Ghana’s Mazzuma (MAZ) Payment System to Use Blockchain For Instant Mobile Transactions
The 3rd highest ranked payment platform in Ghana in terms of mobile transaction volume, Mazzuma, is now looking to utilize blockchain technology by creating MAZ cryptocurrency in order to enable instant, seamless mobile payments globally.
Since it was founded in 2015, Mazzuma has been a force to reckon with when it comes to online payments in Ghana, transacting more than $2 million and more than 26,000 registered users. The platform has contributed hugely to financial inclusion with a variety of application, which include a Telegram, Facebook Messenger and mobile application bot that communicates with its users in Pidgin English (local English), allowing easier payments.
The mission to achieve seamless transactions on the Blockchain has had several challenges largely because of limitations involved in the Mobile Money ecosystem, whereby total provision of financial services isn’t allowed at all. But Mazzuma has a plan to make it right by creating an in-house cryptocurrency, the MAZ Token.
The MAZ Token will allow the online payment giant to merge cryptocurrency payments with mobile money on its platform, promoting a paradigm shift from the regular network-based payments. The token is also intended to help address various mobile money challenges such as classist transmission limits, high remittance fees, and high transaction friction.
Mazzuma Will Conduct An Initial Coin Offering
Mazzuma intends to distribute the MAZ Token to the public through an ICO, which started on 9th August, 2018 and expected to end on 5th September, 2018. Each token is being sold at $0.75. The platform’s ecosystem will incorporate mobile applications, an e-commerce solution platform, and bots, all of which will help enable MAZ Token payments from inside any application.
The co-founder and Director of Strategy at the company, Kofi Genfi, said in a press that the combination of artificial intelligence and blockchain is an important feature when it comes to ensuring effective functionality.
“The most unique feature about Mazzuma is its sheer simplicity in its usage. Using a combination of artificial intelligence And blockchain technologies, Mazzuma’s unique multichannel approach allows consumers to use financial services in ways you hadn’t imagined before. Also, it’s seamless and simple user interface makes it very easy for customers to understand its usage for its most relevant application; remittance based transactions,” said Genfi.