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Wala: the Financial Service Providing Service

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The financial service providing service, Wala, has been gaining momentum following its partnership with Newtown Partners and following Dala token sale. The novel financial services provider platform, Wala, has been rapidly growing in popularity in the last two months. According to their website, Wala is a unique new banking system, which provides users with a social banking experience. Based on blockchain technology, Wala aims to cater to those individuals who cannot readily access traditional banking services.

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The service is set to become popular amongst underbanked users as it boasts an investment from the banking service, Newtown Partners, several highly reputable advisors on their team, as well as an ICO, the Dala token sale which was launched recently.

Wala aims to provide finance solutions especially to users who cannot access traditional banking institutions in their regions. Users will be able to conduct transactions locally and internationally as well as apply for insurance and loans. Wala has been partnering with experts and traditional banks alike to perfect their platform. The platform has attracted an array of partners from across the world dedicated to providing users in unbanked and underbanked regions with cost-effective financial solutions.

The platform recently received an equity investment from the venture capital company Newtown Partners. The firm, which was established by Vinny Lingham and Llew Claasen, has confirmed that they are excited to be able to provide an estimated 3.5 billion individuals with free financial solutions.Other collaborators include FINCA international as well as MVender. Two prominent firms in the banking industry with a focus on micro banking solutions.Since its inception, Wala has gained a user base consisting of over 1 million located in 100 different regions. The service was launched in October earlier this year via the Ugandan Google Play Store. The initial test run confirmed that users hugely benefited from the service’s low-cost banking solutions.

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Wala proved a much longed for solution especially to those individuals in remote areas, as it removes obstacles commonly faced by individuals often excluded from banking services.According to the CEO and founder of Wala, Tricia Martinez, by harnessing blockchain technology, as well as an ICO token sale, Wala has the ability to provide a host of banking services to individuals commonly excluded from traditional banking services due to several crippling factors. Martinez emphasized that Wala has been created to make banking easy and convenient.Wala will first be introduced to Africa-based users before it gets introduced in other developing areas. The firm’s advisors include Miko Matsumura, Nicole Anderson, Jonathan Smith, Justin Spratt, Jason Henrichs, and Johan Bosini. All advisors have been chosen for their leadership and contribution to the blockchain and fintech industry.

Martinez noted that Wala is thrilled with the attention its receiving. She added that the firm’s advisors and partners were crucial elements to their success.Wala recently launched its token sale, Dala, which will run from November and conclude in December. The ICO aims to raise $30 million by issuing its 300 million tokens. Using Dala, the Wala team hopes to develop more scalable solutions in the future, as well as creating other blockchain-based financial solutions for developing communities around the world.

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Wala: the financial service providing service. [online]. Available at: <https://gradesfixer.com/free-essay-examples/wala-the-financial-service-providing-service/> [Accessed 23 Apr. 2021].
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