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CryptoBank aims to be the leading crypto payment gateway in Africa and beyond, designed to modernize the payment of goods and services online/offline while solving the problems of traditional payment methods by offering instant transactions and immediate crypto-to-cash settlements for the merchant. With CryptoBank, merchants can easily adopt cryptocurrency as a payment option while receiving their local fiat currency in return through the help of our p2p block system. Our system was built to bypass government protocol while allowing merchants/consumers to benefit from the advantages surrounding cryptocurrency/digital payment including low transaction fees with no monthly limits, No chargeback, fast transaction, and transparency! Be in control of your finance. In addition, in order to provide more security in the platform, we introduce the Internet identity (Internet computer identity)to replace the traditional mode (user name and password) with a more advanced and safer encryption authentication method, thereby eliminating the possibility of service providers stealing user data or tracking user activities.
#Problems to be solved
- Numerous African nations continue to struggle with the adoption of cryptocurrencies. This is because cryptocurrencies are unregulated in African jurisdictions, which is further being hampered because of the pessimistic sentiments expressed by the regulators towards the application of digital currencies. Consequently, the habitants residing in African countries are unable to purchase or advertise goods and services using cryptocurrencies liberally.
- Digital literacy continues to hinder cryptocurrency adoption in Africa. According to a survey carried out by Statista in 2020, the internet penetration rate in Africa was 39.3% whilst the global rate was double that, standing at around 63%. This implies that many of the current cryptocurrency decentralized applications are not being recognized or utilized by Africans.
- Current marketplaces tend to have prolonged processing of dispute issues and non-transparent terms and conditions for the merchants. This is made worse by the burdensome reconciliation, settlement, and clearing processes. Also, cross-border transactions tend to be slow, inefficient, and time-consuming. What is more, these marketplaces are prone to critical security and privacy troubles such as fraud.
In conclusion, there is robust evidence indicating that merchants and consumers in Africa have no preferences, no right to price-setting, and no freedom of speech in African nations due to regulatory uncertainty, a low digital literacy rate, and bureaucratic processes. Research has proved that most transactions in African countries are done offline due to inadequate security and transparency, which limits online spending when making payments with credit cards and other payment options available.
- Since cryptocurrencies are not legalized in African countries, CryptoBank payment gateway was designed to bypass this protocol with the help of our trusted and secure peer-to-peer system which allows merchants to accept cryptocurrencies(BTC, BNB, ETH, ONE, Avax, Sol, NULS, CBT, XEND, CET, CELO, ELF .e.t.c) as a payment method with the convenience of receiving their funds in fiat currencies deposited straight to their local bank.
2.CryptoBank Africa on the other hand allows merchants to advertise their goods and services to consumers on an international scale with the advantage of selling their goods to a wide range of users across Africa. Moreover, the consumers/buyers also have the advantage to choose from a variety of cryptocurrency payment options in order to benefit from the current value/transaction fees. This will give the consumers/buyers the freedom to take advantage of the market conditions at any time.
- In order to improve online payment and solve the problems in terms of low limit transactions, CryptoBank Africa has additionally effectively managed to develop a faster, more versatile, and easier-to-deploy payment API for the online marketplace. At CryptoBank Africa, we are determined to make online payments much easier for Africans with Blockchain technology, as we aim to adopt more crypto users across the continent. In order to make this goal a reality, research carried out by our team has proved that Africans prefer to use their phones over computers. therefore, CryptoBank Africa App will be available on Android and IOS stores. As part of our plans to improve crypto payment in Africa, CryptoBank Africa has also taken Africa's low internet penetration rate into account as we look forward to integrate Crypto payment with USSD code for registered users only. This will allow CryptoBank Africa to provide offline services.
#To tackle security and bureaucratic troubles, CryptoBank Africa is built using blockchain technology with an IPFS storage system. This will benefit the founders, merchants, consumers, and private users because the public records are stored in a decentralized manner, whereby no intermediaries are involved, and the transactions carried out are faster and have lower transaction costs. This means that the information stored is cryptographically secure making it strong to be attacked. In addition, Private users can also request payment in Cryptocurrency while receiving the payment in their local fiat currency deposited directly to their local bank account. with the great features, friends and family working abroad can find it easy to send payment across, pay for school fees and lots more. with our experiment, sending payment with Cryptocurrency is cheaper, easier, faster, and more convenient than the normal traditional payment we have today. Thanks to the new technology BLOCKCHAIN.
CBToken Networks to improve fast transactions with low fees for online payments include;
- Binance smart chain
- Harmony network
- Nuls Blockchain.
For more information, visit our whitepaper; https://cryptobankafrica.gitbook.io/cryptobank-africa/