Chromepay Bridging financial services with unbanked communities
Chromepay uses Fuse Network to generate its Digital IDs for its users and offers financial services linked to each D-ID through the Fuse Wallet SDK .
- Country:African Continent
Fuse enables to offer services paying for micro-insurance, and stablecoin savings and facilitate low-cost P2P transfers
Who are Chromepay?
Chromepay bridges financial institutions with unbanked communities by providing a digital identity solution integrated with various financial services. Chromepay comprises a team of industry pioneers with diverse experience in the financial sector.
ChromePay has grown to be trusted by NGOs, financial institutions, and core-banking providers. The Chromepay platform removes many barriers, enabling financial institutions to perform efficient risk assessments, provide novel financial services, and scale into untapped communities.
Fuse Network granted funding to Chromepay to implement its decentralized identification (D-ID) solution on Fuse and integrate it into ChromePay and Fuse Smart Wallets.
The grant includes deploying the D-ID smart contract, integrating it into the ChromePay mobile app, and onboarding Ethiopian farmers via two cooperatives to validate the D-ID solution.
Africa’s Identity Crisis
The absence of robust identity verification systems has been one of the significant barriers to financial inclusion in many developing countries.
The ChromePay team has been working on deploying blockchain technology to solve the identification problem in Ethiopia, where there is no national ID system. Their D-ID solution is based on smart contract wallets that connect the wallet owner’s D-ID to the wallet from the beginning.
Transactions made by users via the D-ID-linked wallet will be tied to their wallet’s address and their D-ID on the Fuse Network, allowing financial institutions to verify their transaction history and better evaluate their risk profiles.
Agency banking is branchless banking that allows financial institutions to deliver their products and services to everyone using human agent networks or merchants. With these agents, financial institutions provide their products and services to typically unbanked customers in remote locations.
Agents can sign up customers and perform transactions on behalf of a customer and receive commissions for each transaction performed for a user, such as cash deposits, withdrawals, bill payments, mobile data purchases, and more.
Much of Ethiopia’s Gross Domestic Product (GDP) stems from agriculture. Small-scale farmers and agriculture generate 90% of output and are responsible for 80% of Ethiopia’s exports today.
Financial institutions and cooperatives can leverage Chromepay’s solution to enhance Ethiopia’s agricultural and informal sectors. As a result, small-scale farmers stand to gain an increase in accessibility of funds in a competitive manner, financial education, a wide range of financial services, adopt new business models, and increase workforce and productivity within rural regions.
How Chromepay Use Fuse
Before meeting Fuse, Chromepay had the challenge of promptly getting Web 3 products to market and building all their functionalities from scratch. Since working with Fuse, ChromePay has reduced its development time and costs due to the Fuse Whitelabel wallet, simplifying the challenges of developing Web 3 solutions for teams new to the Web3 industry.
“Working with Fuse has enabled us to focus on our core service, Digital Identity, and leverage the Charge API to enhance our solution's value proposition and increase customer value through the Charge platform's different payment functionalities.” Gabriel Saunyama, CEO & CO-Founder, Chromepay.
Chromepay uses Fuse Network to generate its Digital IDs for its users and offers financial services linked to each D-ID through the Fuse Charge solution. Charge enables ChromePay to offer services such as paying for micro-insurance and stablecoin savings and facilitates low-cost P2P transfers and remittances. In the Fuse blockchain ecosystem, Chromepay is called an Operator.
Africa's Gateway To Digital Financial Services
Chromepay is set to disrupt the agricultural sector with its upcoming pilot program. The project will launch a pilot for 2,500 farmers at the end of April 2023, running for six months in the Shoa/Shewa region.
Chromepay's ambitious vision includes rolling out various services, including D-IDs, stablecoin savings, micro-insurance, and remittances. By September 2023, the solution will be scaled up and available to farmers in other regions.
With this innovative approach to blockchain-based services, Chromepay is poised for future growth and success, revolutionizing how the agricultural sector operates. As the program expands to more regions, Chromepay's potential for growth and success is limitless, creating a brighter future for farmers and the entire agricultural industry.
Check out our fully open-source wallet stack on Github, fork it, and create your wallet and start accepting Web3 payments.
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