Vio Digital, a South African fintech firm, has launched a money transfer application that will leverage blockchain technology to help users transfer funds from person to person anywhere across the globe.
Unlike other typical money transfer services in Africa, the new service will not charge transfer and exchange fees or foreign exchange mark-up fees.
The app is scheduled to be launched in Kenya, Nigeria, Ghana and Cameroon in the next month.
The fintech firm has certified with Visa to facilitate fund exchange in case of users planning to cash out.
Commenting on the new tool, Vio Digital CEO and founder Praga Govender said: “For people sending money home to their families, additional processing and admin costs can be crippling. Our app uses technology to give people safer and more convenient ways to move their money. Technology like the blockchain means we can take cost out of the system to give people cheaper ways to move their money.”