Inch Uses blockchain to cut out the cost of transfers from Switzerland to a selection of African countries. It promises up to 85% lower costs and up to 30% more money at the receiving end while making the transfers almost-instant.
The transfer market from Switzerland to Africa is bigger than you might think. Centi sets the total transfers the figure of approximately $ 30 billion per year, with “a significant proportion of this” heading south to Africa. At present, this market is dominated by traditional transmission suppliers, with high service fees, unfavorable exchange rates and often long delays before the recipients can use the money.
Centi can do this thanks Swiss Franc Stablecoin launched in 2023 and a partnership with the transfer app Minit money. The new service allows direct payments to accounts of over 45 banks or, for those without bank accounts, that Mobile wallets Like MTN and Airtel. In the Swiss end it is possible to refill the balances in Centi wallet with cash.
Centi transfers are now available for Eight African countries: Kenya, Nigeria, Uganda, Senegal, Ivory Coast, Cameroon, Benin and Zambia.
“Traditional transfer services often charge $ 15 to send $ 100. With centi the cost is about $ 2, says Centi CEO Bernhard Müller.
“These savings translate directly to family and friends who help each other more effectively, often in situations of needs. Our completely digital flow, which still allows physical cash to be transmitted, is unique in accessibility and inclusion. People without access to banks can also access the digital economy through centi. “
Why haven’t blockchain transfers become more popular?
Immediate, almost free transfers have been a promise from blockchain advocates since then Bitcoin First showed up. Sixteen years later, however, the “traditional” money transfer service is still in business, and we rarely hear about blockchain assets used for this purpose by the masses.
There are several reasons for this. One is that blockchain digital assets are notoriously volatile, and no one wants to risk losing 10% or more of their value when they are received and converted. Secondly until bitcoin or other digital assets are accepted as payments universallyThey will always have to be converted from and to local currencies at every end. Banks or payment providers must still be involved at some time, which means additional fees.
Third, popular blockchains like BTC and Ethereum Have seen huge transaction fees increase as their network becomes clogged-nothing saves any transmission money if it costs $ 10-20 just for the blockchain transaction.
Mobile technology and fintech companies such as mini -money have something succeeded Reduce transmission costsBut there is still the question of on/off ramps at every end of the transaction.
Centi launched its Swiss Francstablecoin (CCHF) Two years ago drove on BSV blockchain. This takes care of the price volatility and blockchain fees at the same time, given BSV’s focus on scalability and efficiency. Each CCHF unit is value-made at (CHF) ₣ 1 with centis provable CHF reserves, and the access is completely regulatory compatible and bank guaranteeed in Switzerland.
The company has previously said that its Stablecoin is intended for cases of consumer and business use, not exchange-based arbitrage trading as other assets of its type. It has an open API for merchants who can access the network directly, rather than using third-party API service providers as Visa (Nasdaq: v) and mastercard (Nasdaq: MA). CCHF, as the Swiss franc itself, can also be sent in smaller units (as little as ₣ 0.01).
Look: peer-to-peer electronic cash system-it’s micropomes
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