Mazzuma Wants To Use Blockchain To Fix Mobile Banking
A Ghanaian based company is on a mission to make sure cryptocurrency can be adopted by many, not just a few.
Mazzuma is using blockchain and artificial intelligence to innovate mobile payments. The platform makes use of the distributed ledger system and its own cryptocurrency to allow for secure online transactions.
Founders Kofi Genfi and Nii Osae Osae Dade launched the platform in 2015 as the flagship product for their software innovation company CYST. The two were recognized this year by Forbes Africa 30 under 30 for their contribution to Africa’s tech ecosystem.
“The most unique feature about Mazzuma is its sheer simplicity in its usage,” said Genfi in an email to AfroTech. “Mazzuma’s unique multichannel approach allows consumers to use financial services in ways you hadn’t imagined before.”
The team launched the third phase of its initial coin offering (ICO) with digital token MAZ created to allow for instant and free global mobile payments. The Ghanaian-based company is driven by the desire to ensure cryptocurrency can be adopted by underserved consumers to take advantage of the true decentralized nature of the digital currency.
“The Internet made the world a global village, blockchain and cryptocurrency are making the world a global economy,” said Dade on creating the MAZ token in a statement. “People should be able to send money from one economy to another without it losing its value.”
According to Business Insider, two billion people around the world are unbanked or do not have banking access through a mobile phone. About half of those unbanked (55 percent) are women. Data from the World Bank demonstrates the worldwide unbanked population fell 20 percent from 2.5 billion between 2011 and 2014.
The platform is currently hosting 26,000 accounts and has processed over 7.5 million GH₵ (roughly $1.5 million) in transactions. BitcoinAfrica.io reports Mazzuma is registering over 100 new accounts each day making it one of the largest mobile payment platforms in the country.
World Bank data shows the majority of unbanked populations reside in developing nations. Only 54 percent of people in developing countries are banked while 94 percent of adults from high-income countries reported having bank accounts in 2014.
The Mazzuma team recognizes the opportunity in the mobile market with nearly 700 million current active mobile payment users across the world and roughly 10 million consumers in Ghana, one of Africa’s biggest mobile money markets.
The company hopes to bridge the gap in terms of access to banking institutions writing, “Mazzuma is well poised to bridge this gap with our background in leading innovations in the mobile money space.”