The Current Issues of Cross-Border Transactions
The rapid growth of the internet and the tools it provides the individual has given everyone access to people and organizations far beyond the borders of their communities. Now, with just a couple of clicks you can experience what is happening in countries near and afar. Part of the expansion has been the migration of businesses to a more convenient environment, where e-commerce has become a driving force. People buy and sell across borders. But this system is not without its problems.
Our diversity means that we spend and trade in different currencies across Africa.
A cedi is not the same as a naira or a Rand. Transferring money between currencies becomes a hassle, with transaction rates and extra fees to deal with. Rates even differ based on what currencies are involved and what means transfers occur. This can and has been a deterrent to individuals and businesses who have to set up payment systems that leverage existing mobile money networks.
There is also the issue of access to money when traveling.
The localized nature of most mobile money wallets offered by local institutions limit traveling individuals. It becomes a question of whether your mobile money wallet can be accessed by a vendor where you are headed or whether you need to visit a bank to get money when you get there. There is no guarantee that you will be able to access your own money.
Security and privacy are also important issues we face across the continent when money is involved. There are not nearly enough systems in place currently to deal with problems that arise with money transfers across borders, especially when the service provider lacks branches in the country of the recipient.
There has always been the need for a more decentralized layer of cross-border money transfers.
MULA finance which introduces the MULA token and wallet provide exactly that a secure, quick, and hassle-free way of transferring money across borders. The agenda of Africa’s next generation of borderless transaction is to provide solutions to existing mobile money transfers and systems, and this is the aim of MULA to make it easier and simpler to transfer money across borders for small and medium sized business owners and the individual.
By leveraging blockchain technology, MULA finance provides the wallet App that transcends conversion rates, security, and privacy. It allows individuals to exchange local currency for MULA token which can then be transferred within and across borders to recipients who will convert the token back to their local currency.
We are devising a bigger and better opportunity from existing mobile money transfer systems and networks to service you, which is to say that it will be just as easy to access your money wherever without breaking a single sweat.
