Tuesday 01 June 2021 10:31 am

Giving a helping hand to the unbanked with Kamari

Many people don’t realise 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 $2 trillion to $29 trillion by 2050.

It is the perfect environment to launch the mass distribution of cryptocurrency. In the developed world you can survive without Bitcoin and its challengers, whereas Africa needs cryptocurrency to thrive. The failure of central banks to regulate their economies is starkest on the continent; double digit interest rates and currencies that can not cross borders are the norm.

Necessity is the mother of invention and with the need for fair finance and functioning, fungible currencies there is a significant chance that the rapid take up of cryptocurrency in Africa means that African-focussed cryptocurrencies like Kamari and the KamPay wallet will enable the traditionally underbanked to leapfrog the traditional finance providers that have failed them to the new money technologies.

On the African continent two-thirds of the population are under the age of 24. And over the next decade nearly a billion Africans will come of age knowing nothing but a world with smartphones, NFTs, and crypto! Estimates show that of the top 10 countries for trading volumes, Nigeria ranked second place after the US and ahead of Russia since February.

With good reason, top five cryptocurrency Cardano (ADA) has chosen Africa as its launchpad. Cardano’s Atala Prism innovation is set to become the de facto decentralised iD and KYC platform and passport across the continent in the next ten years.

Our KamPay philosophy was not to focus on the technology or on the clear speculative opportunities but instead to focus on the user, the merchant, the farmer, the store keeper and his customer. Old technologies are rapidly being superseded by new in the blockchain space and this rate will increase not decrease. So the winners in the space will be those that focus on distribution – on people and fulfilling their needs, solving their problems.

The KamPay wallet is an easy to use, mobile-friendly digital tool for daily use. To start, the wallet will serve as a holder for KAMPAY tokens and as a portal for users to participate in state-sponsored lotteries. The lotteries act for us as a mass customer acquisition model. People like lotteries and will alter their behaviour to participate. Our lotteries will be announced on the national television channels by the nations biggest celebrities.

Our token will be the first mass distribution token in Africa integrating best of breed technologies like a Atala Prism and bringing on board DeFi solutions like Bonded Finance alongside fiat innovators in the region such as former CFO of NatWest Daks Patel’s Zympay. The next stage of cryptocurrency is all about collaboration and building the stack together.

Launching in both Cameroon and Zimbabwe, the pilot will quickly scale from 50,000 farmers downloading the KamPay wallet from September to several millions with the support of our partners African Grain and Seed who will provide the financial inclusion and agribusiness support model.

The key to mass adoption for KamPay, is that the company has SEVEN state lotteries to use for the mass customer acquisition model. Many will download the wallet to just participate in the lottery – others like farmers, for example, will discover our other services and be loaned Kamari with our DeFi solution to purchase seeds and seedlings to grow vegetables for sale to our selected local shops that will be able to also accept Kamari as payment thus kicking off a REAL user case for cryptocurrency.