PayBox, a Ghana-based fintech startup, has announced the launch of Buddy, an integrated financial platform that intends to increase inclusive financial freedom for Africans.
Buddy, which utilizes blockchain and artificial intelligence (AI) to offer optimized financial solutions, is intended to advance the development of cross-border payments and fund transfers across African countries and more specifically for small and medium-sized enterprises (SMEs).
Founded in 2021, PayBox provides an end-to-end SME digital payment and business tools to help SMEs reach their full potential. Their enterprise application allows for APIs integration while a mobile service provides UI interface for creators, freelancers, social sellers, gig workers, and small businesses.
The new application being introduced includes Buddy AI, which is expected to allow users to engage in conversations with their finances, receiving valuable insights and guidance. At the time of the announcement, Buddy AI was in its beta phase.
Buddy main features include:
- Free GH Bank Account
- Payment and expense management
- Transact with customers from multiple African countries
- 24/7 Customer Support
- Monitor transactions in real time
- Build financial data history to access financial services
One of the key features is its double functionality, whereby African users can enjoy the benefits of both a mobile app and a decentralized app. It remains unclear what decentralized financial capabilities the application will introduce.
Speaking to BitKE in 2022, PayBox said it believes in decentralized finance as a way to ‘give everyone access and the choice of alternative currencies, financial, and digital inclusion.’
“The next phase is infusing Web3 rails on mobile payments so that a local wallet can become an international wallet for small businesses and millennials in Africa. Your phone number can become a crypto wallet to send funds easily across Africa,” said Boye-Doku, CEO & Co-Founder, PayBox, at the time.
PayBox envisions Buddy becoming the PayPal or Monzo of Africa, with the additional capabilities provided by blockchain features linked directly to a mobile number. Additionally, it will offer such features as:
- Virtual bank account
- Gift cards
- Virtual / physical prepaid cards
- Savings and investment
- Utility and bill payment
“Take a second to close your eyes – envision Buddy as PayPal or Monzo for Africa, with blockchain capabilities linked to a mobile number.
To this end, Buddy functions as both a mobile app and a decentralized app, offering a user-friendly interface and giving you the control to manage personal and business finances,” the startup said.
With the app, customers will be able to access transaction updates instantly, review their payment history, and generate reports.
The Buddy platform aims to be especially helpful for SMEs, focusing on allowing them to make informed decisions when administrating their finances. Besides its base offering, the app provides tools that intend to assist businesses in expanding their operations, including the Buddy Financial Coach and business credit support.
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