ImpalaCoin, an initiative of Kenya’s ImpalaPay powere by the Stellar platform, aims to be the crypto currency powering the Impala crypto financial network working to improve financial inclusion and trade across borders especially in Africa. ImpalaCoin’s primary target is to power trade which is hindered by cash especially cross border trade, SME international merchant, International supply chain support institutions, e-commerce businesses among others.
“We aim to transform, simplify and democratize transactional banking and trade banking in Africa and emerging markets,” said the company. “Our Impala Coin Netwkork (ICN) has the potential to solve Africa’s real global financial problems, including inflation from developed currencies and exchange medium, giving the global village economy access to consumer and industrial goods, as well as encouraging exports and savings in a stable currency.”
The four pillars of the ICN cryptobank include a hybrid mobile wallet and card against a single account for your fiat and crypotcurrency. It’s second pillar is an MPOS to make and accept online and offline payments anywhere in a border-free world. It is also interoperable therefore allows users to trade between crypto to mobile money wallets, coin exchanges, mobile wallets and paper money back to Crypto.
It also has Cloud-based Core Banking platform. It boasts of the security of legacy banking systems with the flexibility of decentralized platforms and smart contracts, as well as severity accounts aggregations IBAN numbering of legacy banking systems.
With an in-house treasury, mobile wallets and a Smart Card, ICN makes use of merits of blockchain ,featured with decentralization, autonomy, transparency and tamper-proof information , among others to ensure system security.
Backed by payments firm ImpalaPay which has operated in Kenya since 2014, ImpalaCoin (ICN) aims to be the future of trade and transactional banking in Africa and emerging markets and is therefore floating its tokens into the market at 1 ICN token price equivalent to 0.469 XLM. At the moment, anyone who registers gets 50 ICN and receives 50 ICN with every successful referral.
“We are solving trading challenges faced by emerging African markets by building a robust crypto-economy,” said the company. “Africa is a continent rich in human capital, talent, entrepreneurial stamina and mineral resources and is home to one of the fastest growing middle classes in the world estimated at around 350 million. Despite the progress made, Africa is burdened by poor economic leadership, currencies that are difficult to convert and old colonial borders that were drawn for administration rather than economic markets and are inconsistent with the growth of the large commercial markets such as COMESA.”
The firm adds that low banking and insurance penetration affects 70-90% of the unbanked in Africa and has led to a thriving informal exchange and remittance market largely driven by cash which is risky, expensive and limiting in terms of credit growth, financial inclusion and bulk purchases.
To integrate all these nations and bring them into a common intra-Africa trading and financial platform, ImpalaCoin is currently building the world’s largest offline & online blockchain backed by a Digital bank or financial network which will be the key foundation in building the cross-border ecosystem in parallel to the continuing activities to build the crypto economy.
ImpalaCoin shall collaborate with other logistics players such as transportation, smart contracts legal documentation, customs and tax authorities, warehousing, standards and quality certification, fuel, accommodation etc. ICN will be able to circulate within this ecosystem at least eight times before exiting to other currencies making ICN the first truly real life usable currency.
“Our goal is to transform, simplify and democratize transactional banking and trade banking in Africa and emerging markets,” said the firm. “ICN achievable goal is to be the pioneering and premier cross border trade crypto currency, that enabled international commerce intra- Africa & between Africa and its trading partners.”
ICN aims to roll out a Crypto Bank or Financial network on the rails of the world’s largest offline and online Blockchain economic ecosystem network and interlink it with Banks, Mobile money wallets, crypto currencies, payment service providers, merchant agency payouts, postal corporations aided by proprietary mobile point of sales and partner terminals..
With these in place, ICN sees its potential to solve Africa’s real global financial problems, including inflation from developed currencies and exchange medium, giving the global village economy access to consumer and industrial goods, as well as encouraging exports and savings in a stable currency.
The company is run by Elsie Njane, John Mutuku, Michael Wakahe and Rodgers Kebabe. Follow ImpalaCoin for updates via its Telegram channel here.