MAVAPAY: OUR CORE VALUE PROPOSITION
The payment landscape across Africa is characterized by a significant degree of fragmentation, presenting both challenges and opportunities for businesses, consumers, and innovators alike. This fragmentation stems from a combination of factors, including the continent's vast geographical spread, diverse regulatory environments, varying levels of technological infrastructure, and the prevalence of different payment methods and currencies.
One of the primary drivers of this fragmentation is the sheer number of countries, each with its own central bank, financial regulations, and often, distinct national payment systems. This means that a payment initiated in one country may not seamlessly integrate with the systems in another, leading to complexities and delays for cross-border transactions. While regional economic blocs and initiatives like the African Continental Free Trade Area (AfCFTA) are working towards greater economic integration, a unified payment system remains a distant goal.
Small and Medium Enterprises (SMEs) in Africa rely on imports from international suppliers to achieve their production, sales, or export objectives. However, the movement of money across Africa, faces significant challenges. Intra-African trade is considerably lower than in any other global region, largely due to inefficient money transfer processes between African nations. This issue is compounded by the continent's more than 40 currencies, most of which lack free convertibility.
A persistent challenge for large corporations and businesses across Africa is securing adequate foreign exchange liquidity. Suppliers and importers frequently face losses due to settlement delays and currency fluctuations. These issues collectively impede trade and economic expansion on the continent. It is one of the main reasons intra-african trade represents 15% of the continent's total trade. For perspective, intra regional trade in Asia exceeds 55% and in Europe it surpasses 70%. Even with the Africa Free Trade Agreement, the trade levels are low so it's not just a policy issue but an infrastructure gap. The existing payment rails have not tackled these problems efficiently.
The Mavapay Solution
Mavapay is a platform powering digital payments across Africa through innovative blockchain tech called lightning network. We recently launched our service by facilitating real-time payments between the NGN-ZAR corridor. The company is focused on enabling seamless cross-border trade for African businesses starting with the two largest sub-saharan African economies.
Leveraging the lightning network, Mavapay’s solution enables instant, low-cost transactions. The benefits of lightning network as a payment rail include speed, stability, security and low fees. A key part of this is ensuring a secure and fully compliant experience for all users.
Our core mission is to empower African businesses by facilitating seamless cross-border trade, helping them overcome traditional barriers to expansion and fostering their growth within the global marketplace. A cornerstone of our approach is the unwavering commitment to a superior and frictionless client experience, ensuring that every transaction is intuitive, efficient, and reliable.
Harnessing the revolutionary Lightning Network technology, Mavapay's solution delivers instant, low-cost transactions that redefine efficiency in cross-border payments. The inherent advantages of the Lightning Network as a payment rail are robust: unparalleled speed, ensuring that funds reach their destination in seconds; exceptional stability, providing a robust and dependable infrastructure; ironclad security, protecting every transaction with advanced cryptographic protocols; and remarkably low fees, significantly reducing the cost burden for businesses and individuals alike.
Beyond these technical benefits, a paramount focus for Mavapay is to ensure a secure and fully compliant experience for all users, adhering to the highest standards of regulatory compliance and data protection. We are building a future where digital payments in Africa are not just possible, but effortlessly integrated into the fabric of commerce, driving economic growth and fostering deeper regional connections.
