PayBox, a Ghanaian payment startup, has said that one of its aims is to help Africa leap into decentralised finance. According to the company, the continent currently faces cross-border finance challenges.
In the past, Africans found it difficult to make transfers across borders due to the different domains of currency.
However, PayBox hopes to solve the problem with its decentralised finance service.
During the Africa Money & DeFi Summit that was held in Accra, Ghana, one of the co-founders spoke about the service.
Co-Founder, David Boye-Doku, said that Blockchain and Web 3 would smoothen over the challenges through cross-border finance.
Also, it would give everyone access and the choice to have an alternative currency with the financial and digital inclusion that it offers.
He added that the company plans on infusing Web3 rails in mobile payment. This will enable local wallets to become international wallets, especially for small businesses in Africa.
How will it work?
The Web3 wallets can be either web-based, mobile-based, or hardware-based.
They provide users with decentralized blockchain-based apps that act as gateways to crypto assets. This enables users to send and receive assets instantly with their mobile phone number, email, or crypto address.
Phone numbers will be used as the crypto wallet, where people can easily send money anywhere in Africa.
However, Central Bank Digital Currency (CBDC) is critical to African economies’ rapid development and growth.
It allows the funds to transfer swiftly with no bank charge and allows a user to spend in their domain and transfer in another field.
“We chatted with a representative from the Bank of Ghana, and they are looking for a token that will sit on top of the Ghanaian CBDC. We are already building an exchange token so they can ride on that,” he said.
PayBox is an African Fintech startup platform that enables access to offline and online digital media.
It is one of the startups sponsored by the International Trade Centre (ITC) via the NTF V Tech project in Ghana. It was to
The platform started by offering its services to medium and West Africa Money and DeFi events.
Currently, over 15 African countries are accessing cross boarder payment through the platform.