Pan-African fintech startup KamPay has launched a blockchain-based financial platform that is at the same time a payment system, a wallet and a lottery.
Launched this year, KamPay comprises a digital wallet and token, which combined with ZymPay, a fiat payment gateway that presently exists between South Africa and Zimbabwe, will facilitate easy crypto-to-fiat exchanges and encourage simple onboarding with fiat, whether it be Zimbabwe dollars or U.S. dollars.
At the same time, the wallet includes messaging, so works like an encrypted blockchain messenger, as well as a lottery.
“The main onboarding model is to use lottery tokens. There’s nothing else that can get people to sign up to something like lotteries can, and a lottery is a powerful engagement channel,” said Chris Cleverly, KamPay’s chief executive officer (CEO).
“The first premise is that, you know, you get into KamPay, you get into the lottery. There’s a chance for you to win a lot of money. The money will also be made and will also go into social causes, which you’ll be able to see and benefit from, community policies which will affect you in your community.”
To set up the lottery, KamPay has acquired all the appropriate documentation – lottery licenses, state licenses, registered and regulated licenses – in seven African countries, where the project will be launched.
“The wallet will eventually have a DeFi and microfinance solution, which will allow outside participants to participate. It also includes the insurance elements, the Oracle elements, the need for DeFi and the yield elements to bring in the yield farmers and the yield players and the people who are just looking for a good position on loaning out their tokens,” said Cleverly.
KamPay offers its users and merchants lower fees than traditional payment systems, and makes automatic and secure funds transfers by smart contracts.
“Many people don’t realise that Africa is one of the world’s last great growth regions. In the coming decades, as Africa’s population doubles to two billion people, its GDP has been predicted to increase from US$2 trillion today to US$29 trillion in today’s money by 2050,” Cleverly said.
“It is the perfect environment to launch the mass distribution of cryptocurrency. In the developed world you can survive without Bitcoin and its successors, whereas Africa needs cryptocurrency to thrive. The failure of central banks to regulate their economies is the strongest on the continent; double digit interest rates and currencies that can not cross borders are the norm.”
Funded via private investment and an IDO on BSCstarter, KamPay says it is constructing the gateway for providing financial inclusion, providing language functions, providing fiat to crypto and supporting those functions, as well as supporting the tokenization of currencies.
“That opens doors to credit and remittance across the continent and outside of the continent to anyone interested in supporting Africa and African growth,” Cleverly said.
“As African growth is going to be the world’s fastest growth, KamPay can be a currency available to everyone and, because of its unique status in providing good fortune and goodwill, it has the opportunity to be the currency for all of the African continent.”