Ashley Rikhotso
Member
1. INTRODUCTION AND PROPOSAL OWNER
The aim of the project is to revolutionize the African financial system this will be done using Dash. The Dash debit card aims to be the first of its kind in South Africa, the goal is to be the first real life tool that brings dash to the mainstream and brings real life application to using dash. It will allow dash holders to spend their coins, online or otherwise anywhere that accepts traditional payment cards.
Dash can play a major role in improving the lives of many South Africans as many people on the continent continue to be excluded from the current financial systems. We believe the extremely fast transaction times and low transactions fees, features make Dash the ideal cryptocurrency to revolutionize the African financial system.
The Dash community can grow and benefit from supporting such a project, the more we can take Dash to the man on the street, the more the community will grow and the potential of this growth remains untapped within the African continent.
I am Ashley Rikhotso, the proposal owner, I first got involved in cryptocurrencies back in 2015 starting with Bitcoin, recently I got involved in the altcoin ecosystem and Dash drew my attention with its unique governance and general features. I am a firm believer in what the Dash community is trying to achieve and the benefits such technology can bring to my home country of South Africa.
2. OBJECTIVES
The project aims to launch Dash Debit Cards within Africa with operations commencing in South Africa and quickly expanding to the rest of Southern African Development Community (SADC) and later to Africa as a whole.
3. BACKGROUND
3.1. THE UNBANKED POPULATION OF AFRICA
As of 2017 around 66% of sub-Saharan Africans do not have access to a traditional bank account. Although in South Africa 70% of the population has access to a traditional bank account, usage is relatively low with 27% withdrawing their funds immediately from their bank account.
One of the reasons for this is a high level of suspicion, there is a deep mistrust of the existing system and a perception that charges are high, which they are relative to other emerging markets.
3.2. SOUTH AFRICA DOMESTIC REMITTANCES
Given the importance of remittances in the global community, surprisingly little research exists on domestic remittances. These local cash flows can play a significant role in the country economy by distributing the benefits of economic growth in major urban centres to those in smaller towns and rural areas.
In South Africa domestic remittances outnumbers international ones, domestic remittances accounts for up to 4 percent of the country GDP and are among the financial services widely used by South Africans. Back in 2006 South African based supermarket chain Shoprite, opened money transfer services, setting off an explosion of services targeted at remittance users by retailers, banks and mobile operators.
However convenient these services seem they still exclude many remittance users, as mentioned a quarter of South Africans remain unbanked. South Africans also lose valuable time and money, while travelling and waiting in long lines to receive funds these are limiting factors for many domestic remittance users.
3.3. INTERNATIONAL SOUTH AFRICA REMITTANCES
Cross border remittances originating from South Africa are of particular importance on the international stage. Nearly $2 billion is sent every year from South Africa to the Southern African Development Community(SADC) regions, making it the largest inter- Africa remittances market. There are 3.2 million migrants from SADC countries in South Africa, migrants send funds back home to communities that need them to support their daily living expenses.
Sending remittances from South Africa is traditionally expensive, with an average transaction charging around 18% of the total remittance along formal channels, compared with a global average of around 10%. Sending along unsecured and informal channels can incur even higher costs as these channels are not secured or regulated.
However, a number of new formal remittances service providers have recently entered the market, there are more accessible than traditional formal services offering senders the option to initiate remittance payments by phone, online or in stores. On the receiver end, remittances can be collected straight to at partner stores or account. Despite this digital revolution, 60% of remittances sent from South Africa travel on informal channels due to a number of barriers to adopting formal remittances services. These include:
· Cost, not all services providers have dropped their fees.
· Documentation.
· Financial Exclusion.
· Financial Literacy, very low in countries like Mozambique.
· Access to technological infrastructure such as smartphones.
3.4. CURRENT ACCESSIBILITY TO DASH DEBIT CARDS IN AFRICA
A couple of months ago VISA banned cryptocurrency start-ups from issuing and maintain pre-paid cards on a global scale and confined them to the European Economic Area. Even before the prohibition occurred, card availability was limited to a hand fully of African countries and even if the card issuers manage to find a new third party, its economical unrealistic to expect the average African to pay $100 plus for purchasing and shipment of the card. We believe these factors suppress the development and adoption of Dash on the continent.
