FORUS has been established to provide a digital cash solution that gives its users free store of value, free transactions and provides interest free finance to productive enterprises.
FORUS Digital is the operational entity of FORUS, and the African Wealth Fund is the entity established to raise, generate and manage the funds used to provide finance. FORUS is supported by an organisational and governance structure that ensures its integrity.
FORUS have created an equity stablecoin MahalaX which is used to distribute the wealth created to its investors and users. Universal stakeholding is achieved through the distribution of MahalaX across the platform user groups. All FORUS Group entities distribute 20% of all their earnings back to MahalaX.
The method of exchange within the FORUS Digital platform is through a fiat-backed stablecoin, in the form of electronic legal tender, or digital cash. There is a blockchain for each country of operation, which is the clearinghouse for the digital cash in that country. In South Africa, the token is the ZarT. It’s value remains the same as the South African Rand.
FORUS Digital is a clearinghouse for fiat-backed digital currency, (a stablecoin) in South Africa and globally. The FORUS Digital fiat wallet, token and blockchain are operationalised and managed by Ecentric Payment System (Ecentric) with security provided by ISA Holdings Ltd. Ecentric are one of South Africa’s largest payment switches, processing transactions for the largest retailers, banks and fintech platforms across Africa. FORUS Digital earns revenue through a share of the sign-up, financing and adverbuying revenue generated on the platform.
The African Wealth Fund borrows funds from institutional and private capital, and uses this to back the token used to finance productive enterprises. The disbursement and collection is done through the FORUS Digital platform.
FORUS ecosystem users and partners include: small enterprises, micro insurance providers, delivery services, mobile operators, retailers, ecommerce marketplace, minibus taxi automated fare collection, online skills providers, district cooperative financial collaboratives, a trade union led cooperative financial institution and a student digital collaborative.