Wala the blockchain-powered financial services platform and launch partner of Dala cryptocurrency has announced that it is now live in three markets, South Africa, Zimbabwe and Uganda; thereby removing barriers to financial services and providing millions of consumers in these markets with a zero-fee, “better-than-banking” solution.
Wala has also announced they are working with Spire, the token that powers a mobile dApp marketplace, to reach 30 million mobile devices with decentralized banking services across emerging markets.
Wala is a mobile financial services platform built on the Ethereum blockchain. Wala works with specialist providers in each market they’re operational in, including banks, to offer a full suite of financial services like transactional banking, remittances, loans and insurance.
With Wala, the world’s first borderless, rewards-driven, zero-fee financial platform, users in these three countries can access remittance, savings, value added services, and credit services powered by the Dala cryptocurrency via their smartphones. Wala bridges the gap between the underserved and financial services by giving users access to formal financial institutions wherever they are, whenever they need it.
“This launch is a giant leap in the right direction to solve a problem that impacts almost half of the global population,” said Tricia Martinez, CEO and Co-Founder of Wala and Director of The Dala Foundation. “To illustrate the impact of just one of Wala’s services, zero-fee remittance, 50% of Zimbabwean migrants living in South Africa sent a staggering $1 billion USD home last year. To do so they incurred fees of around 10–15%, that’s $100-$150 million in fees. Providing a zero-fee and borderless payments solution for these consumers is game-changing, it gives consumers more control over their financial well-being.”
To expand its reach, Wala will be preinstalled on 30M devices through the Spire-powered dApp marketplace in emerging markets, providing more unbanked people with access to financial services.“We’re very excited about this engagement and together, Spire and Wala can bring equal access to financial services across emerging markets, so people can build a safe, secure future for themselves and their families,” said Charlie Hulcher, Spire’s Head of Technology.