Apollo NPP: The Welcome Disruption Imperative For The Fintech Sector and CBDC issuance

The financial sector changes rapidly. These arise from the need to mitigate inadequacies inherent in the available systems. One such change is the growing popularity of digital payments. As these become entrenched, governments are having to make accommodations for their eventual adoption as measures of exchange. Consequently, many are mulling the adoption of Sovereign Digital Currencies (CBDCs). Pioneers like China with the digital renminbi are in advanced stages of piloting them

In Apollo Fintech’s National Payments Platform, countries have the infrastructure to roll out the mass adoption of CBDCs. Following a CBDC issuance, the NPP system enables a government agency or central bank to add commercial banks and agents. In turn, these signup citizens and merchants, allowing transactions.

 According to Stephen McCullah, CEO of Apollo Fintech, “The National Payment Platform is the only blockchain-powered system that enables users to make digital payments through a sovereign currency.” It promises to revolutionize the payments sector

Ways Apollo NPP Will Transform the Financial Sector

Apollo’s National Payments Platform will transform the financial landscape in the following ways.

Enhancing Uptake of CBDC

There is a growing shift from using fiat currencies to digital ones. The private coins in circulation are unregulated and unsafe. Confronted with this reality, Central banks have no alternative but to adopt digital currencies. The NPP, together with other Apolo products Like National Currency System and the Apollo Banking Network, will augment government efforts towards mass adoption of CBDCs

Attaining Efficiencies in The Financial Sector

Financial sector efficiency is essential for economic progression. Apollo NPP helps attain these efficiencies thus:

Efficient Oversight Of Financial Sector

Privately issued payment methods threaten to emasculate Central Banks. These are affordable, convenient, and efficient options for fiat currencies. However, they are high risk. CBDCs will help firm up the Central banks’ oversight over currency circulation, guaranteeing security, and stability.

Additionally, The blockchain allows the Central Banks on the minute monitoring of transactions. In turn, this ensures all players adhere to proper financial practices.Again the blockchain enhances collaboration between The Central Bank and other financial institutions. Such cooperation is critical to achieving sanity in the financial sector.

Modernizing Payments

Fiat currency based payment systems are dated. They are slow and inconvenient to use. This is discernible in the case of voluminous transactions. NPP, together with CBDC, will stem this. Drawing on blockchain capabilities, it will allow instantaneous transactions

NPP will ensure the full transition into cashless societies. We will be able to deposit and withdraw funds, initiate transfers, and make payments digitally. The wallet function allows P2P transactions regardless of distance.

Strengthening Inter-bank Linkages

NPP will incorporate other Apollo Functions. The Apollo Banking Network is an example. Through it, banks will synergize their operations. Consequently, we will realize instantaneous transactions across borders.

Eliminating Bottlenecks in Transactions

The Apollo NPP eliminates intermediaries. Although important in ensuring trust, they impede the expeditious settlement of transactions. Their removal enables frictionless P2P payments. Transactional efficiencies are critical to economic growth

The platform decentralizes the Central Bank function. They will no longer have to act as clearinghouses. Bypassing this function allows direct transactions. Thus customers get swift services.


Ensuring Transparency Of Transactions

Illicit payments abound in the global financial market. They are gaining in notoriety buttressed by “anonymity” crypto offers. These illegal payments support criminal activity and destabilize economies. They are conduits for executing fraud and channeling proceeds from human enslavement, drug trade, and operationalizing terror.  Chainalysis’ January 2020 Report on The State of Crypto Crime indicates a perturbing rise in these crimes.

Weighing in on the same, Neil Walsh, Chief of Cybercrime and Anti-Money Laundering arm of the U.N.’s Office on drugs and crimes, contends that crypto offers “a new layer of secrecy that favors criminals.”

All transactions over the NPP leave an audit trail. Central banks can, therefore, detect and arrest the execution of these transactions. This way, they help sanitize global finances. Besides, they act as deterrents to crime.

Securing Transactions

All transactions on the NPP occur over an immutable blockchain. The transactions have robust encryption. This way, they are immune to hackings. To date, Apollo boasts of the only Quantum Resistant blockchain available.

Increasing Engagements Between Merchants and Customers

Economic growth depends on commerce. Accordingly, nations strive to increase commercial activity. The NPP is handy in attaining this. Through it, Merchants can publish catalogs of their produce. They can then sell goods and collect payments. The platform supports P.O.S allowing them to serve local customers.

Expanding Financial Services

Apollo NPP aims at attaining financial inclusion. It will achieve this by:

Reduction Of Fees

One of NPP’s big pluses is that it negates intermediaries. These draw fees from transactions they oversee. Without them, one needn’t pay transaction fees. Even when such expenses are applicable, it is less than they’d pay the intermediary. A reduction in costs encourages the uptake of financial services.

Online registration of Merchants and Customers

Time and distance conspire to lock out many from the financial system. Apollo provides for online registration of Merchants and customers.  This takes the chore out of signing up for financial services. By using the internet, anyone can easily and quickly gain access to financial services.

Banking On Top-Up Cards

Once banks are on board, they can offer their customers top-up cards. Using these, they can transact with their accounts.

SMS Based Payments

The NPP is inclusive. Despite being cutting edge, it accommodates simple technologies. For instance, it allows for SMS payments. A feature phone is sufficient to transact with. These are affordable to many seeking inclusion in the financial sector.

Adopting an Agency Model

To further improve access, NPP will adopt an Agency model. Government-approved agents will set shops across the country.

Final Thoughts

The financial sector’s overhaul is long overdue. Current systems cannot keep up with the demands of an evolving world. To remedy this situation, Apolo fintech stands at the forefront of providing viable solutions. Its NPP is a game-changer that will alter the financial sector. 

Not only will it allow governments to issue CBDCs, but it will also increase financial inclusiveness, modernize our payments and sanitize the financial sector. Furthermore, the efficiencies derived from its deployment will catapult economic growth. Nations and individuals can look forward to prosperous futures using Apollo NPP.

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