Mazzuma, in an effort to tackle challenges that mobile money users are facing in Africa has launched the third phase of its initial coin offering (ICO).

The ICO will help fund the development of its new blockchain-based mobile payments solution.

With mobile money platforms charging high transaction fees coupled with cross-telecom and cross-border exchanges that are slow, expensive and cumbersome, Mazzuma will boost the existing payment systems using AI and blockchain.

Mazzuma token, known as MAZ, will be the main payment medium in the Mazzuma ecosystem.

Transactions made on the platform will be instant and free of any transaction fees.

This is in line with the Mazzuma philosophy, which seeks to create a strong and robust payment ecosystem that is available to the masses while providing them with the freedom to use their funds in a favorable and stress-free way.

Also with security being another issue facing mobile money platforms Mazzuma will secure the recording, storing and transfer of any type of data through its blockchain platform.

According to the company, the new platform will have e-commerce plugins for online shops to integrate and accept Mazzuma tokens for payments by simply choosing the “Pay with Mazzuma” option.

Additionally, an Application Programming Interface (API) will be made available for developers which will support iOS, Android and Web applications.

The API will make it possible to accept the Mazzuma tokens as payments in their applications.

The platform will combine the use of chatbots and Artificial Intelligence on both Facebook, Messenger, and Telegram to enable users send Mazzuma tokens to other users on the Mazzuma platform.

About Mazzuma

Mazzuma is a Ghanaian-based mobile money payment platform that utilises a secure distributed infrastructure and a native digital token to allow instant payments.

It combines the use of blockchain technology and artificial intelligence to boost the existing payment systems in Ghana.

The platform has over 26,000 accounts and has processed transactions worth over GHC 7.5 million (around $1.5 million).

Currently, the platform registers over 100 new accounts daily and has been ranked as the third highest used payment platform based on transaction volume.