4. BITMZANSI TEAM
4.1. ASHLEY RIKHOTSO - CO FOUNDER
University graduate from the University of the Western Cape, got involved with Bitcoin back in 2015, slowly moved into the altcoin environment late 2016. As an entrepreneur I see the potential Dash has to disrupt the financial systems of the world, as an African I see the potential Dash has to change people’s lives for the better in my own community.
4.2. MAX NGQOKOMA - CO FOUNDER
Studied Business and Economics at University of South Africa, Money and Banking at Coursera. Served as executive director and board member at Cardinal Petroleum Holdings. Co-founder of BEN Petroleum and Global Valley Traders, also a director at Cardinal Petroleum Holdings trading subsidiary CPx.
4.3. ABHIJEET NAGAWADE (DRAGLET) - PARTNER
Draglet is a German company founded in 2013 specializing in developing blockchain applications and Bitcoin/Cryptocurrency exchange software for businesses.
6. COMPANY DETAILS
BitMzansi will be registered in South Africa, and will fully comply with the regulations of the country and will continuously seek legal advice in this matter. BitMzansi will be fully owned by Emmanuel Ngqokoma and Ashley Rikhotso, with the possibility of more investors coming on board.
7. MARKETING
We believe being South Africans gives us an advantage in understanding the local people and marketing avenues that should be used to spread adoption and information about Dash. We would embark on organising Dash events in major universities across the country, as stats have shown majority of cryptocurrencies users are the youth. Followed up by organising more events in areas of high migrant population. Thirdly reaching out to major radio stations across the 9 provinces of South Africa that broadcast in vernacular languages thus reaching out to more people within the country.
8. REGULATORY ENVIRONMENT
Like many countries around the globe cryptocurrencies are not regulated by the South African government. Other aspects of our business model such as remittance and money transfer services are heavily regulated. Organisations are forced to partner with a third partner such as banks to operate, BitMzansi has been in discussion with numerous third partner organisations within the country.
9. BENEFITS TO THE DASH COMMUNITY
The passing of this proposal would bring Dash to a wider audience, it would establish Dash in the most developed economy in Africa allowing the community to better understand the dynamics at play within the region, which we believe would lead to greater adoption and knowledge of Dash within the continent. We as BitMzansi aim to distribute 10% of the profits generated through Dash card sales to the Dash foundation.
10. FINANCING AND SCHEDULE
The project financials are as follows, the launching of Dash Debit Cards requires 655 Dash this is expected to be completed within 3 months.given the size of the amount required we are more than open to escrow account options if the community deems it so.
Treasury Payments Over 3 Months + 5 Dash Proposal Fee:
1 Dash: $512.56
Month 1
218.33
Month 2
218.33
Month 3
218.33
Total
655 Dash
11. DEVELOPMENT PLAN
Ø Develop a well-defined business model, further engage regulatory bodies within South Africa.
Ø Focus on development of software and technical aspects.
Ø Launching of Dash Debit Card.
Ø Marketing of Dash Debit Card and Dash in general.
Ø Full operations should be achieved in South Africa and further expansion into SADC and rest of Africa should follow.
12. COMMUNICATION
We will provide the community with monthly progress reports and monthly progress videos, as we believe communication is the key to any well-functioning relationship. We believe it would be to our benefit to work closely with the Dash community as the advice or opinions given, be it positive or negative would help us achieve the goal of bringing Dash to the people.
13. MISSION STATEMENT
We believe it’s the duty of all mankind to share knowledge, today with cryptocurrencies we have an opportunity to make a difference to millions of people lives. Whether Dash is worth $1000 or $1 that is not important as the underlying technology that it’s built upon has the power to transform the lives of millions of people around the world who continue to be unbanked and excluded from the financial systems of the world.
Thank you very much for giving us the platform to share our passions and goals, we hope that the community supports us by assisting us with the proposal fee and approves our proposal in general, we believe together we can change the world. To further support our proposal a video will be posted shortly.
