Lagos, Nigeria, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Boom, the ecosystem dedicated to achieving financial inclusion for the unbanked, has officially launched its superapp. The ecosystem's full rollout follows successful beta testing in Nigeria, amassing over 100,000 downloads, 33,000 KYC-verified merchants onboarded, and over 1 million messages exchanged in-app. The ecosystem saw over $180,000 (250 Million Nigerian Naira) in transaction value during the trial phase, highlighting the region's eagerness to adopt Boom and the potential for growth.
The Boom superapp, housing the Boom Marketplace, Boom Wallet, Boom Talks and Boom Hose, emerges as a holistic portal to address financial disparities. This inclusive marketplace serves as a global connective tissue, uniting over 1.3 billion users in Africa who have been financially displaced. By offering dedicated online stores for various goods and services, the Boom superapp strives to bridge the gap and empower everybody to participate in the global digital economy.
Founder and CEO Peter Alfred-Adekeye stated, "The Boom ecosystem stands out as the most advanced and comprehensive alternative commerce infrastructure globally. With this launch, Boom ushers in a new era of inclusive commerce to redefine how humanity transacts for the better over the next millennia."
Central to Boom is the Boom Wallet, along with Boomcoin (BMC), the ecosystem's native currency and medium of exchange, functioning as the technological facilitator for seamless instant transactions. Boom Pay, the online payment gateway solution offered by Boom for merchants and brands with pre-existing online marketplaces, allows them to accept payments at checkout from unbanked customers with an easy-to-integrate SDK for their marketplace, giving them access to previously untapped consumers. Boom's solutions ensure access to a global customer base and advocate for payment inclusivity.
Boom strategically tackles the complex issue of cross-border trade within Africa, navigating the intricacies of 54 nations with 44 different currencies. Through the tokenization of local fiat currencies into Boom stablecoins, merchants can seamlessly engage in cross-border transactions in their local currencies routed via BMC, enhancing the efficiency of Africa's current trade practices while overcoming local financial barriers. Additionally, foreign multinational corporations can use Boom to repatriate their earnings instantly. With consumer expenditure set to reach $2.5 trillion by 2030, Boom opens up a previously untapped and rapidly growing economy to the global financial landscape.
Naomi Whitney, Chief Product Officer at Boom, explains, "The Boom superapp serves as an omnichannel gateway to our entire ecosystem, offering both the banked and unbanked a chance to leverage cutting-edge technology to improve their socio-economic well-being. According to the United Nations, Internet access is a fundamental human right. However prior to Boom, 1 billion women could access the Internet but couldn't transact on it. That is now a thing of the past."
The Boom superapp emerges as a catalyst for positive change, featuring the Boom Marketplace, Boom Wallet, secure communication through Boom Talks, and community building with Boom Hose. This all-encompassing business platform connects the African population, creating an inclusive marketplace that unites buyers, sellers, and window shoppers worldwide. With a mission to empower users, bridge gaps, and actively facilitate participation in the growing global digital economy, the Boom superapp emerges as a transformative force for financial freedom, inclusion and connectivity.
About Boom
Boom stands at the forefront of financial inclusion for the unbanked, offering a comprehensive ecosystem designed to facilitate seamless online transactions. At its core is the Boom superapp, encompassing the Boom Marketplace, Boom Wallet, Boom Talks for secure communication, and Boom Hose for community engagement. With a clear mission to empower users globally, Boom aims to bridge financial disparities by providing merchants and brands with dedicated online stores for a wide range of goods and services. This inclusive ecosystem actively connects over 1.3 billion users in Africa who have faced financial displacement, paving the way for their participation in the global digital economy. Boom's commitment to transforming the landscape of digital transactions marks a pivotal shift in how individuals engage in the evolving marketplace.
For more information, please visit their website at https://boom.market/
