A Borderless & Frictionless Money Transfer System Powered By The Blockchain Technology
As Africa’s youth population grows, the continent’s need for financial inclusion is increasing. Banking is critical to poverty reduction and long-term prosperity. The conventional banking system, on the other hand, has failed to close the gap.
As a result, we inaugurated The MULA Finance Project attempting to push for top-layer decentralization within the African mobile money payment system. This will be the next step in Africa’s financial progress, as well as global integration.
Africa’s biggest banking problem is its antiquated and superfluous financial infrastructure. The system is insufficient, and financial education is limited. Banks have attempted to target the unbanked for decades, but their efforts have been hampered by a lack of market development. Most people live in poverty with incompetent legal systems.
In a period of political instability, the traditional banking system has been held back. Most banks use expensive technology, restricted manpower, branch networks, and outdated processes. As a result, businesses and individuals have switched to mobile money for payments since account maintenance fees are prohibitively high.
That’s why we are here to provide a decentralized, borderless, and frictionless money transfer system that leverages the power of blockchain technology. We offer our customers an alternative with lower fees, increased security, reliability, and speedier transactions.
The majority of Africans are unbanked. According to Statista data, the continent had 298 million adult bank customers in 2017. By 2022, the number of banked adults is expected to soar to 456 million people, or about 38% of the continent’s population.
Our unique platform will enable Africans from all walks of life to conduct their business across the continent using MULA Finance. Thanks to smart contract-enabled blockchain technology on an Ethereum Network and Binance Smart Chain Network, our users will have peace of mind that transactions done within the network are transparent and secure.
The MULA Finance platform will monitor all money transfers within the blockchain network, this will reduce the high cost of sending money across Africa and also create more opportunities for Africans to conduct business among themselves. Our startup has well-structured mechanism in place through which individuals, small to medium-sized enterprises, and larger companies will be able to send money within the MULA Finance network.
This allows businesses to expand their market and also enhances customer relations by improving the speed at which company-customer deals are made. Mobile money, being commonplace amongst mobile phone users in Africa, has helped create a more economically active society with an increase in people investing due to mobile money acting as security to invest and save money
Finally, Mula Finance project will help promote regional integration within Africa due to its ease of use (ability to be used anywhere in Africa and to improve and decrease the cost of cross-border transactions).
