The majority of Africa’s nations are still considered developing economies. Legacies of colonialism have resulted in centuries of armed conflicts, political corruption, and disruptive poverty throughout the region. But the blockchain ecosystem . Many African countries have adopted blockchain technology, and these systems have already started to garner popularity and strength on the continent. These trends have the potential to make a huge impact on Africa’s cultural, social, and economic development.
Tech ecosystems in Africa have become a launching pad for a number of emerging blockchain and crypto communities. is the largest blockchain project out of Africa, and the project has already made excellent progress in bringing improved financial services to the region’s emerging markets
Kora has launched a new wallet that aims to provide access to low cost financial services to populations that have historically had little to no access to them. According to estimates from the World Bank’s Global Financial Inclusion database, there are currently two billion unbanked and under-banked people in the world. This is a problem that the Kora technologies aim to solve.
“Access to basic facilities such as banking are critical to not only individuals, but to small businesses to secure payments and savings, and to making transactions efficient and effective. When people lack access to a bank account, they lack access to the financial tools such as savings, credit and insurance products that can enable them to break out of the poverty cycle and build a better life for their families” said Dickson Nsofor, CEO and Founder of Kora.
The first step to achieving this vision is the launch of their first product: . The Kora Gateway allows users to access various products in the Kora ecosystem like Kora Wallet (live), KoraPay, KoraLending, KoraInsure and KoraPayroll.
A key innovation is the Kora Mesh, which can be used by institutions and enterprises to connect to the Kora Network and provide their products and services to a wider market. Native to the Kora ecosystem is the Kora Network Token (KNT) which will be used as a rewards system and unit to pay for transactions on the Kora Network.
Currently, KNT holders can securely send, store, and receive their KNT on the Kora Wallet. Kora plans to launch its next product, KoraPay, by Q4 2018. The app, which will be available on iOS and Android, will boost Kora’s presence in the African and global financial market, providing its users with a service that is cheaper and more efficient relative to the competition of other providers.
“The goal is to tackle cross-border remittances and money transfers between Africa and the world at large,” Nsofor explains. “The industry as it currently stands is ripe for disruption. I’ve personally seen the struggle and difficulty of making essential transactions such as bill payments, sending money home, or even mobile top-ups. If we are to make financial services widely accessible and affordable, we need to fix these problems.”
After successfully raising USD$12 million, investor sentiment is still strong and this matches the broader trends in blockchain adoption that are expected in the next decade. Kora’s mission is to solve the fundamental problems experienced by billions of people, there is no limit to its potential in achieving these goals.
that Africa maintains over other continents in riding blockchain’s wave of innovation is that there are far fewer legacy systems to get in the way. Africa is a clean slate to develop highly-efficient business models and a robust technological infrastructure. As a developing economic region, Africa can utilize blockchain to leapfrog antiquated financial systems and move into the future. This is why blockchain’s rate of growth has more-than-tripled the growth rate seen in global markets.
For global investors, one of the most common criticisms of the cryptocurrency space is the issue of legitimacy and . The troubles in Japan’s Mt. Gox debacle offered the most highly-publicized example of this type of event. But crypto investors should be encouraged by the outcomes, as , as these events have gone far to strengthen the legitimacy and security of cryptocurrency investments. These law decisions have that will continue to make crypto assets more accessible for global investors.
Companies like Kora have paved the way for developing economies to make financial transactions in a safe, secure, and efficient manner. Africa is the starting point, but investors around the world have already started taking notice to the progress made by this innovative blockchain project.
Kora is a global digital banking solution utilising cutting edge technology to improve financial services. At Kora, we believe that technology should empower instead of displace existing communities and networks. Kora was founded by Dickson Nsofor, a serial entrepreneur who has led organizations in internet, hardware and technology in emerging markets.