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BitMzansi-Dash Debit Card For South Africa(Updated)

Discussion in 'Budget Proposal Discussions' started by Ashley Rikhotso, Dec 21, 2017.

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Would You support our proposal??

  1. Yes

    3 vote(s)
    75.0%
  2. No

    1 vote(s)
    25.0%
  3. Abstain

    0 vote(s)
    0.0%
  1. Ashley Rikhotso

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    1. INTRODUCTION AND PROPOSAL OWNER

    The aim of the project is to revolutionize the African financial system this will be done using Dash. The Dash debit card aims to be the first of its kind in South Africa, the goal is to be the first real life tool that brings dash to the mainstream and brings real life application to using dash. It will allow dash holders to spend their coins, online or otherwise anywhere that accepts traditional payment cards.

    Dash can play a major role in improving the lives of many South Africans as many people on the continent continue to be excluded from the current financial systems. We believe the extremely fast transaction times and low transactions fees, features make Dash the ideal cryptocurrency to revolutionize the African financial system.

    The Dash community can grow and benefit from supporting such a project, the more we can take Dash to the man on the street, the more the community will grow and the potential of this growth remains untapped within the African continent.

    I am Ashley Rikhotso, the proposal owner, I first got involved in cryptocurrencies back in 2015 starting with Bitcoin, recently I got involved in the altcoin ecosystem and Dash drew my attention with its unique governance and general features. I am a firm believer in what the Dash community is trying to achieve and the benefits such technology can bring to my home country of South Africa.



    2. OBJECTIVES

    The project aims to launch Dash Debit Cards within Africa with operations commencing in South Africa and quickly expanding to the rest of Southern African Development Community (SADC) and later to Africa as a whole.



    3. BACKGROUND

    3.1. THE UNBANKED POPULATION OF AFRICA

    As of 2017 around 66% of sub-Saharan Africans do not have access to a traditional bank account. Although in South Africa 70% of the population has access to a traditional bank account, usage is relatively low with 27% withdrawing their funds immediately from their bank account.

    One of the reasons for this is a high level of suspicion, there is a deep mistrust of the existing system and a perception that charges are high, which they are relative to other emerging markets.

    3.2. SOUTH AFRICA DOMESTIC REMITTANCES


    Given the importance of remittances in the global community, surprisingly little research exists on domestic remittances. These local cash flows can play a significant role in the country economy by distributing the benefits of economic growth in major urban centres to those in smaller towns and rural areas.

    In South Africa domestic remittances outnumbers international ones, domestic remittances accounts for up to 4 percent of the country GDP and are among the financial services widely used by South Africans. Back in 2006 South African based supermarket chain Shoprite, opened money transfer services, setting off an explosion of services targeted at remittance users by retailers, banks and mobile operators.

    However convenient these services seem they still exclude many remittance users, as mentioned a quarter of South Africans remain unbanked. South Africans also lose valuable time and money, while travelling and waiting in long lines to receive funds these are limiting factors for many domestic remittance users.


    3.3. INTERNATIONAL SOUTH AFRICA REMITTANCES


    Cross border remittances originating from South Africa are of particular importance on the international stage. Nearly $2 billion is sent every year from South Africa to the Southern African Development Community(SADC) regions, making it the largest inter- Africa remittances market. There are 3.2 million migrants from SADC countries in South Africa, migrants send funds back home to communities that need them to support their daily living expenses.

    Sending remittances from South Africa is traditionally expensive, with an average transaction charging around 18% of the total remittance along formal channels, compared with a global average of around 10%. Sending along unsecured and informal channels can incur even higher costs as these channels are not secured or regulated.

    However, a number of new formal remittances service providers have recently entered the market, there are more accessible than traditional formal services offering senders the option to initiate remittance payments by phone, online or in stores. On the receiver end, remittances can be collected straight to at partner stores or account. Despite this digital revolution, 60% of remittances sent from South Africa travel on informal channels due to a number of barriers to adopting formal remittances services. These include:

    · Cost, not all services providers have dropped their fees.

    · Documentation.

    · Financial Exclusion.

    · Financial Literacy, very low in countries like Mozambique.

    · Access to technological infrastructure such as smartphones.


    3.4. CURRENT ACCESSIBILITY TO DASH DEBIT CARDS IN AFRICA

    A couple of months ago VISA banned cryptocurrency start-ups from issuing and maintain pre-paid cards on a global scale and confined them to the European Economic Area. Even before the prohibition occurred, card availability was limited to a hand fully of African countries and even if the card issuers manage to find a new third party, its economical unrealistic to expect the average African to pay $100 plus for purchasing and shipment of the card. We believe these factors suppress the development and adoption of Dash on the continent.


