Gaining from the Telcoin, Jumia patrnershipRichard Ogunsola
The World Bank estimates that a significant portion of the population (close to 3 billion) – don’t have access to traditional financial services. This category of people are referred to as the ‘unbanked population’.
Despite the fact that mobile phones came long after the advent of banks, there are nearly five times as many mobile phones in the world (5 billion) as there are active bank accounts (1.2 billion). Tech experts have therefore carved a niche whereby technology, mobile phones etc could be inter-married with the banking industry. This marriage is what gave rise to words like FinTech, Mobile Banking, Digital Financial Remittance etc.
Telcoin and many other Blockchain projects are on their way to bring innovative solutions to our everyday life. Telcoin (TEL) seeks to disrupt this relatively new FinTech industry, thereby making Financial Inclusion not just a Social media buzzword but a reality. The major aim of the project is therefore ensuring every human being has access to financial services.
The Japan-based technology firm- Telcoin, has signed partnership deals up with many telecom operators and providers, including the global telecommunications company Etistalat, VEON Group (one of the largest network operators in the world) and most recently Jumia (an online e-commerce marketplace brand with presence 15 African countries, including Nigeria.)
“What we will focus on and explore is increasing the sales traffic from Nigerians in the diaspora adding value to cross-border e-commerce transactions as well as value -enhancing e-commerce transactions within Nigeria” -Ms Lee-Ann Cassie (Africa Head, Telcoin)
Telcoin is a telecommunications-focused project that is aiming to utilize mobile carrier networks for money transfers, remittances and online payments.
“We’re excited, to say the least, about our partnership with Telcoin, because we believe this will have a huge impact on our commitment to improving the lives of Africans through the Internet, helping them to save time and money…”
“…With this partnership, we can now serve Nigerians in the diaspora who are looking to convert their digital currency to shopping vouchers on our platform . We rely on and trust Telcoin to facilitate the currency conversion since digital currency is , in the interim, not a payment method on Jumia”
-Mrs Juliet Anammah, CEO Jumia Nigeria
The global remittance market which is already worth hundreds of billions of dollars is dominated by Western Union and the likes. However, with various reports pointing to the fact that remittance will grow, due to trends such as urbanization, increased tech savviness (amongst the young and old) and the growing trend of mobile payments. Telcoin just like Propy, Ethereum etc stands a good chance to make a lot of impact.
Telcoin’s Unique Selling-Point
5 Billion phones and growing
By partnering with mobile operators, Telcoin will be in a unique position to reach an enormous amount of potential customers.
The project not only touts itself as one of the most user-friendly mobile cryptocurrency payment systems. Telcoin is designed in a way that you need not change your mobile spending habits at all. Instead it provides you a new platform for international remittances, mobile credit top-ups and lot more.
By coupling the power of cryptocurrency and telecoms, Telcoin can afford to provide very cheap transfers with no hidden back charges.
By partnering with telcos, Telcoin is hoping to service more than 5 billion mobile users. Telcoin is focused on connecting with mobile networks globally, enabling easy conversion between telecom mobile money, prepaid credit and postpaid billing platforms.
Telcoin can be used for making payments on e-commerce websites like – Jumia, which is in itself a large corporation to integrate with. By partnering with mobile operators and e-commerce agents, a whole new group of potential customers will open up for the cryptocurrency world. This partnership will also lead to lower transaction fees. Users will be able to send money to each other using their mobile phones across the planet.
Built on a solid foundation
Leveraging the Ethereum blockchain, Telcoin inherits the strength of a trusted and transparent network.
The Telcoin roadmap is not limited to remittances. Leveraging its positioning to reduce roaming spending (offering tourists access to local currency spending), international aid (facilitating disbursements to the under-banked), and online payments in general.
Anti money laundering and fraud management
Telcoin is AI complaint therefore useful in detecting malicious traders doing price manipulation. (This is reported as market abuse and is severely prosecuted in most countries). The blockchain technology aspect allows access to Big data while the AI aspect can detect standard customers behaviours/patterns which can therefore understand anomalies.
Reduction of Forex risk (liquidity provider)
With the recent advances of AI in quantitative finance, efficient hedging strategies have been proposed and successfully applied to the Forex market. One direct advantage of using AI is a lower Forex risk and a lower spread, benefiting directly the mobile operators willing to buy and sell Telcoins.
Transparency and KYC
Telco operators know their customers better than their bankers, though KYC (know your customer) compliance. Coupled with telecom service usage patterns, Telcoin’s AI can greatly enhance the user experience while maintaining a very high level of safety.
The combination of Telecommunications, AI and Blockchain is explosive and all the domains can really take advantage of one another. Coupling these high-profile technologies with finance can help realize the long-standing expectation of a global cryptocurrency that is both widely used and generally safe.