Tech billionaire Elon Musk made news all over the world when he announced the rebranding of Twitter to X, a move that is part of his effort to transform the social media platform into an “everything app”, also known as a super app. These types of apps are nothing new, with many Asian countries already having platforms like WeChat (China), GoJek (Indonesia), and Kakao (Japan). Now, Africa is on the way to having its own super app thanks to the efforts of web3 startup KOY Network.
Africa, whose population is expected to double to 2.5 billion by 2050, is expected to outperform the world in economic growth this year. The region is also seen by experts like American Economist Jeffery Sachs as “the place to invest”. Koy Network, however, believes economic growth is not sustainable if the proper infrastructure, internet access, and financial inclusivity are non-existent. To provide millions of Africans with access to the tools to benefit from the region’s economic growth, the startup is developing Africa’s first super app.
“Our mission is connecting the African diaspora by offering a secure, user-friendly, cost-efficient, and portable web wallet,” says Kenyan entrepreneur Richard Erikodi, KOY Network Co-Founder and CEO. “This will help address various financial and connectivity challenges faced by individuals and communities in the region by facilitating financial inclusion, cross-border transactions, and economic empowerment within the community.”
The KOY Network super app, which makes use of blockchain technology to avoid reliance on centralized infrastructure, will consist of a blockchain protocol, digital wallet, and decentralized exchange. The wallet will offer social media capabilities with integrated payments, as well as digital ID, ride-sharing, event ticketing, account recovery, and blockchain-backed certification services. With a heavy focus on accessibility and security, the wallet will be available to anyone with internet access and an inexpensive smartphone.
At this time, the KOY Network team has already deployed the blockchain protocol that willpower the ecosystems. The selling of the KOYN digital currency is taking place through an ongoing “Fair Sale”, which will continue offering unique referral rewards and discounted prices until October 7th. Competitions and events known as “stampedes” will also be taking place during this period.
Most of the work done by KOY Network so far has been focused on working with local regulators to ensure compliance, the team has also made great progress in the development of the mobile application, with a Beta version being set to launch later this year. While most of thefocus in the early stages has been on the financial aspect of the KOY Network, the launch of the API will allow developers to contribute to the ecosystem as part of the project’s third phase.
“We are driving consumer Empowerment by opening up more choices and competitive offerings, our users will have more control over how they manage their finances. Leading to better experiences and improved outcomes,” adds Erikodi. “By leveraging blockchain and decentralized technologies, KOY Network is providing more secure, efficient, and cost-effective solutions compared to traditional financial systems.”