Fuse Partners with ChromePay for the African Market
- Fuse and ChromePay intend to increase access to financial services in underserved regions in Africa.
- African countries such as Nigeria, Kenya, and South Korea have the biggest number of crypto-savvy locals.
Blockchain payment platform Fuse has announced a partnership with ChromePay to provide decentralized identity (D.ID) solutions in Africa. The African crypto market has soared in adoption over the last few months, and this partnership is set to onboard more Africans to the crypto community.
According to reports, the partnership will leverage ChromePay’s decentralized identity service, or DID. The DID solution allows people to manage their identities without needing a centralized party. Both platforms believe the DID technology has the potential to attract millions of Africans to Web3.
The collaboration is also of mutual benefit to both organizations. For example, ChromePay’s users will now be able to access both traditional and blockchain-based financial services. Additionally, Fuse has awarded ChromePay a grant to build out its DeFi and DID services directly on the blockchain.
After a successful pilot, ChromePay, a 2019 startup, released its payment solutions app in Nigeria in 2021. The company’s upcoming accomplishment is the introduction of its Fuse-powered DID in Ethiopia, a country that ranked amongst the top ten African countries for cryptocurrency adoption. More than 1.8 million people in the country reportedly own crypto.
Chromepay’s digital ID provides a one-of-kind service to emerging markets like Africa. It eliminates possible obstacles to using banking services. It also enables introducing new financial services, expanding to neglected regions, and accurate risk evaluation. Furthermore, ChromePay will leverage the Fuse blockchain to build a decentralized market in Africa.
Most African countries are yet to achieve widespread financial inclusion. According to reports, many Africans lack the appropriate documents to access financial services or even open a bank account. However, this partnership will provide access to financial services for millions of Africans.
ChromePay’s DID, and Web3 services will also provide a new career path for many Africans. According to Gabriel Saunyama, CEO of ChromePay,
Blockchain has much-untapped potential for positively impacting underserved markets. We chose to partner with Fuse because their Blockchain is affordable, consumer-friendly, and we share a common goal to promote financial inclusion. By combining our Digital Identity solution with Fuse’s Charge API we are confident that we will be able to promote the development of the digital economy and create value for the undervalued.
Reacting to the partnership, Mark Smargon, CEO of Fuse, said
ChromePay aligns perfectly with our mission of giving businesses and consumers the freedom to do payments the way they want to. DIDs are an important first step in our relationship. With Fuse’s continued support, ChromePay will lower entry barriers to financial services across Africa, creating thriving, next-generation economies.
African countries such as Nigeria, Kenya, and South Africa have already witnessed a boom in the number of citizens who use cryptocurrencies. Nigeria was recently voted as the most crypto-curious nation in the world since the market collapse.
Africans have turned to crypto service providers for many reasons. While remittance is the main factor, many in the region see it as a hedge against their poor-performing currencies.