KamPay a Pan-African fintech startup has set up a blockchain-based financial platform while also serving as a payment system, a wallet, and a lottery.
KamPay started this year, the platform includes both a digital wallet and token, consolidated with ZymPay, a fiat payment gateway that currently lives between South Africa and Zimbabwe, which will expedite smooth crypto-to-fiat exchanges and promote easy onboarding with fiat, be it with Zimbabwe dollars or U.S. dollars.
Concurrently, the wallet comprises messaging, so works just like an encrypted blockchain messenger, together with a lottery.
“The main onboarding model is to use lottery tokens. There’s nothing else that can get people to sign up to something like lotteries can, and a lottery is a powerful engagement channel,” said Chris Cleverly, KamPay’s chief executive officer (CEO).
“The first premise is that you know, you get into KamPay, you get into the lottery. There’s a chance for you to win a lot of money. The money will also be made and will also go into social causes, which you’ll be able to see and benefit from, community policies which will affect you in your community.”
KamPay has acquired all the appropriate documentation for the lottery to be set, this includes state licenses, registered licenses, lottery licenses, and regulated licenses in the seven African countries, where it is set for the project to begin.
Cleverly reported that the wallet will surely possess a DeFi and microfinance solution, which enables participants outside to engage.
It also comprises the Oracle elements, the insurance elements, the necessity for DeFi, and the yield elements to initiate in the yield players and the yield farmers and the people seeking an acceptable spot on loaning out their tokens.
KamPay gives its users and merchants fewer fees than the usual payment systems and makes instant and protected funds transfers through smart contracts.
“Many people don’t realize that Africa is one of the world’s last great growth regions. In the coming decades, as Africa’s population doubles to two billion people, its GDP has been predicted to increase from US$2 trillion today to US$29 trillion in today’s money by 2050,” Cleverly said.
Cleverly adds that Africa is the perfect surrounding to set up a vast dispersal of cryptocurrency. Africa needs cryptocurrency to flourish as opposed to the developed world where you can survive without Bitcoin and its successors.
The inability of central banks to modulate their economies is the most powerful in the continent; the norms now are double-digit interest rates and currencies that can not cross borders.
KamPay funding is through private investment and an IDO on BSCstarter, the platform states it is building the passway for supply financial incorporation, supplying language tasks, supplying fiat to crypto, and propping those tasks, together with propping the tokenization of currencies.
“That opens doors to credit and remittance across the continent and outside of the continent to anyone interested in supporting Africa and African growth,” Cleverly said.
“As African growth is going to be the world’s fastest growth, KamPay can be a currency available to everyone and, because of its unique status in providing good fortune and goodwill, it has the opportunity to be the currency for all of the African continent.”
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