Blockchain-powered financial services platform Wala and launch partner of Dala cryptocurrency have announced that it is now live in three markets: South Africa, Zimbabwe and Uganda. This step has removed various barriers to financial services in these countries, providing millions of consumers in these markets with a zero-fee, “better-than-banking” solution. Wala - the world’s first borderless, rewards-driven, zero-fee financial platform - has also announced it is working with Spire, which powers a mobile dApp marketplace. The objective: reaching 30 million mobile devices with decentralized banking services in emerging markets.
Wala is a mobile financial services platform built on the Ethereum blockchain. It works with specialist providers in each market they’re operational in, including banks, to offer a full suite of financial services like transactional banking, remittances, loans and insurance.
With Wala, users in three countries can access remittance, savings, value-added services, and credit services powered by the Dala cryptocurrency via their smartphones. Wala bridges the gap between the underserved and financial services by giving users access to formal financial institutions wherever they are, whenever they need it.
“This launch is a giant leap in the right direction to solve a problem that impacts almost half of the global population,” said Tricia Martinez, CEO and Co-Founder of Wala and Director of The Dala Foundation. “To illustrate the impact of just one of Wala’s services, zero-fee remittance, 50% of Zimbabwean migrants living in South Africa sent a staggering $1 billion USD home last year. To do so they incurred fees of around 10–15%, that’s $100-$150 million in fees. Providing a zero-fee and borderless payments solution for these consumers is game-changing, it gives consumers more control over their financial well-being.”
To expand its reach, Wala will be preinstalled on 30M devices through the Spire-powered dApp marketplace in emerging markets, providing more unbanked people with access to financial services.“We’re very excited about this engagement and together, Spire and Wala can bring equal access to financial services across emerging markets, so people can build a safe, secure future for themselves and their families,” said Charlie Hulcher, Spire’s Head of Technology.
(Source: Apps Africa)