Self-banking Africa with Klever
The African continent suffers from one of the highest rates of unbanked worldwide, but apps like Klever offers the new generation a way to self-bank and take charge of their financial independence.
The need for financial liberation and its actualization is a concept which has been propagated since the advent of traditional financial institutions such as the commercial banks.
A basic definition of a bank is a financial institution which performs the deposit and lending function. A bank allows a person with excess money (saver) to deposit his money in the bank and earn an interest rate. Similarly, the bank lends to a person who needs money (investor/borrower) at an interest rate.
These processes deployed by the banks are some of the ways banks make money from their customers on both sides of the transaction. However, the banks do not actually own the money, but since they are recognized as financial institutions, they are assumed to be a better custodian of the people’s funds, than the people themselves.
This has brought untold hardship on the customers who over a long period of time realized the banks were ripping off their customers by charging outrageous interests on the money they lend out in their possession, and only paying a little fraction to customers who come to deposit or save their funds in the banks.
These activities coupled with the difficulty surrounding the creation of bank accounts with the financial institutions themselves, leading to rampant unbanking rates in Africa, has led to a high decline of creation, trust and maintenance of bank accounts. Other challenges surrounding the creation of such financial institutions include the availability of branches in remote areas of the African continent due to the geographical locations and a lack of professional personal support and service.
The use of the internet also helped change some of the traditional banks to one powered by mobile internet which also helped to reduce the degree of difficulty attributed to the mode of operation by these banks.
However, blockchain technology which stands on the principle of immutability, transparency, peer-to-peer technology, and distributed ledger system has demonstrated the potential of a total migration from the traditional banking methods to a more dynamic and democratic way of handling transactions.
This has been tested and proven to work efficiently from the creation of Bitcoin in 2009 and other alternative coins in the years following.
The development of other financial models on the blockchain like the DeFi protocols and smart contracts have demystified the potentials accruable to the blockchain technology.
The introduction of Klever app in 2020 which is a simple, powerful, smart, and secure crypto wallet which can be used to store, trade and make payment using cryptocurrency that today serves over 3 million users worldwide has indeed transformed the need for use of traditional financial system of which the bank is the major beneficiary.
Klever has transformed everyone who owns a mobile phone into a bank for themselves.
Whereby payment, staking, p2p transactions and savings can be done seamlessly from the comfort of their mobile telephones. All powered by the Klever ecosystem.
Users can trade countless tokens available in the Klever app in Klever Swap, a natively built swap mechanism powered by autonomous bots that allows users to have full self-custody while trading their coins and tokens at the push of a button, saving users both time and money, while giving them a bank of their own in their hands.
More recently on the newly launched Klever Exchange, which uses advanced form of encryption technology for the safety of funds of its users under Klever Custody, Klever.io has built the foundation of what is set to become the fastest exchange on the market. Simplicity is once again the key element for the user experience, which will attract countless new users throughout the continent over the coming months.
Klever’s products, supporting Bicoin, Etheruem, Tron, Binance, and all of the other most used and major blockchains in the world, have enabled more people in Africa to become their own banks by making them have access to their funds whenever needed without them having to face the challenges associated with the traditional finance system.
Klever’s strategic partnership with leading global crypto tourism company Travala.com, which is a platform for hotels, flights and accommodation booking, covering more than 2.2 million hotels and properties, enabled people worldwide to make their payments using the Klever token, KLV.
Instantly, all paid in crypto, or specifically, KLV, for more than 3 million travel products on a global scale. That is a powerful addition to the Klever ecosystem.
This move has the potential to make Klever a household name in the crypto aviation and tourism sector, and an additional payment gateway that has now become one of the many growing use cases for holding KLV.