DASH WALLET ADDRESS: XgsagPPUD5yQyzhyJ56JJtwWQvUYnUjGVF
The aim of the project is to revolutionize the African financial system this will be done using Dash. The Dash debit card aims to be the first of its kind in South Africa, the goal is to be the first real life tool that brings dash to the mainstream and brings real life application to using dash. It will allow dash holders to spend their coins, online or otherwise anywhere that accepts traditional payment cards.
Dash can play a major role in improving the lives of many South Africans as many people on the continent continue to be excluded from the current financial systems. We believe the extremely fast transaction times and low transactions fees, features make Dash the ideal cryptocurrency to revolutionize the African financial system.
The Dash community can grow and benefit from supporting such a project, the more we can take Dash to the man on the street, the more the community will grow and the potential of this growth remains untapped within the African continent.
I am Ashley Rikhotso, the proposal owner, I first got involved in cryptocurrencies back in 2015 starting with Bitcoin, recently I got involved in the altcoin ecosystem and Dash drew my attention with its unique governance and general features. I am a firm believer in what the Dash community is trying to achieve and the benefits such technology can bring to my home country of South Africa.
2. OBJECTIVES
The project aims to launch Dash Debit Cards within Africa with operations commencing in South Africa and quickly expanding to the rest of Southern African Development Community (SADC) and later to Africa as a whole.
3. BACKGROUND
3.1. THE UNBANKED POPULATION OF AFRICA
As of 2017 around 66% of sub-Saharan Africans do not have access to a traditional bank account. Although in South Africa 70% of the population has access to a traditional bank account, usage is relatively low with 27% withdrawing their funds immediately from their bank account.
One of the reasons for this is a high level of suspicion, there is a deep mistrust of the existing system and a perception that charges are high, which they are relative to other emerging markets.
3.2. SOUTH AFRICA DOMESTIC REMITTANCES
Given the importance of remittances in the global community, surprisingly little research exists on domestic remittances. These local cash flows can play a significant role in the country economy by distributing the benefits of economic growth in major urban centres to those in smaller towns and rural areas.
In South Africa domestic remittances outnumbers international ones, domestic remittances accounts for up to 4 percent of the country GDP and are among the financial services widely used by South Africans. Back in 2006 South African based supermarket chain Shoprite, opened money transfer services, setting off an explosion of services targeted at remittance users by retailers, banks and mobile operators.
However convenient these services seem they still exclude many remittance users, as mentioned a quarter of South Africans remain unbanked. South Africans also lose valuable time and money, while travelling and waiting in long lines to receive funds these are limiting factors for many domestic remittance users.
3.3. INTERNATIONAL SOUTH AFRICA REMITTANCES
Cross border remittances originating from South Africa are of particular importance on the international stage. Nearly $2 billion is sent every year from South Africa to the Southern African Development Community(SADC) regions, making it the largest inter- Africa remittances market. There are 3.2 million migrants from SADC countries in South Africa, migrants send funds back home to communities that need them to support their daily living expenses.
Sending remittances from South Africa is traditionally expensive, with an average transaction charging around 18% of the total remittance along formal channels, compared with a global average of around 10%. Sending along unsecured and informal channels can incur even higher costs as these channels are not secured or regulated.
However, a number of new formal remittances service providers have recently entered the market, there are more accessible than traditional formal services offering senders the option to initiate remittance payments by phone, online or in stores. On the receiver end, remittances can be collected straight to at partner stores or account. Despite this digital revolution, 60% of remittances sent from South Africa travel on informal channels due to a number of barriers to adopting formal remittances services. These include:
· Cost, not all services providers have dropped their fees.
· Documentation.
· Financial Exclusion.
· Financial Literacy, very low in countries like Mozambique.
· Access to technological infrastructure such as smartphones.
3.4. CURRENT ACCESSIBILITY TO DASH DEBIT CARDS IN AFRICA
A couple of months ago VISA banned cryptocurrency start-ups from issuing and maintain pre-paid cards on a global scale and confined them to the European Economic Area. Even before the prohibition occurred, card availability was limited to a hand fully of African countries and even if the card issuers manage to find a new third party, its economical unrealistic to expect the average African to pay $100 plus for purchasing and shipment of the card. We believe these factors suppress the development and adoption of Dash on the continent.
