Ekasi-Bucks is an ambitious start-up in South Africa that aims to block chain-based financial systems to businesses in country’s townships. The platform is already active in countries such as Soweto, Soshanguve, and Khayelitsha.
During an interview with Disrupt Africa, the co-founder of Ekasi-Bucks, Lucky Kgwadi explained that the company is “bringing mobile banking over the block chain to over 300,000 unbanked clients on our database.” This means that the group of disadvantaged people unable to join a physical bank will be able to have full control over their money and be able to withdraw money.
Ekasi-Bucks loyalty program currently has over 4,000 merchants and 20,000 card users. Despite these outstanding numbers, Kgwadi plans on expanding his service even further. He predicts that the potential of his platform could reach to over 27,000 users around the Gauteng townships alone.
Kgwadi is currently discussing terms with other big companies in different countries such as Zimbabwe, Botswana, and Kenya.
Just like many other startups in Africa, however, the company does not have enough investors to fully take off and reach its greatest potential. Although it still is going at a nice pace with maintaining one investor.
Kgwadi further mentions that the major problem of the township markets is the fact that they don’t have adequate business systems. He boasts that his company further encourages local customers to spend locally which will increase the growth of local markets as opposed to relying on businesses oversees.
Kgwadi’s next major goal is to change the way townships make transactions, but explaining his cause has proved difficult so far.