According to Serge Nawej, a shareholder of Papersoft Africa, “Starting with DRC and Somalia, we are leveraging the opportunities of the demographic dividend and innovative fintech approaches to leapfrog conventional banking practices and allow Africans to gain access to formal financial markets and conduct personal and commercial banking transactions unlike ever before. With our blockchain technology and unique onboarding platform, we are well poised to positively change the narrative around so-called “frontier” markets and the DNA of entrepreneurship in Africa.”
The mobile banking solution intends to reach millions of the unbanked who are currently locked out of the mainstream financial system and trapped in cycles of poverty. The game-changing blockchain and onboarding platform will provide employment opportunities, access to markets and financial services, as well as create new sources of income generation in major African industries of agriculture, mining, financial services as well as other key sectors in the DRC and Somalia.
“The proprietary software of iVEDiX will offer economic freedom and prosperity to individuals through the use of a transaction platform that 1) is orders of magnitude more affordable than any alternative, 2) is interoperable across mobile networks and 3) can process new financial tools,” said Rajesh Kutty, founder and CEO of iVEDiX.
According to the World Economic Forum, smart phone usage in Africa is expected to reach at least 50% by 2020 – up from only 2% in 2010. The continent is ripe for tech-based innovation being launched through the initiative.