Ferrum Is Creating Opportunities For Small Businesses In African Countries

[Kryptarion]

Blockchain-powered projects are having a massive impact in creating opportunities and making it even for everyone. The blockchain has different means with which people can raise funds for an innovative product, individuals across the world can benefit from decentralization, and entrepreneurs have the ability to develop globalized demand.

A new blockchain company — Ferrum, is developing an aggregate financial and payment network with many products. One of the many products of the company is the Kudi exchange. Kudi exchange is a fiat-crypto exchange similar to Coinbase and Luno that is launched in Nigeria. Kudi exchange can have a huge impact on the people in developing African nations.

Kudi Exchange by Ferrum
Kudi exchange by Ferrum will allow the usage of cryptocurrencies for any form of payment. The exchange will allow users to transfer Nigerian local fiat currency — Naira, to anyone for free. In fact, design of the exchange is so cool that users can transfer money to friends and family members through WhatsApp. The features of Kudi exchange is not only limited to transfer of local currency, it is a complete exchange where people can buy and sell bitcoin and other digital coins/tokens.


Since Ferrum will originally develop its network on Ethereum blockchain and will allow transactions in its own native currency — FRM Token, the payment network will be extremely affordable for everybody. The range of opportunities that Ferrum is offering will be beneficial to everyone, but they will have a particularly strong benefit for individuals and businesses in developing African countries.

A Boon for Businesses in African countries
Many African countries have extremely weak social and economic frameworks that offer little opportunity for entrepreneurs to reach their goals. Access to venture capital in these countries is usually limited to few who are already wealthy. As wages in such locations remain low, hopeful entrepreneurs are able to save up little fund. If the product they intend to offer is worthy of the market, they could be able to sell it.  But they face a major setback — cost of processing payment.

Many small businesses in developed countries launch with the support of loans which allow them to sustain losses for a year or two. Yet businesses try to keep prices and margins low, and since the percent of a transaction charged by POS system and card network providers could be over 6% of sale value, businesses could be sustaining losses on some of their early sales. The goal of businesses during the early months, is to drive customer interest and to sustain that base for the time when prices are a bit higher and margins are profitable.

Such an operation is not a good option for small businesses in African countries as there is little to no access to venture capital. Consequently, entrepreneurship in developing African nations remain largely dried out.

Ferrum's  Impact
Imagine that a small business operates on a 5% profit margin, which by the way is much higher than Walmart’s 2%, it could be making a loss on its payment transactions. However, if payment networks are so expensive and can justify their high costs by only claiming that their operations are expensive, then perhaps it’s time for an alternative. And Ferrum is just the alternative small businesses have been looking for.

Kudi exchange offers a great opportunity to small businesses by making the cost of transactions and transfer of funds free — 100% free! This will have a good impact on small businesses, especially the ones from Nigeria where it is launched. With the kind of benefits Ferrum is bringing to the market, entrepreneurs whose dreams had been squashed due to both the difficulty of accessing capital in their countries and the ridiculously high fees of payment networks will finally have an opportunity to pursue their businesses.

Ferrum has removed the cost of transferring funds on Kudi exchange so that small businesses won’t need to have a heavy reserve capital to sustain losses attributed to transaction fees.

A large portion of the world’s major existing retailers are not going to adopt payments in crypto currencies any time soon as they have well-established systems and they’d want to do a thorough analysis of the performance of others who do accept crypto payments. This means that small businesses in will have the opportunity to capitalize on the $400+ billion crypto market without facing interference from established companies, at least in the beginning.

A lot of businesses in African countries do not have the capital to sustain a foreign capital reserve or to even take currency risk. However, since Ferrum allows such businesses to accept payments in just FRM tokens, it makes it possible for such businesses to grow operations beyond their borders without having to consider problems of payments

Links
Web: https://ferrum.network
Whitepaper: http://whitepaper.ferrum.network/
Telegram: http://telegram.ferrum.network
Twitter: http://twitter.ferrum.network
LinkedIn: http://linkedin.ferrum.network
Kudi exchange: http://kudi.exchange

BTT username: ROOKUS

[ifriend05]

This is an incredible post! Thank you so much for highlighting everything Ferrum Network is doing in Africa! We really believe blockchain and cryptocurrencies can help so many people in this part of the world. Rather than just speculating on price, people in emerging markets can use bitcoin and alt coins for every day needs, largely because the fiat currency situation in many countries is bad...anyway we are thankful to do what we can to help people thru Kudi Exchange in Nigeria and beyond. If you ever wish to see what you can do to add value to Ferrum and be rewarded for it, please find us on Telegram @ifriend05. Thank you! - Ian