For the millions of South Africans that have no access to banking facilities, a new free online banking platform offers new payment and loan services. The new cooperative fintech platform of cooperative fintech platform of CoegaX offers new opportunities to South Africa’s many ‘unbanked’.
11 million people in South Africa are unbanked today. Despite dozens of mobile payment solutions, financial inclusion is still far away for the country’s poorest.
CoegaX provides access to mobile wallets and payment cards where users can transact face to face, virtually or through a digital marketplace. This digital marketplace aims to create an entire cashless ecosystem where businesses, customers, farmers, taxi drivers and more can digitally transact with each other. CoegaX cards will be able to be used nationally through a partnership with Ecentric Payment Systems.
According to BizTechAfrica, CoegaX aims to connect all South Africans to the digital economy by providing free payment services and interest-free production loans. CoegaX’ founder FORUS Foundation aims to use technology to alleviate poverty and build a generative economy. CoegaX combines blockchain, cloud computing and social networks “to create a free, secure, collaborative and self-sustaining platform where people are set up for economic success.”
Further reading on biztechafrica.com