AFRICUNIA — The First 100% Fully Digital Crowdfunded African Open Bank- a Digital Bank based on the Blockchain Technology

5 min readFeb 24, 2018

What is Africunia

Africunia is the First 100% Fully Digital Crowdfunded African Open Bank- a Digital Bank based on the Blockchain Technology.

Africunia as a new and unique Financial Institution is going to offer not only traditional banking services such as opening of savings & current accounts, issuing of debit & credit cards, loans and forex exchange services but also will provide innovative services such as bank-to-bank transactions, interconnecting the world of traditional finance and cryptocurrency startups.

Africunia Bank will become a fully digital bank that is accessible everywhere, 24/7. It will function just like a conventional bank, but will not host any branches nor any physical front-offices

The Blockchain Technology universe is fast becoming part of our DNA. Believe it or not it’s going to be predominantly how we move cash from one point to another, how we share our experiences, how we consume our entertainment, how we stay in touch with our loved ones and how we do our daily businesses and activities.

Take a look at how we used to study, to travel, to make phone calls, shoot movies, send faxes and mail our correspondences in the past.

Since its launch in 2009, the Blockchain Technology together with its underlying technologies has triggered tech and social revolution waves that have sent ripples across a horde of industries. Today, it is not just the financial sector that is using the Blockchain Technology, but other industries such as Healthcare Providers, Insurance Companies, Governments, and IoT. The applications using the Blockchain Technology seem limitless.

One thing is for sure: the Blockchain Technology is here to stay just as the internet has over the past two decades. But amidst the hype about the Blockchain Technology and the digital currencies, their adoption in the mainstream financial industry has been disastrous.

Already, several banks have started to develop a foolproof methodology and standards that align the technology with responsible innovation. In 2016, IMF and the World Bank held a conference that was hosted by the U.S Federal Reserve where an estimated 90 Central Banks committed themselves to researching into Distributed Ledger Technology (DLT), the Blockchain and the digital currencies to create a responsible digital currency.

The Fund Structure

The fund structure may differ from one case to another. While it will evolve as new information becomes available, it will be run by a reputable legal counsel that will keep an updated reviews of what has been published.
Here is how the tokens will be divided:

The public contributors will be allocated 50% of the AFCASHs.
The company reserve will be assigned 30% of the AFCASHs. The reserve will form part of the company’s source income after the distribution period and will be allocated on a partial basis among the direct contributors and the core team of the business where necessary.
The remaining 20% of the AFCASHs will be allocated to the Founding Africunia Members and its advisors, partners, and campaigners as follows: 15% (Africunia Founders); 3% (Advisors & Partners); 2% (Campaigners). These funds would not be immediately tradable in order to continue motivating the core team after the distribution period.

Vision

vision for the new standard of tokenized investment platforms that will help to bridge the gap between the fiat and the crypto universes. At its core, Africunia will focus on all aspects of tokenized investment vehicles ranging from technology and infrastructure to legal compliance and the corporate structuring.

Technologies

To remain within the limits of conventional banking, we will use the API (Authorized Payment Institutions) therefore employing the appropriate standards of services and innovation.

The basis of AFRICUNIA BANK is capital invested increasing in accordance to the customer development in turn maximizing profit return. Also, as far as our technology security is concerned our network architecture is decentralized. Therefore, data storage, cryptograph encryption and security mechanism for identification, authentication and authorization of individuals or companies are connected by instruments. Nevertheless, processing of data is automated by means of applied AI algorithms.

Our value

Our primary goal is to become the industry standard and a one-stop shop for setting up tokenized funds, regardless of whether these funds invest in the fiat or crypto universe

Offering best of both Fiat and Cryptocurrency world
Promoting sustainable investment of funds
Developing a standardized platform
Enhanced transparency
Scalable fund development
Market leading compliance
Development of a standard platform

ICO Token Detail

Token details token/coin symbol: afcash
Token/coin total supply: 500,000,000 (five hundred million afcashs)
Circulating supply: 500,000,000 (five hundred million afcashs)
Token/coin price: 1 afcash = $0.10 usd
Unsold tokens: any unsold token will be burnt

Sharing revenue: at the end each financial year, 20% of africunia bank’s profit will be distributed among all holders of our token (afcash) based on each holder’s share of total amount of tokens issued, and this will be automatically paid out to our coin users in their respective wallets. In other words, you are entitled to africunia bank’s revenue. Consider this as a passive income.