The first international global crypto bank, Xend Finance just made another great stride in providing users in developing countries the opportunity to live above inflation. It announced the addition of the Kenyan Shilling and Ghanaian Cedis to the list of currencies for transactions on its mobile app.
This addition advances its mission of helping people live above inflation, despite the constant devaluation of their local currency. Previously, Xend Finance has taken Nigeria by storm, becoming one of the top downloaded crypto apps in the country before expanding to Ghana and Kenya.
Developing economies are no strangers to the plague called inflation. For instance, the Ghana Statistical Service (GSS) recently revealed that Ghana experienced a 23.6% inflation surge in April 2022, the highest since 2009.
With inflation affecting the lives of countless citizens in Ghana, the addition of Cedis to the Xend Finance app ushers in a feeling of relief, especially with the realization that their funds can be unaffected by the devaluation of their fiat currency and the resulting inflation surge.
Thanks to this update, Kenyans and Ghanaians can easily convert their fiat currency into stable cryptocurrencies like BUSD. Furthermore, it allows citizens in those countries to save in stable cryptocurrencies and earn up to 15% annual interest, compounded daily.
The mobile app, which was released in December 2021, serves as a mobile wallet for carrying out daily transactions. With the support of activities like payment for deliveries, sending money to loved ones, and many more, users can carry out seamless transactions for even the most basic aspects of their lives.
The addition of these currencies to the mobile app was done alongside the company’s expansion into Ghana and Kenya. In an interview at Joy 99.7 FM, a radio station in Ghana, Mercy Emmanuel, Head of Growth Xend Finance, stated that the company seeks to help Ghanaians and Africans in Africa “save value by saving your money in stable cryptocurrencies.” She further explained that saving value means saving the value of your funds such that they do not depreciate over time. And that is only possible when savings are made in stable currencies.
“As a global crypto bank, we are leveraging decentralized finance and blockchain technology to combat the menace of inflation in Africa. Inflation is a wealth killer in Africa but with the Xend Finance platform, we are able to help people hedge against inflation and moreso, make it work in your favour,” Chima Abafor, Chief Technology Officer, Xend Finance.
He goes on to say. “The addition of Cedis and Shillings to the app follows our commitment to solve the problems facing everyday Africans, living and earning in Africa.”
Xend Finance’s goal is to provide blockchain solutions to everyday financial problems. This move is just one of many strategies the company has put in place to achieve this goal. Many more products will be announced before the end of 2022.