Xend Finance, the world’s first worldwide crypto bank, has now made another significant step toward allowing users in developing nations to live above inflation. The Kenyan shilling and Ghanaian cedi have been added to the list of currencies available for use on its mobile app.
This addition furthers the organization’s aim of assisting individuals in living above inflation despite their native currency’s ongoing depreciation. Previously, Xend Finance swept Nigeria, becoming one of the country’s most popular crypto apps before expanding to Ghana and Kenya.
Inflation is not unfamiliar territory for developing economies. For example, Ghana’s Statistical Service (GSS) recently reported a 23.6 percent increase in inflation in April 2022, the biggest since 2009.
With inflation hurting the lives of many Ghanaians, the addition of Cedis to the Xend Finance app brings a sense of relief, especially with the knowledge that their savings will be untouched by the depreciation of their fiat currency and the consequent inflation spike.
Kenyans and Ghanaians can now easily exchange their fiat currency for stable cryptocurrencies such as BUSD. Additionally, it enables citizens in those nations to store in stable cryptocurrencies and earn up to 15% annual compounded interest.
The software, which was published in December 2021, functions as a mobile wallet for daily purchases. Users can carry out seamless transactions for even the most basic areas of their lives with the help of activities like paying for delivery, giving money to loved ones, and many more.
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 favor,” 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 solving the problems facing everyday Africans, living and earning in Africa.”
Xend Finance’s goal is to give blockchain solutions to common financial issues. This is just one of the company’s many strategies for achieving this objective. Before the end of 2022, many more goods will be unveiled.