The Forus Global Digital Exchange, using blockchain realise financial inclusion for the poorest communities, will launch in South Africa, the US and the Caribbean.
The public utility blockchain and ecosystem solution that will provide a single, global, universal, trusted, user-authentication platform for both mobile and web-based transactions. It will include both the banked and the unbanked.
The ecosystem aims to alleviate poverty, build a generative economy and create sustainable returns for investors. At the same time, it should generate sustainable capital returns for the communities using the platform.
At its Johannesburg launch this week, Forus was described as enabling access to a host of financial services for millions previously excluded from the formal economy.
The payment functionality will be made available to all banks, financial institutions, merchants, application developers and corporate enterprises, and will allow anyone to use the free payment gateway with a built-in advertising platform.
The solution will include the following:
* Free e-wallet functionality for secure, real time micro-payments anywhere, anytime.
* E-commerce functionality for small businesses, hawkers and spaza shops via any device.
* User can pay or receive funds from anyone, anywhere, anytime.
* Access to low-interest loans, funding and financing for capital and business expenditure.
* Collective/community affiliate clubs able to pool collateral for large scale funding projects.
All funds are insured and underwritten.
The system will go live in March 2018, and has already signed up a range of key partners.