With the increased rate of fraud and dispute claims between customers and financial institutions across Nigeria, Uche Elendu, Co-founder and COO of Appzone has made the call for the adoption of blockchain technology to not only decentralise the process of moving money from one bank to the other but to help increase the level of visibility and transparency of the procedure.
Uche Elendu shared this thought during his presentation at the recently concluded Digital Pay Expo summit – a two-day event, sponsored by Appzone, which sought to discuss the possibility of accessing finance without a third party across the African continent through Decentralized Finance (DeFi).
As more Nigerians get financially included, customers have continued to move away from cash and checks toward electronic payments. This trend is a positive development for banks and the central bank of Nigeria (CBN); however, as card and online transactions grow, so does the number of disputable transactions and the incidence of fraud, putting pressure on dispute processes.
Speaking about the adoption of blockchain technology to foster a speedy payment settlement process, Uche Elendu, said “Financial institutions across the continent have continued to evolve, leveraging technology. They have metamorphosed from the days of a heavy analogue process to a more digitized era, and with the continuous increase in the volume of banking transactions, It remains pertinent to continuously adopt newer and more sophisticated technology infrastructure to remain dependable, especially with payment settlements. For us at Appzone, we are firm believers in blockchain technology. Its decentralized nature not only makes it faster, cheaper, and transparent but also makes it sophisticated enough to enable real-time settlement”.
Speaking further, Uche said “Having rolled out Zone – Africa’s first blockchain platform for payment processing in 2021, partner banks who have onboarded with us have seen a drastic change in their payment settlement process. Zone’s innovative architecture will reduce complaints from customers and provide banks with an opportunity to deliver delightful experiences on payment channels while also driving down costs”.
Developed in line with Appzone’s recent evolution into a payment infrastructure company, Zone is Africa’s first decentralized payment network that allows inter-bank transactions to be processed directly between banks on the Blockchain without the involvement of any intermediary. With Zone, players in the industry should expect a reliable and scalable payment network that enables frictionless and instant payments, within and between every African country.
Kaldi Company Set to Revolutionize the Global Coffee Value Chain Through Kaldicoin
Kaldi Company Ltd, a pioneer in combining blockchain, Web3, AI, IOT-enabled traceability, and a novel crypto economy to revolutionize the coffee value chain and alleviate poverty amongst millions of smallholder coffee farmers globally, announced today that it has received regulatory approval from the Financial Services Authority in the Isle of Man for Kaldicoin, its new digital currency.
This milestone permits Kaldi Company to engage in a range of activities related to convertible virtual currency, including issuing, transmitting, transferring, providing safe custody, administering, managing, and trading the Kaldicoin digital currency under the supervision of the Isle of Man Financial Services Authority.
The global coffee industry is a rising $450+ billion annual market marred by inequalities. 44% of the world’s 12.5 million smallholder coffee farmers, who collectively produce 80% of the world’s coffee, live in poverty. 22% of these farmers and their families are enduring extreme poverty, surviving on less than $1.90 per day.
Kaldi Company is the first company to provide an integrated platform, KaldiMarket™, utilizing blockchain, Web3, AI, IOT-enabled traceability, and a novel, partially but significantly asset-backed crypto economy that creates profitability for smallholder farmers while also providing a higher dollar return for their crops.
It delivers this by linking smallholder farmers directly to global wholesale buyers and passing on savings generated through logistic automation to the farmers. KaldiMarket also addresses critical problems of cost transparency, supply chain inefficiencies, and price volatility within the global coffee industry, so smallholder coffee farmers, their families, and communities can make a profitable and sustainable living from coffee farming.
An innovative crypto economy underpins the coffee trading process on KaldiMarket, where new Kaldicoins (the platform’s native digital currency) are minted based on actual USD-denominated coffee sales on the platform and distributed as rewards for participation to coffee farmers and buying roasters. Kaldicoins are awarded to farmers in addition to the USD income from coffee sales and to buyers as a reward for purchase.
Only farmers can initiate the Kaldicoin minting process by selling their coffee on KaldiMarket, and they receive the largest share of the newly minted Kaldicoins, opening new opportunities to profit from their crops and enabling them to participate in the marketplace’s macro trading success across the rapidly growing green global coffee market.
Daniel Ball, CEO of Kaldi Company, commented, “Today, the crypto-regulatory environment is navigating challenging yet necessary growth. Trusted regulatory oversight is essential for market confidence, and we are pleased to achieve regulatory approval in a respected jurisdiction. This regulatory milestone reinforces our commitment to rebalancing the economics of coffee through our unique supply chain solution and new crypto economy and signals the trustworthiness of our brand in this space.”
