Intelligent CIO Africa Issue 19 | Page 50

COUNTRY FOCUS: BURKINA FASO ModulTrade has created a foundation for the launch of ModulTrade blockchain based smart-contract platform in the African continent after signing agreements with leading financial and logistic organisations and meeting with an Ambassador of the Russian Federation, Vladimir Baikov. Leading logistics company SIMAT, and SERFIN, one of the key players in financial services and a representative of Western Union in the Ivory Coast and Burkina Faso, will both benefit from using ModulTrade products; ModulTrade Market and the ModulTrade Wallet, working on the ModulTrade blockchain currency, MTRc. Having already signed deals in China with successful adoption and use of ModulTrade applications, the move into Africa marks a pivotal change in a market where there are more smartphone users than those with bank accounts. One of the key benefits ModulTrade provides is taking the full trade cycle online. Trade can now be executed through smartphones, tablets or desktop, with smart-contracts ensuring trusted transactions between both buyer and seller. ModulTrade CEO, Evgeny Kaplin, said: “With more people in Africa owning smartphones than bank accounts (15% of the population have bank accounts while access to smartphones and cell phones is at 70%), the user base for blockchain technology is real. Access to traditional banking systems is not straight forward and processes can prove to be lengthy and costly. “Blockchain technology provides a newfound opportunity where anyone can make payments quickly, securely and cost-effectively. ModulTrade, the blockchain based global trade platform, built on blockchain technology, is directly available in Burkina Faso. “Together with our partners from West Africa – SERFIN, SIMAT, ANOPACI and Trade Association and our main instruments, MT Market and MT Wallet, we will allow locals to trade between different markets and make transactions using MTRc – the native ModulTrade token. “By providing such digital tools, businesses of any size and individuals of Burkina Faso 50 INTELLIGENTCIO “ WITH MORE PEOPLE IN AFRICA OWNING SMARTPHONES THAN BANK ACCOUNTS (15% OF THE POPULATION HAVE BANK ACCOUNTS WHILE ACCESS TO SMARTPHONES AND CELL PHONES IS AT 70%), THE USER BASE FOR BLOCKCHAIN TECHNOLOGY IS REAL. face an exciting prospect of growth. It also supports the region’s financial development and connects locals to other markets, which may not have been otherwise possible.” SIMAT will benefit from the ModulTrade Market’s capability of cross-market trading and the delivery of goods around the world. This partnership will open the doors for MSMEs who have before struggled to export and import through traditional trade flows. The partnership with SERFIN will see ModulTrade’s Wallet added to 800 outlets as a choice for money transfer and payment and the ModulTrade Market a secure trade platform for SEFIN’s clients – the MSMEs. Further to SERFIN and SIMAT, discussions are in place with other businesses, of which partnerships will be announced in due course. Current partnerships commenced last month. iDE Global – working with the farming community iDE has been working to increase incomes and improve the health of rural households by creating business opportunities in agriculture and sanitation. The company works with smallholder farmers in rural areas of Burkina Faso helping them improve farming productivity and to access local markets where they can sell their harvest at a profit. The technologies promoted to smallholders includes drip irrigation, water storage and solar pumps. iDE entered Burkina Faso in 2011 to create a sustainable supply chain for drip irrigation kits and other irrigation technologies and have already facilitated the sale of over 4,000 drip kits to date. The impact has been significant – enabling farmers to plant up to three crop cycles a year – and agricultural production has significantly improved. n www.intelligentcio.com