COUNTRY FOCUS: BURKINA FASO
ModulTrade has created a foundation for
the launch of ModulTrade blockchain based
smart-contract platform in the African
continent after signing agreements with
leading financial and logistic organisations
and meeting with an Ambassador of the
Russian Federation, Vladimir Baikov.
Leading logistics company SIMAT, and
SERFIN, one of the key players in financial
services and a representative of Western
Union in the Ivory Coast and Burkina Faso,
will both benefit from using ModulTrade
products; ModulTrade Market and the
ModulTrade Wallet, working on the
ModulTrade blockchain currency, MTRc.
Having already signed deals in China with
successful adoption and use of ModulTrade
applications, the move into Africa marks a
pivotal change in a market where there are
more smartphone users than those with
bank accounts.
One of the key benefits ModulTrade provides
is taking the full trade cycle online. Trade
can now be executed through smartphones,
tablets or desktop, with smart-contracts
ensuring trusted transactions between both
buyer and seller.
ModulTrade CEO, Evgeny Kaplin, said: “With
more people in Africa owning smartphones
than bank accounts (15% of the population
have bank accounts while access to
smartphones and cell phones is at 70%), the
user base for blockchain technology is real.
Access to traditional banking systems is not
straight forward and processes can prove to
be lengthy and costly.
“Blockchain technology provides a newfound
opportunity where anyone can make
payments quickly, securely and cost-effectively.
ModulTrade, the blockchain based global trade
platform, built on blockchain technology, is
directly available in Burkina Faso.
“Together with our partners from West
Africa – SERFIN, SIMAT, ANOPACI and Trade
Association and our main instruments, MT
Market and MT Wallet, we will allow locals
to trade between different markets and
make transactions using MTRc – the native
ModulTrade token.
“By providing such digital tools, businesses
of any size and individuals of Burkina Faso
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INTELLIGENTCIO
“
WITH MORE PEOPLE IN
AFRICA OWNING SMARTPHONES
THAN BANK ACCOUNTS (15% OF THE
POPULATION HAVE BANK ACCOUNTS
WHILE ACCESS TO SMARTPHONES
AND CELL PHONES IS AT 70%),
THE USER BASE FOR BLOCKCHAIN
TECHNOLOGY IS REAL.
face an exciting prospect of growth. It also
supports the region’s financial development
and connects locals to other markets, which
may not have been otherwise possible.”
SIMAT will benefit from the ModulTrade
Market’s capability of cross-market trading
and the delivery of goods around the
world. This partnership will open the doors
for MSMEs who have before struggled
to export and import through traditional
trade flows. The partnership with SERFIN
will see ModulTrade’s Wallet added to 800
outlets as a choice for money transfer and
payment and the ModulTrade Market a
secure trade platform for SEFIN’s clients –
the MSMEs.
Further to SERFIN and SIMAT, discussions
are in place with other businesses, of which
partnerships will be announced in due
course. Current partnerships commenced
last month.
iDE Global – working with the
farming community
iDE has been working to increase incomes
and improve the health of rural households
by creating business opportunities in
agriculture and sanitation. The company
works with smallholder farmers in rural
areas of Burkina Faso helping them improve
farming productivity and to access local
markets where they can sell their harvest
at a profit. The technologies promoted to
smallholders includes drip irrigation, water
storage and solar pumps.
iDE entered Burkina Faso in 2011 to create
a sustainable supply chain for drip irrigation
kits and other irrigation technologies and
have already facilitated the sale of over
4,000 drip kits to date. The impact has been
significant – enabling farmers to plant up to
three crop cycles a year – and agricultural
production has significantly improved. n
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