Xend Finance, the world’s first global crypto bank, has recently taken another big step toward making it possible for people in underdeveloped nations to live above the rate of inflation. It has added the Kenyan shilling and the Ghanaian cedi to its mobile app’s list of currencies that may be used for transactions.
Despite the ongoing depreciation of their native currency, this new addition helps the organization’s aim of assisting individuals live above the inflation rate. Prior to its expansion to Ghana and Kenya, Xend Finance was one of the most popular crypto applications in Nigeria. Inflation is not a new scourge for emerging countries. According to the GSS, Ghana saw its highest inflation rate since 2009 in April 2022, with a 23.6% increase.
Xend Finance’s adoption of Cedis brings some much-needed solace to the many Ghanaians whose lives have been adversely affected by inflation. They now know that their savings will be untouched by the depreciation of their fiat currency and the subsequent rise in inflation. Kenyans and Ghanaians may now effortlessly change their fiat cash into stable cryptocurrencies like BUSD thanks to this upgrade. For people of certain countries, it provides the opportunity to save in stable cryptocurrencies and earn up to 15% annual interest, compounded daily.
As a mobile wallet for everyday transactions, the app was published in December 2021. Transactions for even the most fundamental areas of a person’s life may be carried out with the help of activities such as delivery payment, giving money to loved ones, and more.
Along with the company’s growth into Ghana and Kenya, these currencies were included to the mobile app.
“Save value by saving your money in reliable cryptocurrency,” said Growth Xend Finance’s Mercy Emmanuel in an interview with Ghanaian radio station Joy 99.7 FM.
Emmanuel is the head of Growth Xend Finance. Saving value, she continued, is preserving the worth of your money over time, so that it doesn’t decrease. Savings in stable currencies are the only way to achieve this goal. Decentralized finance and blockchain technologies help us fight inflation in Africa as a worldwide crypto bank. Xend Finance’s platform can help Africans protect themselves against inflation and even turn it to their advantage. Inflation is one of Africa’s biggest wealth destroyers. Xend Finance’s Chief Technology Officer, Chima Abafor, is featured in this article.
He continues by saying. Adding Cedis and Shillings to the app is a continuation of our dedication to solving the difficulties faced by average Africans, who live and work in Africa. This company’s mission is to provide everyday financial difficulties with blockchain solutions. One of the plans the corporation has to reach its aim is this relocation. Until the end of 2022, there will be a lot of new products.