    4. BITMZANSI TEAM

    4.1. ASHLEY RIKHOTSO - CO FOUNDER

    University graduate from the University of the Western Cape, got involved with Bitcoin back in 2015, slowly moved into the altcoin environment late 2016. As an entrepreneur I see the potential Dash has to disrupt the financial systems of the world, as an African I see the potential Dash has to change people’s lives for the better in my own community.


    4.2. MAX NGQOKOMA - CO FOUNDER

    Studied Business and Economics at University of South Africa, Money and Banking at Coursera. Served as executive director and board member at Cardinal Petroleum Holdings. Co-founder of BEN Petroleum and Global Valley Traders, also a director at Cardinal Petroleum Holdings trading subsidiary CPx.


    4.3. ABHIJEET NAGAWADE (DRAGLET) - PARTNER

    Draglet is a German company founded in 2013 specializing in developing blockchain applications and Bitcoin/Cryptocurrency exchange software for businesses.


    6. COMPANY DETAILS

    BitMzansi will be registered in South Africa, and will fully comply with the regulations of the country and will continuously seek legal advice in this matter. BitMzansi will be fully owned by Emmanuel Ngqokoma and Ashley Rikhotso, with the possibility of more investors coming on board.


    7. MARKETING

    We believe being South Africans gives us an advantage in understanding the local people and marketing avenues that should be used to spread adoption and information about Dash. We would embark on organising Dash events in major universities across the country, as stats have shown majority of cryptocurrencies users are the youth. Followed up by organising more events in areas of high migrant population. Thirdly reaching out to major radio stations across the 9 provinces of South Africa that broadcast in vernacular languages thus reaching out to more people within the country.


    8. REGULATORY ENVIRONMENT

    Like many countries around the globe cryptocurrencies are not regulated by the South African government. Other aspects of our business model such as remittance and money transfer services are heavily regulated. Organisations are forced to partner with a third partner such as banks to operate, BitMzansi has been in discussion with numerous third partner organisations within the country.


    9. BENEFITS TO THE DASH COMMUNITY

    The passing of this proposal would bring Dash to a wider audience, it would establish Dash in the most developed economy in Africa allowing the community to better understand the dynamics at play within the region, which we believe would lead to greater adoption and knowledge of Dash within the continent. We as BitMzansi aim to distribute 10% of the profits generated through Dash card sales to the Dash foundation.



    10. FINANCING AND SCHEDULE

    The project financials are as follows, the launching of Dash Debit Cards requires 655 Dash this is expected to be completed within 3 months.given the size of the amount required we are more than open to escrow account options if the community deems it so.

    Treasury Payments Over 3 Months + 5 Dash Proposal Fee:

    1 Dash: $512.56

    Month 1

    218.33

    Month 2

    218.33

    Month 3

    218.33

    Total

    655 Dash



    11. DEVELOPMENT PLAN

    Ø Develop a well-defined business model, further engage regulatory bodies within South Africa.

    Ø Focus on development of software and technical aspects.

    Ø Launching of Dash Debit Card.

    Ø Marketing of Dash Debit Card and Dash in general.

    Ø Full operations should be achieved in South Africa and further expansion into SADC and rest of Africa should follow.


    12. COMMUNICATION

    We will provide the community with monthly progress reports and monthly progress videos, as we believe communication is the key to any well-functioning relationship. We believe it would be to our benefit to work closely with the Dash community as the advice or opinions given, be it positive or negative would help us achieve the goal of bringing Dash to the people.



    13. MISSION STATEMENT

    We believe it’s the duty of all mankind to share knowledge, today with cryptocurrencies we have an opportunity to make a difference to millions of people lives. Whether Dash is worth $1000 or $1 that is not important as the underlying technology that it’s built upon has the power to transform the lives of millions of people around the world who continue to be unbanked and excluded from the financial systems of the world.

    Thank you very much for giving us the platform to share our passions and goals, we hope that the community supports us by assisting us with the proposal fee and approves our proposal in general, we believe together we can change the world. To further support our proposal a video will be posted shortly.


    DASH WALLET ADDRESS: XgsagPPUD5yQyzhyJ56JJtwWQvUYnUjGVF
     
    #1 Ashley Rikhotso, Dec 21, 2017
    Last edited: Feb 7, 2018
  2. Deanforreal

    Deanforreal New Member

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    The proposal seems good, maybe the community could guide you. Dash must penetrate the rest of the world and not be bias towards the USA.
     
