How Blockchain Turns the Game in African Financial Life
Progress never stands still. People seek for simplicity and convenience, and the financial system is no exception for that. Hardly anyone could have thought that cash could ever be replaced with plastic cards. Today, it’s time for cryptocurrency to trigger the change in the paradigm.
Besides being a great instrument for investment, crypto changes the very essence of how money is transferred. Today, everyone who owns crypto can seamlessly and transparently exchange, sell off and buy up assets.
Is that not the democratic solution our world needs? That’s the question which underpins the initial purpose of Chatex project. The company has chosen African continent as the starting point of its expansion in order to help those who suffer from excessive commission fees and lack of fiat.
The banking environment is so weak here, that it’s hardly called ‘banking’. It is mired in corruption and bureaucracy, while the level of financial literacy is extremely low. It’s a common practice for local third-party services to charge sky-high commission fees on money transferring. Sometimes these figures reach 10 or even 20 percent. Chatex’s CEO, Michael Ross-Johnson, comments the following:
“How can one be treated in such a sordid way in the continent where people survive on less than the equivalent of one dollar a day? We can’t just monitor with our hands folded. We at Chatex are here to help African people become a part of the transparent and fair system that will give them an opportunity to freely manage their money and enjoy the comprehensive financial freedom”
How Chatex will make it out?
Chatex offers a same-name bot based on Telegram, which could be downloaded on any kind of a smartphone supporting the messenger. It is an official, licensed and GDPR-compliant service, which offers safe data storage, BitGo instant transfers technology and additional PIN-code protection.
Thanks to Chatex, users can carry out cross border transactions, whichever their education or location is. One registered with the bot, can instantly buy crypto via banking and gift cards, including even iTunes one, and transfer money to other users worldwide with no commission.
What’s the catch? There aren’t any. The verification process and money transfer won’t last more than 15 minutes here. The interface is intuitively simple and user-friendly, that’s why even a layman user will be able to operate without hindrance.
Having established an office in Ghana, Chatex plans to extricate banks and extortionate money transfer services from all over the continent. Next step would probably be Uganda, where the banking system has run rampant. In Uganda, every year relatives send home about $700 million, and almost $70 million of that total are charged by third-party service providers.
Judging upon the current trends of pervasive smartphone penetration, it can easily be said that mobile solutions such as Chatex are on their way to fit a whole set of financial operations into user’s pocket. Africa needs such services that will ease people lives and eliminate the limits local banks and third-party services set up. Chatex avoided the well-trodden path of expansion and no one will regret. It has started a new chapter in African market, aiming to ‘make Africa great again’.