Profit-making idea: Protection against the devaluation of African currencies
Profit-making idea is a series of short posts, each with a piece of information that we think you might find useful: for investment, for growing your company or to start a new business. Read our previous posts here.
How we made it in Africa asked Michail Myburgh, the co-founder of Cash Flow Capital, a South African business finance company, to identify one untapped business opportunity in Africa. Here was his response.
“Africans face many challenges when trying to build wealth, especially given the fact that most currencies in Africa are volatile and can from time to time depreciate substantially. I have always thought that there should be an app that allows its users to easily exchange funds into a reserve currency such as gold.
“The gold would be stored and protected by the company, but could be easily transferred to other users, across borders or be used in transactions, all within the app. This would make remittances less expensive and protect users from a devaluation of currencies.
“I have heard of a few companies trying to achieve the above, but nothing that has quite reached the scale it should be to make a difference, yet.”