AfriCred: Empowering African MSMEs through Blockchain Technology
OverviewAFRICRED is a digital finance company that provides financial inclusivity for unbanked individuals and African MSMEs. By leveraging RWA tokenization, AfriCred provides accessible financing solutions, enabling economic growth and expanding financial opportunities.
Big Idea: Gold- and real-estate-based funding powered by RWA tokenization.
Key Facts:2.5 billion African consumers by 2050.
<1% of African trade volume is through MSMEs.
90% of African consumers are underserved by financial services.
AfriCred’s Four Pillars1️⃣ Loans: Accessible credit for MSMEs, women, youth, and farmers.
2️⃣ Real Estate: Affordable housing and agricultural land investments.
3️⃣ Real World Assets (RWAs): Leveraging gold as collateral for financial inclusion.
4️⃣ Cross-Border Payments: Seamless cross-border trade and payment solutions.
Digital-Finance InstitutionAFRICRED is an innovative Digital Finance institution whose goal is to fund micro, small, and medium companies as well as unbanked individuals.
African Micro, Small, and Medium Companies and farmers rely on external capital for their day-to-day trade.
AFRICRED fills the gap that banks, classic Microfinance Structures, and fintech are unable to, by providing SME loans and nano-loans through the following ways:
Our Key Services: | Cross-Border Payments: Simplify international transactions. |
| Onboard Loan Applicants: Perform ground-zero appraisal of applicants on-site. |
| Collect Loan Repayments Daily: Efficient and structured collection systems. |
| Distribute Capital on the Ground: Ensure approved funds are delivered effectively. |
| Value Chain-Based Funding: Finance critical parts of the business chain for growth. |
How We Help Unbanked IndividualsAFRICRED empowers unbanked individuals with accessible and inclusive financial services. Here's how we make a difference:
Our Key Offerings: | Gold as Collateral for Loans: Use tangible assets to secure loans and unlock opportunities. |
| Cash In, Cash Out, and P2P Payments: Cross-border payments made seamless. |
| Virtual & Physical Bank Cards: Simplifying day-to-day financial transactions. |
| Carefully Vetted Micro Loans: Boost business productivity with accessible credit. |
| Bill Payment Services: Buy airtime, pay utility bills, or turn phone airtime into cash. |
| Mobile Money Integration: Streamline transactions through mobile wallets. |
| Account Opening: Open FIAT or blockchain wallet accounts with ease for digital transfers. |
How We Help Micro, Small & Medium Companies (MSMEs) and IndividualsAFRICRED supports MSMEs and individuals by providing innovative financial solutions tailored to meet their needs and drive growth. Here's how we help:
Our Key Solutions: | RWA Tokenization: Address housing issues with real-world asset tokenization. |
| Local and Cross-Border Payments: Simplify fund transfers for domestic and international transactions. |
| Fiat and Blockchain Wallet Services: Enable cash in/out, cash collection, and loan repayments seamlessly. |
| Financial Settlement via AI: Automate and streamline financial processes with advanced AI technology. |
| Equipment Leasing Requests: Access essential tools and machinery to drive business growth. |
| Payroll Payments: Simplify and manage employee salary disbursements efficiently. |
| Trade Financing Requests: Secure funding for pre-purchasing goods and inventory needs. |
TractionAFRICRED has demonstrated significant progress and achievements in its mission to empower micro-finance and MSMEs. Below are key milestones:
Key Highlights: | 8-Month Test Run: Successfully executed a distributed micro-finance model with a starting capital of $50,000 USD. |
| Investment Raised: Secured $300,000 USD from an investor in Ivory Coast. |
| Average Loan Size: $1,150 USD per loan. |
| Business Clients: More than 300 businesses served. |
| Monthly Recurring Revenue (MRR): Achieved $15,000 USD. |
| 2024 Lending Goals: Already $200,000 USD lent. |
Operational MVPCurrent loan operations are processed through the MVP, which includes:
KYC verification.
Loan approval.
Repayment tracking.
IFT Token and Its Use CasesThe InformalFinance Token (IFT) is the core utility and governance token of the AfriCred ecosystem, designed to empower financial inclusivity and drive seamless operations across the platform. Built on the robust Polygon blockchain, IFT ensures fast, secure, and cost-effective transactions for users globally.
Key Features of IFT TokenUtility-Driven: Powers transactions, fee payments, and access to financial services on the AfriCred platform.
Governance: Allows holders to participate in important ecosystem decisions, ensuring a democratic approach to development.
Scalability: Backed by Polygon, offering low transaction fees and high-speed processing.
Transparency: Blockchain integration ensures secure and traceable transactions.
