"Monetix currently deploys Mobile Money, the most popular form of Money in East Africa, which is privately issued by the large telecom companies. Mobile Money found rapid adoption because it carried significant advantages over bank money or physical cash to the local population and businesses. Monetix believes that digital cash run on a distributed timestamp server is going to be the next natural step in the evolution of money and equally find rapid adoption due to its superiority." – Patrick Prinz
Monetix CEO Patrick Prinz, CFA took the stage at the Global Blockchain Convention in Dubai to discuss 'The Future of Financial Services on Blockchain: More Efficiency & Inclusion' together with fellow speakers Wojtek Kaszycki (Founder, Chairman & CEO, Mobilum Technologies PLC), Rafael Schultz (CEO & Founder, Blockchain Punk Labs), Apollo Eric (CEO & Co-Founder, Bitlipa) and moderated by Naeem Aslam, QFA (Columnist, Nasdaq | Founder, Zaye Consulting).
Speaking about Monetix’s experience with technology in emerging markets, particularly Africa, he highlighted the need in this market which drives adoption faster than in developed markets. Monetix is confident about East Africa’s potential, in resources, workforce, and the ability to adapt to new technology driven by its young population. In partnership with the local partner CapitalSavvy, Monetix provides East African entrepreneurs with simple access to affordable financing and creates tech-centric employable skill-building programs.
About use cases, Patrick described an ongoing RFP in which Monetix participates, whereby Monetix pitches an NFT (Non-Fungible Token) solution for the government. The software substitutes, physical vouchers which are currently distributed to subsidize ingredients for farmers, with a system that is forgery-proof, where vouchers can be recovered if lost, they can easily be exchanged or traded, and are easy to reconcile for the issuer, which is the ministry.
He also covered digital cash as the technological evolution which will bring millions of unbanked into the economic system. Monetix and CapitalSavvy are currently in the process of developing their digital cash solution which they are to present to national banks and regional banking partners by the end of the year.
"A lot of these farmers are non-banked. Many of them are illiterate. So what I think this opportunity presents, is really economic inclusion, leveling the playing field and allowing these people to participate in the economy while they are excluded now." - Patrick Prinz
Watch the full Global Blockchain Convention Livestream | Day 2 at https://youtu.be/RzJsCRb6zt8