JOHANNESBURG, SOUTH AFRICA / ACCESSWIRE / July 6, 2022 / ENNOVA, the fastest growing blockchain service company in South Africa, announces that they expand the ecosystem of the AUC project.
African countries actively used mobile money as a measure to improve financial inclusion, and as mobile money lowered the threshold for financial use and increased access, financial inclusion in Africa doubled from 23% in 2011 to 43% in 2017. In particular, according to the results of the FinAccess 2021 survey conducted to measure the nation’s financial use and inclusiveness, Kenya’s use of financial services through official financial institutions such as banks grew rapidly from 26.7% in 2006 to 83.7%.
Mobile money is nothing new. Even before the pandemic, African countries were trailblazers in the industry. Per McKinsey, “Just over half of the 282 mobile money services operating worldwide are located in Sub-Saharan Africa.” Today, it is not uncommon for more citizens to have access to mobile money than a traditional bank account.
What is even more impressive is that there is still ample room for growth. Per the Wall Street Journal, only 45% of the African population has an active cell phone. To put this into perspective, in Europe, that figure hovers well above 80%. How these figures will be affected by the pandemic is anyone’s guess.
In this situation, mobile money can effectively influence financial inclusion improvement beyond supply and demand limits. Mobile money has the advantage of being able to easily provide financial services to mobile phone users without installing a special financial infrastructure. In addition, as in the credit scoring system, credit is measured based on users’ mobile phone usage history, and services such as microloans can be provided to people with irregular income, low income, or low credit without a job. In particular, the ease of small transactions compared to banks can be effective in financial inclusion of the socially disadvantaged groups.
Tier is a simple, easy, and fast payment and remittance app developed by Ennova that is a financial platform and service provider based in South Africa.
The core platform of AUC project, which is conducted by Ennvoa, Tier, a mobile wallet, to register credit cards of various banks in the wallet to provide a service that allows you to conveniently purchase goods in general stores. In addition, pre-paid IC cards issued by Ennova can be registered, and if customers use them, they can purchase goods at a very low cost or receive various rewards through services provided by Ennova.
Michael Kwon, co-Founder and managing director of Ennova, said, “We are a fintech and blockchain solution company that has been steadily conducting research and development for the past 3 years to provide more convenient online/offline payment services to African users.” he also added that “In the fast-growing simple payment market after the Covid-19 crisis, the Tier App will provide users with a more convenient digital payment environment and enable digital asset payment, providing high discount rates, low fees, and high security.” Furthermore, he said that “Currently, the entry of large companies such as PayPal into the digital asset payment market will attract more attention to the digital asset itself and increase demand, and if Tier App’s unique strengths are well utilized, it will definitely be able to erode demands from African markets.” Lastly, “We also introduce digital assets to Africa through the Leo12 exchange and provide a secure trading environment. It will provide support to blockchain startups in African continent through the LEO12’s Jump Deck program. With this ecosystem, we spread the advantages of digital finance to Africa and pursue sustainable development that grows together.”
Currently, ‘Tier’ and ‘LEO12’ are already operating in South Africa and neighboring countries. Tier app and the LEO12 exchange are organically linked, and all users participating in the AUC ecosystem can use the AUC project’s digital assets, AUC tokens, and en-Cash points, to easily use cross-border payments and remittance services through the Tier app and the LEO12 exchange without using multiple solutions.
Know more about LEO12 Crypto exchange, please visit www.leo12.com.
About AUC Project
The AUC is a project that starts with the financially underprivileged people in African continent and combines blockchain technology and digital asset into the global payment and remittance markets to provide relative solutions to users.
AUC project’s ecosystem consists of digital financial platform, digital asset, and crypto exchange. AUC token issued on erc-20 based and used within the network of AUC projects such as transactions, remittances, and value exchanges between countries. As various applications are served on AUC tokens and as users increase, the demand for AUC tokens will increase and create higher value.
Tier, digital financial platform, is a total payment and remittance platform made simple for everyone to enjoy all kinds of financial services in just one app.
LEO12 is a digital asset exchange supporting 3 markets (ZAR/BTC/USDT) and 11 trading pairs and can buy/sell coins such as BTC, ETH, XRP, LTC and many more. LEO12 is now operating in South Africa and is scheduled to launch LEO12’s first branch in Ghana next year.
ENNOVA is an IT and Fintech solution company. Their business will be venturing into the blockchain world as well as revolutionising current digital systems and solutions. Their focus will be around developing and offering new FinTech solutions based on blockchain technology. The mission of ENNOVA is to establish a safe, secure, and convenient digital solution to the world in order to further drive and develop the economy and digital mobile service.