Meet Kora, Nigeria’s block-chain startup set to disrupt remittance industry

Nairametrics had an interview with the team behind, Kora, a money remittance platform that will run on the blockchain.

During the sit-down, the team, led by founder and CEO, Dickson Nsofor, discussed a wide range of issues including their plans for the future, opportunities in the crypto space, and the difficulty in getting talent in Nigeria.

Why the name Kora?

Kora is a musical instrument that resonates with hope and is common in Eastern Africa and to a smaller extent, West Africa. It is usually played at weddings. With its technology, the company aims to pass a message across the continent that people would find relatable.

Components

Kora can be divided into three components: the Kora network, which has a token, the Kora blockchain, and the payment gateway.

Korapay is the company’s flagship product and is a cross-border remittance platform. Transaction fees can be paid using the token or in dollars. Korapay is expected to go live next month.

How is Kora unique?

Unlike typical projects that raise money and then fade, the company plans to embrace full regulation with the CBN, and other monetary authorities in the country.

Not a pump and dump

Tokens belonging to key investors have been locked for the next few years, to prevent a pump and dump. The maximum supply has also been fixed. Kora has a maximum supply of 712,5000,000 coins and a floating supply of 300,000,000.

A pump and dump is a situation where companies raise money. Push up the price after listing. Then sell their coins.

Regulation is key

The company is using blockchain as a value-added service, pending when the Central Bank of Nigeria (CBN) enacts a framework. In the meantime, the company is pursuing a traditional money transfer service.

Rollout Plans

The company plans to go live with US- Nigeria transfers in September, followed by UK to Nigeria transfers in November.  EU to Nigeria transfers will commence in December and Nigeria to Ghana transfers in January.

Expansion to other African countries will take place next year.

Qualities sought after when hiring

Nsofor also shed more light on key qualities he looks for when hiring.

The number one thing I look out for is loyalty – someone who is not leaving in six months to one year.

This is followed by character, the ability to be team players and interpersonal skills and expertise.

How can one get into the crypto space? 

There are three entry points into the cryptocurrency space: As a trader, an investor, and entrepreneur. As an entrepreneur is about reading and understanding what the technology is about. Those with tech backgrounds can learn solidity, which is the most common programming language.

Challenges

Nsofor also disclosed that getting talent was the company’s biggest challenge as it scales. It has however reached out to operators in the country such as Andela and Aptech. Next to this was poor infrastructure.

In addition, the infrastructural deficit is a challenge. Poor electricity and data means Nigeria has a low internet penetration. A trust deficit in terms of embracing digital services also exists.