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Across Africa, transactions are among the most expensive in the world, with a charge of up to 20% for a single transaction.
The Fintech revolution offers consumers a significant opportunity for payments, using new technologies to save money.
VIO fits into this market, with a zero-commission transfer app, also solving some of the major sending problems.
“For people sending money home to their families, additional processing and admin costs can be crippling. Our app uses technology to give people safer and more convenient ways to move their money. Technology like the blockchain means we can take cost out of the system to give people cheaper ways to move their money“, says Praga Govender, CEO, and founder of Vio Digital.
The app is currently available for download on the Google Play Store, and from next month all the basic functions of the project will be activated.
Initial launch markets include Kenya, Nigeria, Ghana, and Cameroon.
Users will download the app and purchase Vio tokens, which are transferable through the app.
Vio has partnered with Visa to ensure the exchange of funds when users want to withdraw.
Africa breeding ground for cryptos
As we know, Africa and the countries of the so-called Third World represent for crypto a thriving environment mainly because of a high rate underbanked people, or without the possibility of opening a bank account due to lack of documentation.
It is not without reason that the number of projects related to blockchain and crypto is growing across the continent.
Among others, Zimbabwe has hypothesized the creation of a cryptocurrency, the Afro, as stated a few days ago by President Cyril Ramaphosa.