Blockchain technology allows for more transparency, ease and security in financial transactions.Hence, NanoBNK is leveraging the blockchain technology for payment and international remittance as it possesses features which are compelling. It is decentralised (does not have a single point of failure), secure (utilising cryptography to validate every transaction), immutable (write-once attribute of the ledger), efficient (exchange of information is fast and easy) and transparent (everything is documented).

For example, instead of using several institutional partners to transfer money, it can be done almost instantly via the blockchain.As such, with NanoBNK, the blockchain is being used to provide payment protection and to caterfor financial inclusion. NanoBNK enables internal and cross-border payments totake place at a lower cost, it provides shorter settlement time, a secure environment and a better user experience through its mobile platform.

Benefits of Using NanoBNK platform powered by Blockchain:

Reduces Settlement Time

• Payments and remittance settlement can happen rapidly allowing people to access their funds when they need it.
• Large amounts of small transactions or micro transactions are supported within a trusted network.

Secure Transaction Ledger Database

• A tamperproof transaction ledger database which is shared in an established, distributed network.It provides cryptographic validation of all transactions. Therefore it is designed to provide protection against risks of unauthorised access.

Transaction transparency

• Provides real-time tracking of transactions, with indelible and traceable record in a decentralised system with no double spending or transaction repudiation.

Transactions via the blockchain eliminate the need for complicated procedures and clearinghouses, saving time, money and the risk of error. The allowance of frictionless savings and investment gives people more control over their financial goal.

The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your business. If you have any queries, or if you would like further information, please contact us on 2331636 or by e-mail at contact@infosystems.mu.