By Staff Reporter
AfricaCoin’s Chief Executive Officer, Amos Tsopotsa has urged the use of crypto-currency as it was one of the most convenient methods of electronic money transfers in a world that is fast taking to digital forms of trade.
Crypto-currency allows online users to process transactions through digital units of exchange called AfricaCoin.
Speaking from his South African base Friday, the Zimbabwean born businessman said the digital method was fast emerging as an ideal alternative to more traditional forms of exchange like cash or credit cards.
“Africacoin has generated plenty of interest and controversy as a ‘third’ type of currency and an alternative to government flat currencies like the US dollar or the euro or pure commodity currencies like gold or silver coins,” said Tsopotsa.
Most African countries are still battling to integrate their citizens into formal banking systems.
The 36-year-old businessman proffered AfricaCoin as the ideal solution to challenges associated with financial inclusion.
“We are looking forward to collaborating with local private and public sector partners to drive greater financial inclusion through the implementation of innovative payment technologies,” he said.
“We are encouraging citizens to consider using Africacoin as an alternative to cash challenges that are transpiring in various spaces.
“We are also looking forward to collaborating with local private and public sector partners to drive greater financial inclusion through the implementation of innovative payment technologies.”
Tsopotsa, who has business interests in education, IT and finance, said adopting the use the AfricaCoin has advantages like straight forward transaction, minimising the time and expense involved in making asset transfers and more confidential transactions.
Among the advantages, he said, was that there were no applicable transactions fees, greater access to credit, easier international trade, individual ownership, adaptability and strong security.
He said his company was planning on a regional presence so as to coordinate efforts to address financial inclusion, a pressing challenge in Sub-Saharan Africa where only 42.6 percent of the adult population has access to an account.