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GHANAIAN PAYMENTS PLATFORM GIANT SEEKS TO ACHIEVE FINANCIAL INCLUSION IN EMERGING MARKETS WITH BLOCKCHAIN TECHNOLOGY

Mazzuma, the third highest ranked mobile money payments system based on transaction volume in Ghana seeks to utilize blockchain technology through the creation of the MAZ cryptocurrency to enable instant seamless payments globally.
Mazzuma, the flagship product of CYST, has been a force to reckon with in the online payments ecosystem in Ghana since its inception in 2015 bringing in over $2 million USD worth of transactions till date with over twenty-six thousand registered users. The Ghanaian-based startup has contributed immensely to financial inclusion in the West African country with its range of application that includes a mobile application and a Telegram, and Facebook Messenger bot that communicates with users in local English (Pidgin English); enabling easier payments for the unbanked in society.


This mission has seen several challenges especially due to the limitations of the Mobile Money ecosystem which doesn't allow the total provision of quality financial services to all. To solve this, Mazzuma has created an in-house cryptocurrency called Maz Token to usher in a faster and more secure way of payments in Ghana. What's more, this allows Mazzuma to merge mobile money and cryptocurrency payments on its existing platforms to promote a gradual paradigm shift from network-based payments to payments on the blockchain. This cryptocurrency is also intended to address mobile money pain points like high transaction friction, high remittance fees, inferior proofs of identity and classist transmission limits.

The MAZ Token will be distributed to the public through an Initial Coin Offering that starts on Thursday, 9th August 2018 with a token selling at $0.75 USD each. The Mazzuma ecosystem will include an e-commerce solution platform, mobile applications, bots and keyboard that will enable payments from inside any application with the MAZ Token.

Speaking to the press, Kofi Genfi (Co-founder of CYST & Director of Strategy)  identified the platforms combination of blockchain and artificial intelligence as an important feature that will ensure effective functionality.
“The most unique feature about Mazzuma is its sheer simplicity in its usage. Using a combination of artificial intelligence And blockchain technologies, Mazzuma’s unique multichannel approach allows consumers to use financial services in ways you hadn’t imagined before. Also, it’s seamless and simple user interface makes it very easy for customers to understand its usage for its most relevant application; remittance based transactions.” - Kofi Genfi

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