A cryptocurrency firm is aiming to tackle food poverty in Africa with an ambitious mobile voucher system that will give rural farmers better access to finance for growing crops.
KamPay will initially draw funding from a network of lotteries operated on its soon-to-be-launched digital wallet, before expanding into wider pools of decentralized finance, chief executive Chris Cleverly told me in an interview.
“There’s always been a culture in southern Africa – certainly in Zimbabwe, Zambia and Malawi – around this voucher system,” he explained. “The government used to give out vouchers to individual farmers. The farmers would then take the voucher down to a store to get a subsidized price on their fertilizer.
“For a while [this physical voucher system] was very successful … but it got quite corrupt in the end. By putting that sort of a system onto the blockchain, the corruption element is eliminated.”