Transactions on the transfer of money between individuals banks have always been committed. However, it has traditionally been a non-profitable and burdensome business for banks. Previously, only classical bank transfer was used to send money (it is still used today). In this case, the sender of the transfer must open a current or deposit account with the bank, and then, after completing the application for the transfer, give an instruction to send money. The application must include the details of the bank receiving the transfer, the name and account number of the beneficiary of the transfer at the designated bank. A classic bank transfer of money to an account opened in another bank is carried out using a correspondent network of banks, and the transfer itself is sent via bank telecommunication channels.
These types of transfers go to the recipient for a long time - several days, until the correspondent accounts of all the banks participating in the transfer are completed. Small transfers of this type are very burdensome for banks, so they are expensive, and the recipient can wait for the money with a big delay, as transfers are often lost. The inconvenience should also be attributed to the difficulty of filling out payment documents by a “non-advanced” user, the absence of a conveniently located branch of the bank, as well as the need to open an account with the bank, which also has to be paid monthly.
Transfers on the African continent are no exception. Also aggravating the situation is the high interest charged by banks for the provision of money transfer services.
A blockchain can become a solution to this question. What can become an alternative to bank transfers, today we will talk with the creator of the platform Cryset, Munachi Ogueke.
- Hello Munachi,
- Today there is a huge problem with remittances in Africa. How does Cryset try to change the financial translation market in Africa?
- Hi Crypto Capital News. Actually remittances in Africa is a very big problem, many solutions have been tried to solve this problem but they aren’t very efficient or end up being very expensive. We as a company have decided to build out own solution, “intrupay ” Intrupay is a cross border remittances and payment gateway for Africa. We are using the Blockchain and Cryptocurrencies to build a new way for money to easily move into Africa.
- What types of services does Cryset offer to its customers?
- Cryset is the mother company of Intrupay. Intrupay is a payment gateway and a cross border solution provider for Аfrica. Cryset also helps international Blockchain startups find their footing in Аfrica. We combine these with market research and consultancy for Blockchain related issues. Our goal its to bring or build institutions and companies that have Blockchain solutions that solve real life problems in Аfrica.
- How do regulators and banks treat what you offer, because in fact the earnings of banks will begin to decline?
- Banks really are still going to be the biggest remittance channels for a while. Just like one of my favorite books “Disruptive innovation” elaborates, Institutions that use sustaining technologies most times fail to notice the new kids on the block with disruptive innovations. Relating that, banks and organization that otherwise do what we do most times won’t give much thought to what we are doing. Its a good thing for us cause we are going to continue growing, until a stage that they won’t be able to ignore us any further but then, it might be too late. As regards regulations, the Nigerian government and some Africa governments are either neutral to Cryptocurrency or still trying to understand the technology better. This is a good thing for us and the regions because we as Africans can leverage this technology to make our continent better.
- Translation of crypto currency requires some knowledge. Such as, to establish a purse, how to send, how to exchange for fiat. But we know that not everyone has a good technical knowledge base. How do you solve this issue?
- Cryset on our part is really big on Blockchain and Cryptocurrencies education. Even on a personal level, I embark on campus tours and organize meetups and seminars to help educate people on Blockchain and Cryptocurrencies. The Blockchain literacy levels are increasing and you see countries like Nigeria really exploding into this new asset class. Trading volumes are increasing exponentially. I believe with more education, people will be more familiar with the interfaces and come to understand the technology more.
- How do you inform the public that you are presenting a translation service using Cryset?
- For now the project has been growing organically inbound marketing Channels like social media, blogs and personal posts. We are also working with strategic partners to leverage on their network, customers and reach.
- Does Cryset plan to create its own crypto currency, or will Bitcoin use it?
- For now we are more focused on making the best use of the coins already in place with sufficient liquidity. We aren’t going to force our user to get our tokens. We could introduce a payment token on Intrupay but its not going to be enforced and most likely not now.
- What would you like to wish the readers of CryptoCapitalNews from Cryset company?
- We are wishing them the best!.