The lack of banking options in Africa is a real problem. But is there a solution? Enter Panerora.com – a remittance startup which intends to use the disruptive potential of blockchain technology to create an ecosystem that is compatible with the banking needs of the African population.
Panerora’s Innovative Payment System
Panerora wants to change the remittance industry in Africa, as so many people do not have access to banks, and the few available services are prone to slow transaction times and high fees.
Blockchain is a convenient and fast technology on which Panerora has decided to base its new payment system. People will be able to quickly send money to their African relatives, and the recipients can easily withdraw the funds without having to pay inconvenient fees.
The PNR token of the Panerora network will serve as a medium through which easy, fast, and inexpensive transactions can be made.
Secure Crypto Wallet
As PNR is an ERC20 based token, it will require a wallet in which it can be safely stored. Panerora developed its proprietary crypto wallet through which users can manage and store their crypto funds. The wallet is secured with the latest encryption standards used by top Ethereum-based wallets.
A private key is generated for each wallet account which grants the user access, as well as a seed password that enables the recovery of the wallet contents in case the key is lost.
High Fees Are a Thing of the Past
Expensive cross-border transactions will no longer be a problem for the unbanked. As PNR is an ERC20 token, its senders need to pay a “gas” fee for the Ethereum network each time a transaction is made. But the fee is extremely low if you consider the high costs that come with traditional remittance systems.
Panerora created its “gas” protocol so that it can store ETH. The deposited Ethereum has the role of reducing the “gas” fee of PNR buyers and sender when they make a transaction. The “gas” fee is taken from the sent amount, but it will be refunded in ETH when the sender makes another transaction.
The protocol is beneficial for both the users and the token. By continually taking out more and more coins from circulation, this will generate a supply-demand that, in turn, can drive up PNR’s price.
Send and Receive Money at Instant Speeds
Money moves slowly when it comes to sending them abroad. Panerora solves the issue of lengthy processing times. Gone are the days when have to wait for a while to see your money in your account.
Money reaches your PNR wallet in an instant after it was sent, regardless if it was from another country or in fiat currency. The recipient can then convert his PNR into any fiat currency and withdraw them at any of the local offices or OTC exchanges of Panerora.
Most of the funds that Panerora will amass will be allocated to setting up numerous partnerships and branches so that it can create a strong network that will bring PNR adoption closer to its goal.
Improving Remittance One Office at A Time
Panerora will create an extensive network of branches and subsidiaries that will spread all over Africa. Twenty offices will be set up, with the first office to open in Tanzania. Subsequent offices will be opened in Mauritius, Madagascar, Congo, Botswana, and other African countries and regions.
Once they have reached mass adoption in Africa, the service will be made available to clients from other countries.
Panerora will be offering investors the opportunity to purchase their PNR tokens in an upcoming ICO session.