PAYFAST Decentralized Fintech Service
Business model:SaaS
Customer:B2C / C2C
International Digital Post Network Limited is developing iPost mobile video app for news, entertainment and social networking that was shortlisted for the Fund for Internet Research and Education – FIRE Africa Awards
(https://fireafrica.org/about_fire)
for tech innovation in 2014 and currently developing PAYFAST fintech app for decentralization of financial transactions between all the users for borrowing and lending; buying and selling and funding their Small Medium Scale Enterprises (SMEs) for the retail industry in Nigeria with over 39 million MSMEs.
The MSMEs industry in Nigeria is estimated to be worth $100 billion.
The SMEs sector is the backbone of major developed economies, as well as important contributors to employment, economic and export growth. In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment.
Both iPost mobile video app and PAYFAST will need OneLiquidity apps integration for payments in crypto currency, eCommerce payments and crypto wallets
PAYFAST, is a totally decentralized loan app that will most likely kill all the loan sharks and may compel other fintech services and banks to reduce their interest rate on loans to single digit amount or lose all their applicants for loans to PAYFAST that allows users to borrow and lend to themselves with only 5% interest rate.
There will be PAYFAST Cooperatives in every community with the PAYFAST Business Fund to fund the enterprises of members of the Cooperatives with loans from N50, 000 minimum to N1 million maximum.
PAYFAST ultimate goal is to reduce poverty by 80% by wealth creation and distribution with Nigeria as the launch pad before other countries.
PAYFAST is the solution to the poor funding of SMEs; exploitation of underprivileged low income earners by loan sharks and banks and slow integration of advanced digital apps.
The primary purpose of PAYFAST Cooperatives is financial inclusion for (i) universal access to financial services;
(ii) providing basic financial services (iii) access to livelihood and skill development, (iv) financial literacy and education for the economic empowerment of the underprivileged.
What is Financial Inclusion?
Financial inclusion refers to the delivery of financial services at affordable costs to disadvantaged and low-income segments of society. In this way, they are being included in the financial services industry.
1.7 billion
adults worldwide lack access to basic financial services
63 %
is the amount of financially included adults in developing economies
Why is Financial Inclusion Important?
Without access to basic financial services, people in poverty are unable to perform many common functions that could drastically improve their lives. When they are financially included, they can start to build assets and take other steps to improve their standard of living. They can save money, qualify for a loan to expand a business; build a house; have a safe way to make payments to schools, medical services and so much more.
Contact:
Ekenyerengozi Michael Chima.
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