Kenyan fintech company 4G Capital is planning to launch the first African blockchain platform to support its microfinance projects. By the end of April 2018, the company plans to issue USD 10 million in tokenized bonds, which investors can buy using cryptocurrency.
Initially, the planned African blockchain platform will accept payments in Bitcoin and Ether. Canadian blockchain-based global securities exchange Finhaven will host the bonds to be offered to investors.
However, Finhaven co-founder and Chief Revenue Officer Anthony Nicalo says that they may accept other crypto and fiat currencies in the future, Cryptonews reports.
Africa’s fastest growing fintech company, 4G Capital caters to micro and small businesses in Sub-Saharan Africa, helping them grow and succeed via microfinancing. Their venture has been a huge success, with over 92% of customers repaying on time and more than 80% repeat business. 80% of our customers are women and 75% are located in rural areas.
The company’s bid to launch the blockchain platform is in line with its vision to expand to other African countries.
Lydia-Claire Halliday, 4G Capital spokesperson, says the funds that will be raised from the sales of the bonds will be paid by Finhaven to 4G Capital in the form of a debt investment. These funds will then be used to as capital to further grow the company’s operations, that is, offer loans to micro and small businesses across Africa.
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