Transact makes it possible for members to make and receive real time payments in ECO-6 Lumi globally using amounts specified in any familiar local currency for seamless exchange of value without conversion as the singular instrument of exchange is Lumi.
Undiluted store of value
In the face of declining African currencies, the loss of buying power and impact on savings and overall economic hardship, an accessible solution is a matter of emergency.
Transact provides a simple empowering tool for members to trade with values specified in any local currency with Lumi as singular instrument of exchange.
No need for currency conversion
Transact is designed to eliminate the need for costly conversion of local currencies during cross border trade as face principal amounts can be specified in any local currency value with the singular instrument of exchange being the African Kindoms Lumi (AKL).
Transact in familiar currencies
Transact provides the capability for members to make and receive payments in the community currency (Lumi) by entering transaction amounts in familiar local currency values.
Zero FX Costs
By making and receiving payments in Lumi with transfer amounts specified in any local currency, Transact removes the need for currency conversions.
With the challenges of financial exclusion, delivering equital access via transact and use of Lumi address two probles. The first is financial inclusion and the second is the multiple currrency problem which is a huge impediment to trade.
More information on Transact
We have done our research and discovered that mebers of the community who are keen to use the Lumi wanted to address two questions;
1. How many Lumi should be transfer to pay a bill with amount specified in any local currency?
2. What is the equivalent value of Lumi for any local currency?
The solution was to create transcat which enables members to execute transactions by entering the invoice amounts after selecting a local transaction currency and ensuring that the only underlying instrument of exache remains the Lumi.
There is no monthly cost. There is no annual cost.
Transactions may be subject to transactions fees depending on the applicable support plan.
Complete peace of mind when using Lumi but entering transaction amount in a familiar local currency.
Can I use Transact without a Swifin ID and a Connect Profile?
No. You need a Swifin ID and a Connect Profile Link to activate the Transact Service. The Transact service must be linked to a single Swifin ID and a single Connect Profile Link.
Can I move Lumi from Account to Transact?
Yes. You can initiate a transfer from your Account. Each transfer is subject to authorisation and it may take some time for the verification to be complete for the transfer to be completed so be patient.
Can I withdraw any local currency from Transact?
No. You can only exchange your Lumi with another Community member in exchange for goods and services provided by the member to other community members.
Can I move Lumi from Connect to Transact?
No. You can only move Lumi from Connect to Account and then from Account to Transact. You can also transact with other community members in exchange for goods and services