Important Information about Crytogene-Mart (BlockMART)

It is delusional to say that solid payment systems is not prerequisite to functional monetary system in any society. They are the bed rocks of fiscal framework in any state or country. When monetary transactional is done with ease in addition to reduced transaction cost for payment of services and goods, development of products and enterprises are significantly improved, economic expansion is aided, effective economic policies are implemented and regional financial integration is achieved.

Image Courtesy: Nairaland

As a result, impact of sound payment systems is hardly unquantifiable, it contributed to regional economic integration in a highly diverse African regions.

Putting African payment systems together as a whole has lagged behind other continent of this world, partly because of weak banking system, and culture of absolute dependency on fiat currencies and low adoption of new technology with respect to financial industry.

Let have it in our minds that, to become a force to reckon with in global economy; small and medium scale businesses, consumers as well as large corporations alike, must be able to execute financial transactions without fuss, safely and securely. Therefore, partners and stakeholders need to search for ways to make payments system that will improve both regional integration. Now, let address the issue before us, Africans.

ISSUE: many African countries experience certain bottlenecks (usually technical) with online payment processing platforms or transactions. The problem caused by this technology deficiencies in this part of the world is the greatest bane to integrated payment systems in Africa. This deficiencies creates obstacles when attempts are made to link regional payment systems at largely different stage of development across black continent. Additionally, few bank have what it takes to cater for growing financial technology requirements.

For instance, less than 25% of Africans have bank accounts, while 70% uses mobile phones. Personally I have sold airtime as means of transactions before, a situation where sender convert money to airtime, and send it to receiver as SMS. The recipient will have to locate a vendor that will buy the airtime in exchange for cash, usually, the vendors sees this as an opportunity to buy at a ridiculously cheap price. In this process, heavy transaction fees is incurred. In Kenya alone, 65% of the citizens use mobile phone to buy goods and services, pay bills, receive and send money, buy airtime and make cash withdrawal. What this means is that, we can transact without bank accounts. More so, reducing payment challenges will reduce traditional banking methods.

**What are the solutions to this? **

There are needs for harmonised technological standards, policies and regulations that strengthens pillars for payment and settlement systems to be integrated throughout Africa.

Cryptogen-Mart shall allow entrepreneurs, professionals, business owners, administrators, retailers and investors who sees accepting cryptocurrency as a form of payment for goods and services to make use of the Mart. Cryptogene Mart will be based platform through which all these transactions can be achieved, faster and cheaper.

Strengthening unilateral payment systems will greatly improve confidence, in turn, cashless transactions will increase. This is a NEW DAWN for this great continent. It is time to embrace what is ours. ARISE O AFRICA!

As you make a decision to join us in making the dream of cryptogene a reality, this thumbs up gif is dedicated to you

In spirit of new partnership between air-hawk and cryptogene

Read more about Cryptogene-Learn (DIGEST)