A South African tech company, FORUS, is partnering with Zimbabwe Stock Exchange (ZSE) to implement a blockchain-based solution which is aimed at providing a platform to handle transactions both on mobile and web. The solution, Global Digital Exchange (GDE) is being launched sometime this month in South Africa, Caribbean, Canada, and Zimbabwe.
Who are FORUS and what is GDE?
FORUS(pronounced for-us) stands for Free, Open, Real-time, Ubiquitous & Secure. The solution is meant to be open to both, people using banks and those who are not using any banking service at all. This system is meant to compete with services such as Visa and Mastercard as they believe the global banking system was not built to address Africans or low-income societies in general.
The solutions being proposed as part of Global Digit Exchange:
Free e-wallet functionality for secure, real-time micropayments anywhere, anytime.
E-Commerce functionality for small businesses.
Pay or receive funds from anyone.
Access to low-interest numbers.
Users will have a credit card with no fees apart from a 3% administration charge on transactions( transaction fees will be redundant because ads will be shown in a digital wallet)
FORUS also aims to categorize communities into groups according to the problems they face. Communities with common characteristics will be helped to overcome their financial challenges.–techzim