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KOY Network: Bridging the Infrastructure Gap and Transforming Lives in Africa
Manage episode 407312006 series 3562404
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In this episode of the Cryptocurrents Podcast, Tori Madison interviews CEO Richard Erikodi and CTO Douglas Horn of KOY Network. They discuss the challenges faced by Africa's banking system in terms of financial inclusion and accessibility for individuals and businesses.
Currently, 57% of Africans are unbanked, and traditional banking is reserved for the wealthy. Limited means, high ledger fees, and the need to physically visit a bank branch make it difficult for many Africans to access banking services, especially those in remote areas. As a result, telcos have stepped in to provide mobile banking solutions, although these are not comprehensive banking services but rather a means to quickly exchange electronic money.
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