PayTech

New Blockchain Initiative to Help African Entrepreneurs Unlock Banking Services

Papersoft DMS’s subsidiary Papersoft Africa, digital transformation firm iVEDiX, and a group of international bankers have joined together to develop a blockchain and cryptocurrency project as the key element of a cashless transactional system aimed at African entrepreneurs. The system will leverage blockchain technology, which will be integrated into an onboarding platform. The solution is planned to help millions of entrepreneurs operating in Africa and will be initially launched in the Democratic Republic of Congo (DRC) and Somalia.

The group wants the solution to become an alternative to traditional banking and financial infrastructure. It will make electronic cash and e-banking accessible to any individual with a smartphone and will allow entrepreneurs to get easy access to funding. The project focuses on working with African entities and developing solutions that would match a country’s specific economic needs. The members of the initiative are working with government agencies and the private sector to elaborate priority goals.

The solution will revolve around a mobile banking platform that is meant to reach millions of individuals that currently don’t have access to banking. The platform aims to ensure employment opportunities, easy access to financial services, and develop new income sources in industries like agriculture, mining, and financial services among others.

Serge Nawej, President of the Commission of Young Entrepreneurs (CNJE) of the Congolese Federation of Companies (FEC) in the DRC, stated:

“After four years of foundation setting and due diligence, we are excited to birth a unique, comprehensive and tangible mobile tech opportunity to financially empower and impact millions of young entrepreneurs throughout Africa.”

Nawej, who is also a shareholder in Papersoft Africa, added that the blockchain-based initiative would change the entrepreneurship’s DNA in Africa.

Rajesh Kutty, founder and CEO of iVEDiX, commented:

“Combining the proven technologies and expertise of iVEDiX and Papersoft (PPS-DMS) with the backing of the international banker group has resulted in an innovative, yet fully adapted technical and financial architecture that is addressing the most critical challenges faced by millions of entrepreneurs in Africa.”

Papersoft and iVEDiX are working on the project with an international banker consortium led by Darin Pastor, chairman and CEO of US-based wealth manager Capstone Financial Group.

Last year, during the Thomson Reuters Africa Summit, African entrepreneurs suggested that blockchain technology could revolutionize the local business forever.