4. BITMZANSI TEAM
4.1. ASHLEY RIKHOTSO - CO FOUNDER
University graduate from the University of the Western Cape, got involved with Bitcoin back in 2015, slowly moved into the altcoin environment late 2016. As an entrepreneur I see the potential Dash has to disrupt the financial systems of the world, as an African I see the potential Dash has to change people’s lives for the better in my own community.
4.2. MAX NGQOKOMA - CO FOUNDER
Studied Business and Economics at University of South Africa, Money and Banking at Coursera. Served as executive director and board member at Cardinal Petroleum Holdings. Co-founder of BEN Petroleum and Global Valley Traders, also a director at Cardinal Petroleum Holdings trading subsidiary CPx.
4.3. ABHIJEET NAGAWADE (DRAGLET) - PARTNER
Draglet is a German company founded in 2013 specializing in developing blockchain applications and Bitcoin/Cryptocurrency exchange software for businesses.
6. COMPANY DETAILS
BitMzansi will be registered in South Africa, and will fully comply with the regulations of the country and will continuously seek legal advice in this matter. BitMzansi will be fully owned by Emmanuel Ngqokoma and Ashley Rikhotso, with the possibility of more investors coming on board.
7. MARKETING
We believe being South Africans gives us an advantage in understanding the local people and marketing avenues that should be used to spread adoption and information about Dash. We would embark on organising Dash events in major universities across the country, as stats have shown majority of cryptocurrencies users are the youth. Followed up by organising more events in areas of high migrant population. Thirdly reaching out to major radio stations across the 9 provinces of South Africa that broadcast in vernacular languages thus reaching out to more people within the country.
8. REGULATORY ENVIRONMENT
Like many countries around the globe cryptocurrencies are not regulated by the South African government. Other aspects of our business model such as remittance and money transfer services are heavily regulated. Organisations are forced to partner with a third partner such as banks to operate, BitMzansi has been in discussion with numerous third partner organisations within the country.
9. BENEFITS TO THE DASH COMMUNITY
The passing of this proposal would bring Dash to a wider audience, it would establish Dash in the most developed economy in Africa allowing the community to better understand the dynamics at play within the region, which we believe would lead to greater adoption and knowledge of Dash within the continent. We as BitMzansi aim to distribute 10% of the profits generated through Dash card sales to the Dash foundation.
10. FINANCING AND SCHEDULE
The project financials are as follows, the launching of Dash Debit Cards requires 655 Dash this is expected to be completed within 3 months.given the size of the amount required we are more than open to escrow account options if the community deems it so.
Treasury Payments Over 3 Months + 5 Dash Proposal Fee:
1 Dash: $512.56
Month 1
218.33
Month 2
218.33
Month 3
218.33
Total
655 Dash
11. DEVELOPMENT PLAN
Ø Develop a well-defined business model, further engage regulatory bodies within South Africa.
Ø Focus on development of software and technical aspects.
Ø Launching of Dash Debit Card.
Ø Marketing of Dash Debit Card and Dash in general.
Ø Full operations should be achieved in South Africa and further expansion into SADC and rest of Africa should follow.
12. COMMUNICATION
We will provide the community with monthly progress reports and monthly progress videos, as we believe communication is the key to any well-functioning relationship. We believe it would be to our benefit to work closely with the Dash community as the advice or opinions given, be it positive or negative would help us achieve the goal of bringing Dash to the people.
13. MISSION STATEMENT
We believe it’s the duty of all mankind to share knowledge, today with cryptocurrencies we have an opportunity to make a difference to millions of people lives. Whether Dash is worth $1000 or $1 that is not important as the underlying technology that it’s built upon has the power to transform the lives of millions of people around the world who continue to be unbanked and excluded from the financial systems of the world.
Thank you very much for giving us the platform to share our passions and goals, we hope that the community supports us by assisting us with the proposal fee and approves our proposal in general, we believe together we can change the world. To further support our proposal a video will be posted shortly.
DASH WALLET ADDRESS: XgsagPPUD5yQyzhyJ56JJtwWQvUYnUjGVF
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