    • Agree Agree x 2
  3. Ashley Rikhotso

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    Thank you very much, you are the first one to give us feedback, we aim to bring Dash into the mainstream here in South Africa and with the community support we can achieve that.
     
  4. Dashmaximalist

    Dashmaximalist Active Member

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    this proposal sounds good , but what you are aiming to do is a big thing and asking for relatively big amount. so the issue is , what gives the MNOs confidence you can achieve this ? in any case definitely use Escrow like Green Candle and spread the money over 5-6 months instead of three.

    on a different note , what are the regulatory hurdles in issuing a dash/ crypto debit card in south africa ? for example you can't do this India or china as far as i know
     
  5. Ashley Rikhotso

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    Thank you very much for the feedback, yes the size of the project is huge, hence we divided the project into three parts, the dash debit card, marketing and dash branches and we have made it know to the community that we are open to escrow options therefore the community reserves the right to release more funds only when the community is satisfied with the progress we have made.
    The Dash Debit Card is our first objective and we have seeked legal advice and the only regulatory stumbling blocks that came to our attention was that, we should comply with
    Know-your-customer obligations in terms of the Financial
    Intelligence Centre Act 38 of 2001
    and that only South African banks can issue VISA or Mastercard cards within the country. We have been in discussions with Nedbank Limited one of the biggest banks in Africa and they given positive feedback and are really keen in getting involved in the crypto space.
     
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  6. Dashmaximalist

    Dashmaximalist Active Member

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    Sounds great , may be post an agreement letter with the bank as proof to mnos
     
  7. Ashley Rikhotso

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    We honestly assumed that documentation would be required for the final proposal stage, as we are now just hoping to secure the 5 Dash required for the proposal fee. If MNOs are not happy with that I request that documentation during the discussions that will take place with the bank in Jan.
     
  8. Dashmaximalist

    Dashmaximalist Active Member

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    Guys mnos are not as easy to vote Yes as you think , take time sort things out slowly
     
  9. Ashley Rikhotso

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    We will definitely do that, we will have the required documentation as requested but thank you so much for the feedback been really informative, I sincerely hope we have your support going forward.
     
  10. Ashley Rikhotso

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  11. ScioMind

    ScioMind Member

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    What is the purpose of using any sort of debit card for Dash? It seems to me that one of the major advantages of crypto in general, and Dash specifically, is that there is no need for a third party in the middle of transactions. Why couldn't people simply pay directly from their phone, for example, without the need for a debit card?
     
  12. Ashley Rikhotso

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    Thanks so much for sharing your thoughts, you raised some good points. With recent events such as Visa banning crypto cards issued by wavecrest in Europe, crypto debit cards have suddenly become unholy ground in the eyes of many. Though they still play a vital role in increasing adoption especially in developing regions such as Africa, where very few merchants accept crypto as a form of payment. I agree cutting out third parties is the whole point of cryptocurrencies, but we still in the early stages so we must partner with such institutions if the goal is taking Dash to the people no other way around that at present.
     
  13. Ashley Rikhotso

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    Please continue to give feedback on the proposal whether negative or positive, we value your input.
     
  14. Maxxxx

    Maxxxx New Member

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    Good day, I am Max, one of the co founders of Bitmzansi. Thank you for your feedback. We have made tremendous progress with regards to the project. Please see attached the confirmation from our new banking partners to their website. Nupay will issue Dash branded debit cards, they use Master Cards.
     

    Attached Files:

  15. Ashley Rikhotso

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    Good
    Good Day please see attachment of the agreement letter below.
     
  16. Ashley Rikhotso

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    We shall attach the design of the said card very soon.
     
  17. Maxxxx

    Maxxxx New Member

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    Bitmzansi is proud to announce and welcome its new banking partner, Altech Nupay, Altech NuPay is a transaction service provider that specialises in managed payment and collection solutions. This partnership will allow BitMzansi to issue pre paids cards and allow South Africans to spend Dash and bring a real life use case to using cryptocurrencies.
     

    Attached Files:

    #17 Maxxxx, Feb 5, 2018
    Last edited: Feb 6, 2018
  18. Ashley Rikhotso

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    We believe that what we trying to achieve would really be a positive for the Dash community, we have conducted interviews and the average South Africans want to see the Dash card out there, we believe as a community we cant continue just sponsoring marketing campaigns, we need to get a solid touchable product in the hands of our clients and that is the only way Dash world can really grow and flourish.We simple cant lose focus regardless of the bear market conditions we under at the moment, we need to focus on the technology and getting it into the hands of people. We humbly respect the community support and the 5 Dash needed to get this proposal to the next stage.