Kaldi Company Founder and Chair, Professor Stefan Allesch-Taylor, added, “Kaldi Company is at the forefront of harnessing blockchain technology and tokenomics to drive meaningful global financial impact for millions of the world’s poorest coffee farmers. Kaldicoin is a powerful economic participation unit and profit multiplier designed to capture the money lost in the system to an inefficient supply chain and to pass this wealth to the KaldiMarket participants, the sellers (farmers), the buyers (roasters), and all Kaldicoin holders. This regulation strengthens our commitment to delivering financial empowerment, financial inclusion, and a profitable, sustainable future to smallholder coffee farmers worldwide.”
Nigeria Takes Bold Step Towards Digital Transformation with National Blockchain Policy
In a decisive move towards embracing the digital era, Nigeria has embarked on a groundbreaking journey of transformation with the introduction of its National Blockchain Policy.
According to the Minister of Communications and Digital Economy, Prof Isa Pantami, the policy sets the stage for a technology-driven future in the country.
Underlining the government’s commitment to this digital revolution, Prof Isa Pantami recently inaugurated the National Committee responsible for implementing the National Blockchain Policy. The committee comprises representatives from 29 institutions across both the public and private sectors, including academia. This diverse membership ensures a comprehensive approach to driving the adoption of blockchain technology across Nigeria.
The significance of this development was highlighted during a ceremony held in Abuja, where an impressive 32,022 Nigerians were honored for their successful completion of the Federal Government’s Blockchain Technology training program. This training initiative, organized to equip individuals with the necessary skills to support the policy’s implementation, marks a crucial step in building a workforce ready to harness the potential of blockchain technology.
The endorsement and support for the National Blockchain Policy came from none other than President Muhammadu Buhari himself, who, on May 3, approved the policy and issued directives to key regulatory bodies. The National Information Technology Development Agency, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission were tasked with developing regulatory instruments to facilitate the seamless integration of blockchain technology into various sectors of the economy.
The National Blockchain Policy serves as a roadmap for Nigeria’s adoption and utilization of emerging technologies. It aligns with the seventh pillar of the National Digital Economy Policy and Strategy, which focuses on creating a “Digital Society & Emerging Technologies.” Prof Isa Pantami explained that the policy forms an integral part of Nigeria’s broader digital transformation efforts, alongside policies on Artificial Intelligence and Robotics. These initiatives have already led to the establishment of the continent’s first-ever National Centre for Artificial Intelligence and Robotics (NCAIR), located in Abuja.
Emphasizing the pivotal role of technology in driving Nigeria’s digital economy, Prof Isa Pantami highlighted the significance of the fourth industrial revolution. This revolution has ushered in disruptive technologies such as Blockchain, Artificial Intelligence, Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicles, Biotechnology, 5G, and Cybersecurity. Nigeria, proudly standing among at least three African nations actively involved in the fourth industrial revolution, is poised to leverage these advancements to bolster its economic growth and development.
The successful implementation of the National Blockchain Policy will have far-reaching benefits for Nigeria. It will provide a comprehensive framework for integrating blockchain technology into various sectors, nurturing indigenous talent, and creating a globally competitive ecosystem.
Furthermore, it will address critical issues of governance, security, interoperability, regulatory compliance, accountability, and transparency.
The policy’s effective execution is expected to foster innovation, improve government services, generate job opportunities, stimulate economic growth, instill public trust in governance, and promote citizen engagement.
Nigeria’s Government Embraces Blockchain Technology with New National Policy
In a groundbreaking move, the Nigerian government has officially approved the use of blockchain technology across the country.
The announcement was made by the Federal Executive Council following the approval of the National Policy on Blockchain by the Federal Ministry of Communications and Digital Economy.
The policy will provide the necessary regulatory frameworks for the adoption of blockchain technology in various sectors of the economy.
It is expected that relevant agencies will now develop appropriate usage and regulatory frameworks to ensure the smooth implementation of the policy.
To oversee the implementation of the new National Policy on Blockchain, a Steering Committee has been established, which will be led by the National Information Technology Development Agency (NITDA) and include all relevant government agencies.
The committee will work towards ensuring the effective integration of blockchain technology into the country’s economy.
According to HM Isa Pantami, the Federal Minister of Communications and Digital Economy, this latest policy is the 23rd National Policy developed by the Ministry, highlighting the government’s commitment to advancing the country’s digital economy.
The adoption of blockchain technology in Nigeria is expected to have a significant impact on the country’s economy, particularly in sectors such as finance, healthcare, and agriculture.
With this new policy in place, Nigeria is poised to become a leader in blockchain adoption and innovation on the African continent.
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