africa beyond the financial systems. It is only a short while until more innovative solutions are discovered and rolled out for different sectors of the African Economy.