London-based fintech startup Humaniq has declared designs to grow its versatile financial administrations for the world’s unbanked to five progressively African nations. The development is a piece of its more extensive technique to offer financial answers for over 2.5 billion individuals overall who have practically zero access to budgetary administrations.
Passage into New Markets
Humaniq is a money related administrations application that is empowered by its own digital money (HMQ) and means to annihilate destitution among a large number of individuals living in creating economies. The Humaniq application offers particular highlights, for example, an inbuilt talk framework, live help, a protected verification procedure and digital currency wallet for HMQ tokens. Clients can download the application on Google Play Store onto their cell phones and access the worldwide monetary system empowering them to make installments, spare, loan and even get cash.
The app utilises a biometric identification system, E2E encryption, and offers free HMQ coins for new signups and referrals. In March, Humaniq launched version 2.0 of its app, which operates on the first-ever working hybrid blockchain. The benefits of the upgrade include zero commission fees, instant transfers and allowing HMQ tokens to be open and accessible on the Ethereum main-net.
Currently, the app has over 180,000 downloads and has been received positively by first members of the Humaniq community living in Uganda, Tanzania, Rwanda, Zimbabwe, and Senegal. The blockchain startup is expanding to new markets which include Kenya, Cote d’Ivoire, Ghana and Botswana, bringing equitable access to financial services, money transfers and social programmes.
Succesful ICO and Growth in Sub-Saharan Africa
Building on their ICO in April last year, which raised over $5.1 million, Humaniq is also moving to the South African market where it seeks to develop a competitive mobile ecosystem. The expansion comes at an opportune time when mobile adoption in the continent continues to soar and Internet penetration in Sub-Saharan Africa is at 35.2%. While the region faces challenges such as lack of infrastructure its economy is expected to grow in the next three years outpacing some of the more developed nations and opening opportunities for the unbanked.
Anton Mozgovoy, CTO of Humaniq, said in a company press release: “Humaniq is developing extremely fast and now we are on the threshold of a promising new step. The app’s first few months show Africa becomes a leader in the mobile payment transactional model adoption. Our development team is excited about delivering financial inclusion solutions for the 2.5 billion unbanked and we hope to inspire new users and earn their trust as we introduce them to a new, safe world of diverse financial free-of-charge services.”
In order for its team to understand the financial climate in Africa – particularly pertaining to the unbanked – the company held a competition for blockchain projects in November 2017 that promote financial inclusivity. Three winners among the 450 participants who submitting projects especially made for the Humaniq platform were selected for an expedition to Kenya to meet the people who will benefit from the services and to receive feedback on how to improve their solutions based on the needs of their targeted customers.