IFT Token Use Cases | 1️⃣ Payment and Transactions: | IFT serves as the primary currency for making payments, including loan repayments, cross-border transactions, and other platform activities. |
| 2️⃣ Governance Rights: | Token holders can vote on proposals, shaping the future of the AfriCred ecosystem through a decentralized governance model. |
| 3️⃣ Rewards and Incentives: | Users can earn IFT through loyalty programs, airdrops, and participation in community challenges, fostering engagement and growth. |
| 4️⃣ Staking and Yield Generation: | IFT holders can stake their tokens to earn rewards, contributing to platform liquidity and stability. |
| 5️⃣ Access to Premium Services: | IFT unlocks access to exclusive financial products, such as premium loans, reduced fees, and priority support. |
| 6️⃣ NFT and Marketplace Integration: | Use IFT to buy, sell, or trade NFTs and other digital assets on AfriCred's upcoming NFT marketplace. |
| 7️⃣ Real-World Asset (RWA) Tokenization: | IFT plays a crucial role in bridging real-world assets, such as gold and real estate, into the digital economy, providing users with unparalleled financial flexibility. |
With its versatile applications, IFT Token positions AfriCred as a pioneer in revolutionizing financial services for African MSMEs and unbanked individuals.
Tokenomics
Roadmap and Milestones
Achievements from 2022 to Q1 2024IT Development:- Developed a loan management system from initiation to disbursement and daily recovery.
- Created a micro-saving e-wallet for mobile money account holders with a saving remuneration rate from 5 to 6% per year.
Milestones for 2024 to 2026 PeriodIT Development Roadmap: (Q2 - 2024)Smart Contract Development:AfriCred is initiating a comprehensive Polygon-based smart contract in the second quarter of 2024. This custom smart contract will incorporate a suite of functionalities accessible via Etherscan admin access. Key features include:
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Contract Owner Role: Designating an administrative authority for overseeing contract operations.
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Token Minting: Capability to create new tokens, adhering to a pre-set supply cap to maintain scarcity and value.
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Token Burning: Facilitating the reduction of token supply on demand, a strategy to potentially enhance token value.
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Wallet Transfers: Enabling seamless transfer of tokens to specific wallet addresses.
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Ownership Transfers: Providing flexibility in transferring contract ownership, ensuring adaptable management.
Web Development:A tailored, one-page website is being developed to serve as the primary interface for interaction with AfriCred's digital offerings. Key aspects include:
- Mobile Responsive Design: Ensuring the site is accessible and user-friendly across various devices.
- Load Speed Optimization: Enhancing user experience with quick loading times.
- SSL Security: Implementing robust security measures for user data protection.
- IDO Participation Button: Integrating a direct call-to-action for users to engage in the Initial DEX Offering.
NFT Development and Launch for Global Users (Q3 - 2024):AfriCred plans to extend its digital finance innovations by creating and introducing a single Non-Fungible Token (NFT) for its global users. By creating diverse NFTs linked to AfriCred's initiatives, this step seeks to connect African projects with international investors. Leveraging blockchain for secure and accessible transactions enhances global funding and awareness, furthering the initiative's reach and impact.
11 NFT Development and Launch for Crypto Users (Q4 - 2024):Following the global launch, AfriCred will enter its next phase in the fourth quarter of 2024, concentrating on developing and launching 11 NFTs for crypto investors worldwide.
NFT Marketplace Development (Q1 - 2025):AfriCred is set to revolutionize the informal sector's finance with the launch of its innovative NFT Marketplace during the first quarter of 2025. This platform is designed to seamlessly integrate with the InformalFinance Token (IFT) ecosystem, providing a strong infrastructure for the trading and management of digital assets tied to AfriCred's impactful projects.
Team | Djigui Diallo - Founder, CEO | Experience: Over 18 years in banking and financial planning in Africa. |
| Konaté Alou - Chief Risk, Finance, and Control | Experience: 5+ years in microfinance and development. |
| Obèd De-djekounyom - COO | Experience: Expertise in app development, business incubation, and finance. |
| John Frank - CTO | Experience: Blockchain development and driving economic growth. |
| K. D. Hippolyte Adoko - Deputy CEO and CRO | Experience: 10+ years in microfinance and business analytics in West Africa. |
Partners and Advisors | TokenMinds | Overview: A pioneering entity in blockchain technology applications, focusing on crypto asset management and innovative blockchain tools. Contribution: Provides insights and strategies, shaping AfriCred’s blockchain and digital finance solutions. |
| Seven Bits Technologies | Overview: A premier web and mobile development company, bridging technology and business growth. Contribution: Offers solutions for cross-border payments and smart contracts, enabling AfriCred’s success. |
| Cryptexus | Overview: A crypto and blockchain consulting agency empowering startups with blockchain strategies. Contribution: Guides blockchain adoption and strategy implementation for AfriCred’s goals. |
Official Links
