Is Mobile Money The Future Of Mobile Banking?

Mobile money logo

So I know this may be hard to hear for members of the cryptocurrency community but across Africa there is already a service being provided that is very similar to cryptocurrency it just lacks the blackchain infrastructure. This service is called mobile money and instead of banks providing remittance and storage services it is your phone company that does it. Amongst the most notable companies involved are Vodafone and MTN. If you have ever been to Ghana then you know that you cant turn a corner without running into an MTN mobile money vendor. according to Citifm in 2017 MTN Ghana moved 9.3 million GHC a day and has amassed over 15 million users in Ghana alone.

Mobile money for many Ghanaian users performs all the functions that their bank does except for maybe international remittances. To those who use mobile money it is an indispensable tool they use on a daily basis to buy and sell goods. It is evident that the influence of these services is only growing. With the rise in blockchain technology and the increased use of cryptocurrency in Africa, many companies now use mobile money to access cryptocurrency. There are companies like Remitano which connect users to make exchanges of bitcoin and ethereum then there are those like @yensesa which use community based liquidity to facilitate trading to and from mobile money.

Unlike most of our competition we are focused on growing the community and aside from the exchange project we have numerous projects on our road-map. First we will release to the public the Yensesa platform which will be the first company to exchange STEEM and SBD directly into mobile money. After we have released that we will begin moving towards our goal of creating a basic income program that our supporters can use to alleviate some of the financial stresses common in Ghana. I won't go to deep into that because it is a work in progress. I can tell you the program will be called the Yensesa Power Project and if you have any knowledge of basic income or would like to help us build join the conversation on Discord.

While you wait for the release of the Yensesa platform take a chance to check out our Hyperfundit and also be sure to vote for us as a witness so we can continue to support the STEEM blockchain.