Blockchain-based payments, lottery platform launched by Pan-African fintech startup KamPay
KamPay, a pan-African fintech firm, has created a blockchain-based financial platform that serves as a payment system, wallet, and lottery all in one.
KamPay, which was launched this year and consists of a digital wallet and token, will facilitate easy crypto-to-fiat exchanges and encourage simple onboarding with fiat, whether it be Zimbabwe dollars or US dollars when combined with ZymPay, a fiat payment gateway that currently exists between South Africa and Zimbabwe.
At the same time, the wallet incorporates communications and functions as a lottery as well as an encrypted blockchain messenger.
“The main onboarding model is to use lottery tokens. There’s nothing else that can get people to sign up to something like lotteries can, and a lottery is a powerful engagement channel,” said Chris Cleverly, KamPay’s chief executive officer (CEO).
“The first premise is that you know, you get into KamPay, you get into the lottery. There’s a chance for you to win a lot of money. The money will also be made and will also go into social causes, which you’ll be able to see and benefit from, community policies which will affect you in your community.”
KamPay has obtained the necessary documents, including lottery licences, state licences, registered and controlled licences, in each of the seven African nations where the lottery will be launched.
“The wallet will eventually have a DeFi and microfinance solution, which will allow outside participants to participate. It also includes the insurance elements, the Oracle elements, the need for DeFi and the yield elements to bring in the yield farmers and the yield players and the people who are just looking for a good position on loaning out their tokens,” said Cleverly.
KamPay charges its customers and merchants reduced costs than standard payment systems and uses smart contracts to facilitate automated and secure cash transfers.
“Many people don’t realise that Africa is one of the world’s last great growth regions. In the coming decades, as Africa’s population doubles to two billion people, its GDP has been predicted to increase from US $2 trillion today to US $29 trillion in today’s money by 2050,” Cleverly said.
“It is the perfect environment to launch the mass distribution of cryptocurrency. In the developed world you can survive without Bitcoin and its successors, whereas Africa needs cryptocurrency to thrive. The failure of central banks to regulate their economies is the strongest on the continent; double-digit interest rates and currencies that cannot cross borders are the norms.”
KamPay says it is building the gateway for delivering financial inclusion, offering linguistic functions, giving fiat to crypto and supporting those activities, as well as enabling the tokenization of currencies, thanks to private funding and an IDO on BSCstarter.
KamPay says it is building the gateway for delivering financial inclusion, offering linguistic functions, giving fiat to crypto and supporting those activities, as well as enabling the tokenization of currencies, thanks to private funding and an IDO on BSCstarter.
“That opens doors to credit and remittance across the continent and outside of the continent to anyone interested in supporting Africa and African growth,” Cleverly said.
“As African growth is going to be the world’s fastest growth, KamPay can be a currency available to everyone and, because of its unique status in providing good fortune and goodwill, it has the opportunity to be the currency for all the African continents.”
