Could POA help drive a financial revolution in Africa?


#1

Wala is a startup based in South Africa. The majority of their Ethereum-based transactions are micropayments under $1 to wallet accounts in Uganda, Zimbabwe and South Africa. These transactions are used to buy airtime, data, pay bills or even school fees for kids. Wala plans to expand to 11 more countries and, in the future, is hoping to use different blockchains simultaneously. So far, they’re using mircoraiden to facilitate and then paying the transaction fees for their users out of pocket, but are looking for a better option.

This sounds like a highly impactful and highly visible application for POA Network and the Bridge given that Wala needs a faster and cheaper mechanism for transacting on Ethereum.

Curious if anyone else agrees that this would be an interesting opportunity for POA?

Would POA be willing to partner with or make a donation/investment to fund a pilot version of the Bridge for Wala?

Reference:
https://www.coindesk.com/african-startup-ethereums-scaling-issues/


#2

Great to see the team was already hard at work. This is huge! :clap:


#3

Also you could try a test bridge for BNT token between POA and ETH. It may fuel Bancor app on POA.


Let me know your ETH wallet and I’ll send you some BNT for tests.


#4

Thanks for the opportunity :slightly_smiling_face:

0xB5056aAE2f0628a06819cb7419f551b8fCc1ecD2


#5

You do have 10 BNT tokens there
https://bloxy.info/address/0xB5056aAE2f0628a06819cb7419f551b8fCc1ecD2


#6

All tests have been successful so far. Here’s a video for one of them.

https://drive.google.com/file/d/1_0iGsJumIH-3T-ID1sfuttae5zA7Eo4l/view?usp=sharing


#7

I am new to this forum and I just saw this discussion. In the past, I personally invested in common stock of a company called Net 1 UEPS Technologies Inc. It is a South Africa based company, that is trading on NASDAQ (ticker: UEPS). They are doing some very interesting things with payments in Africa, India, Korea, etc. Interestingly, they recently started talking about crypto and even launched some crypto-related initiatives/investments. Happy to discuss further.

In a nutshell, I think crypto can offer solutions for the under-developed markets. Few things to consider:

  • Being able to make transactions off-line between two people standing next to each other would be a tremendous benefit (due to limited and often unreliable access to internet in rural areas) - although this is not a requirement per se
  • Governments could be the biggest users, due to a need of distributing monetary benefits/support to the population (i.e. think of social security payments in the US). The problem is that a lot of people in those regions dont have IDs (or IDs could easily be faked). Therefore, having a reliable encrypted identity and ability to accept payments from the government (that could be traced back to you) could be a tremendous benefit. Thats what UEPS does in South Africa, using its own proprietary technology (non-crypto)
  • Developing on this topic, this solution would help to reduce corruption and fraud, improve the lives of people who rely on government benefits, and also drive economic activity by enabling people to spend / accept payments more easily

#8

Wondering, with all these benefits, to which extent the distributed ledger technology is actually used in such countries now.


#9

I think there are some attempts both by emerging crypto-only companies as well as established payment providers (e.g. UEPS). Distributed ledger application makes sense here, especially if costs are minimal. The ability to track identity in the “payment channel” itself is a huge benefit, given lack of IDs among some of the constituents