Utility token KamPay is set to open up internet access to the huge populations across the continent without a connection.
With the adoption of Central Bank Digital Currencies across Africa, digital payments based on blockchain technology will become a necessity for everyday remittance. However, with only 22 per cent of Africans having an internet connection (IFC), there is a large population that will be unable to benefit from this technology.
That could be about to change with the launch of KamPay’s KamMobile technology which could allow anyone with a mobile phone (650m – 50% of Africa) to interact with the blockchain via SMS.
Through a series of SMS commands, users will be able to set up wallets on key blockchains, and eventually be able to deposit and withdraw via mobile money, as well as to conduct P2P transactions. The technology works similar to the mobile money model seen in countries like Kenya, Ghana, Nigeria, and Zimbabwe where users’ funds are stored in a digital account linked to their phone number.
KamPay will be facilitating its launch in the market through its partnerships with Tingo Mobile PLC that includes more than 10m mobile customers, as well as with African Grain and Seed (AGS) to reach millions of farmers across the continent.
KamPay and AGS have already have an ongoing partnership, providing microlending to 50,000 farmers in rural Zimbabwe, and ensuring fund allocation by setting up wallets with assignments that can only be used on pre-approved catalogues selected by AGS.
The SMS technology aims to reach the entire continent, and to go beyond rural microlending to being part of millions’ day-to-day. This initiative is supported through other tools being launched by KamPay including merchant and end-user crypto wallets to give users access to low-fee facilities to allow daily remittance on the continent, facilitating mass adoption.
“This is a game-changer and the key to making it possible not only for Zimbabwe and Africa as a whole, but also for other developing regions struggling with low internet and smartphone penetration challenges to benefit from the advancements of crypto technology,” said Yigal Weinberger, KamPay’s CTO.
KamMobile is in the development stages, according to the KamPay team, and will be launching by the end of the year in 2021 for ‘SMS to wallet’ set up. The beta version of the mobile money/fiat to crypto purchasing platform will be launched in Q1-2022, with the main rollout scheduled for Q2-2022.