KamPay is a company that was founded in 2018 as a financial inclusion avenue for the unbanked. The firm created a digital currency called Kamari which is akin to what we accustomed to with mobile money but it is based on blockchain technology. Users can transfer, buy and sell but also lend and save through the KamPay wallet.
Seeing as Africa has one of the fastest-growing populations which is expected to hit 2 billion over the next several decades. As well as the current population being made up of individuals under 24, financial services and innovations in the space are more vital than ever.
In line with its mission statement, KamPay has announced that it is targeting one of the continent’s biggest sectors. KamPay and Africa Grain and Seed (AGS) have partnered up to offer the KamPay wallet to farmers in Zimbabwe and Cameroon. The roll-out according to KamPay is going to involve 50,000 farmers.
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The folks over at KamPay say that they are offering lower merchant and consumer fees than the traditional providers. What those figures are exactly was not expounded on, however, the solution is said to have automated settlement using smart contacts. On top of that, it will also enable the government with tax collection.
As I am sure you are well aware, blockchain tech has a decent record when it comes to managing information. The solution is much like the blockchain livestock tracking system that was launched last week by Mastercard and E-livestock in that respect. Additionally, KamPay’s payments system allows for cross-border payments and transactions.
KamPay’s payment solution sounds similar to ZIMBOCASH, the only difference here looks like the former is targetted at (for the moment) agriculture. Now, at this point, many will be sceptical because ZIMBOCASH left just as quickly as it came. but, it is encouraging to see that there are firms who are testing the waters in Zimbabwe where alternative payments are concerned.
Hopefully, KamPay sticks around for a good long while and it coming into Zimbabwe with the provision for tax collection will be music to the government’s ears.
You can check out KamPay for yourself with the link here