Mazumma, a Payment Company based in Ghana, is spearheading a Blockchain revolution in the country through the introduction of the technology into its new payment system solution.
The company has recently launched the third phase of its initial coin offering (ICO) to fund the development of its new blockchain-based mobile payments solution targeted at solving the various difficulties faced by mobile money users in Africa.
Mazzuma, notably the flagship product of CYST, is a Ghanaian-based mobile money payment platform which employs a native digital token called the MAZ, as an instant payment method. By integrating the secure standard of the blockchain and also Artificial intelligence (AI), the company is set to incorporate high-level modern technology to improve the existing payments systems currently in use in Ghana.
With over 100 accounts registering every single day, the Mazzuma platform now boasts close to 30,000 accounts, and according to reports, have processed deals worth about GHC8 million ($1.5 million). Considering the outstanding rate of growth and its results, it is no surprise that Mazzuma is now rated the third highest used payment platform in Ghana.
Mazzuma, whose philosophy proudly states its desire to instigate and sustain a payment platform so durable and reliable where everyone can trade with absolute freedom and without stress, is evident with its intent. The company aims to slowly but consistently replace the existing payment methods currently available in Africa, by combining the benefits of their new system of payment with the already established one.
By using the Blockchain technology, Mazzuma would be solving current and existing problems in today’s mobile platforms. These problems range from security to the speed and cost of the current system. By using a decentralized ledger, and immutable recording, the system is far more secure and almost impossible to hack. Also, there would be no issue of identity as common with the cumbersome and inferior methods currently being employed, and transactions can be made much faster and efficiently.
Using the Mazzuma Token, MAZ
Mazzuma would also introduce e-commerce plugins into their platform to facilitate the instant transaction on various online shops simply by accepting Mazzuma tokens (MAZ), according to the company. This way, users can make trades anywhere online by selecting the “Payment with Mazzuma” option.
The payment option would be incorporated into applications as well, as the company prepares to provide an Application Programming Interface (API) for developers to use in different Android, iOS, and web applications. Sale of the Mazzuma token is already ongoing and is expected to run till early next month, September 5.