Ghana’s mobile money payment system Mazzuma turns to blockchain to enable seamless payments

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Mazzuma, an online payments system in Ghana launched in 2015 with a record of over $1 million USD worth of transactions till date and over 26,000 registered users is incorporating Mazzuma blockchain technology through the creation of the MAZ cryptocurrency to enable instant seamless payments on the African continent.

The firm says it has created an in-house cryptocurrency called Maz Token to enable faster and more secure way of payments in Ghana and merge  mobile money and cryptocurrency payments on its existing platforms to promote a gradual paradigm shift from network-based payments to payments on the blockchain.

The platform aims to fix mobile money pain points like high transaction friction, inferior proofs of identity and transmission limits. According to the firm, the Mazzuma ecosystem will include an e-commerce solution platform, mobile applications, bots and keyboard that will enable payments from inside any application with the MAZ Token.

Kofi Genfi, Co-founder of CYST & Director of Strategy) said, “The most unique feature about Mazzuma is its sheer simplicity in its usage. Using a combination of artificial intelligence And blockchain technologies, Mazzuma’s unique multichannel approach allows consumers to use financial services in ways you hadn’t imagined before. Also, it’s seamless and simple user interface makes it very easy for customers to understand its usage for its most relevant application; remittance based transactions.”

Mazzuma’s MAZ token third token sale started on 9th August, 2018 and is ongoing to 5th September, 2018.

CYST is a Ghanaian software innovation company which believes strongly in challenging conventions. Cystians are passionate people who care about solving our everyday problems using technology. Everything we do is value-centered and geared towards the redefining of the African stereotype. At CYST, our simple philosophy is to be the best at what we do; building technology relevant to local markets while complying with international standards. Through relentless passion, we enable people to empower change through our technology.