Palremit deploys Blockchain to facilitate currency exchange for Africans

When Africans leave their countries for other parts of the world, they most likely have to exchange their local currencies for foreign ones for a seamless transaction.

They get this done at the Bureau the Change in their home countries or find where they can get it done at their destination.

An example of a Nigerian arriving in Dubai, United Arab Emirates, such a person would have to undergo a long distance journey to get the exchange done.

This is one of the many struggles of many Africans in foreign countries on their first journey, but Palremit an exchange platform will change that narrative.

Founded by Uzochukwu Mbamalu in February 2020, Palremit is a digital wallet and exchange that enables safe and convenient peer-to-peer financial transactions in multiple currencies.

Uzochukwu is a Nigerian-born crypto educator, trader and blockchain innovator, based in Dubai, UAE.

Uzochukwu gave a reason for the difficulty in exchanging the Naira, explaining that it is due to the currency of the currency and placed as a second tier compared to the US Dollar and the Euro.

He, however, added that the challenge is not peculiar to Nigeria alone, it is an African issue.

According to Uzockuwu, with full regulations and leveraging blockchain technology, Palremit allows users to fund their wallet with their local currencies and easily convert to their preferred foreign currencies.

The founder further stated that Palremt leveraged blockchain due to its inherent and decentralized function. Since Palremit deploys blockchain, it enables use cases like Bitcoin and other stablecoins, which in turn facilitates currency transfer.

“That’s why we choose to use the blockchain, as opposed to the traditional form of remittance, which makes cross-border transfers take days. It takes many days to execute, but using the blockchain is very immediate.”

Uzochukwu as a crypto educator owns a crypto community where he has been teaching crypto education for free for the past two years and that is a key factor for the founder to position an MVP for Palremit. According to Uzochukwu, “We are leveraging this community to be able to transact in millions of dollars”.

Palremit just now made a couple of million dollars by leveraging the trading community center to teach people how to trade crypto.

The founder also mentioned why the African government needs to embrace cryptocurrency. Using Nigeria, he stated that both cryptocurrency and the underlying technology, the blockchain, could benefit the Nigerian government.

In his words, if cryptocurrency trading is legalized, the government may demand taxes from major exchanges such as Binance.

According to him, transactions worth billions of Naira take place on Binance daily, but the government cannot pay taxes from them because they have already declared the trade illegal.

Nigeria does not even have local stock exchanges that trade in large volumes as these foreign ones, coupled with unfavorable regulations, prefer to operate from the diaspora. It is a case of our government losing on both sides (capital flight and taxes).

“I think there is a big opportunity for the government to generate revenue from taxes if crypto trading is legalized,” Uzochukwu added.

In addition to this community, Uzochukwu also teaches crypto education at Huobi Global, a UAE-based platform with over 10 million users.

Regarding the state of crypto knowledge, Uzochukwu believes that there has been a good enough education on basic cryptographics, but there seems to be a lack of in-depth knowledge, “how to spot crypto scams?”, “how to tell when to buy?” , “technical analysis”, and so on.

“With 30 million Nigerians trading on Binance with basic crypto knowledge, the next bull market should free 30 million Nigerians from poverty, but that’s enough, because we still have millions of newbies who will fall for the crypto Ponzi scheme.”

The founder leverages the community, social media platform and Huobi Global platform to influence deep knowledge of cryptocurrency to get them strengthened for the next bull market.

Palremit will operate from the United Arab Emirates, but it is by Africans for Africans who want to make foreign exchange transactions seamless.

According to the founder, the platform is not yet fully operational, but it leverages the founder’s community to execute its business model.

With all the integration in place and hopes of getting a license soon, Palremit is open to VC funding. The founder mentioned that there has been interest from several quarters.

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