Oyoba stands for «own your bank». This was the codename of the concept draft back in 2016, reflecting the vision of a customer-owned bank. It later turned into the company’s name.
The problem with traditional banks is that there is a conflict of interest between the bank and its customers. A bank’s shareholders want to maximize profits at the expense of its customers what is against the interests of its customers.
An organization that is owned and controlled by its customers has its interest aligned. In addition, inclusive governance requires a much higher level of transparency.
Cooperative banks are operating in a similar way. The problem with cooperatives is that they are locally rooted, not very digital and do not live their democratic governance. We are inventing the digital cooperative for the 21st century.
Oyoba’s initial vision was to become a fully licensed bank. In a first step, the company is aiming for a neo-banking model. This means we will partner with an existing bank to provide some basic banking services which will be made available through our mobile banking app.
Disclaimer: At this point, the company does not hold a banking license.
We are targeting the community onboarding with first products in 2019 and a fully fledged banking app in 2020.
Banks will be needed for much longer than some people in the blockchain space believe. They are necessary to make the transition from the current system to blockchain-based solutions. Even once all assets have been moved to a blockchain, financial institutions will still exist to provide software solutions, information services, customer support, custody for digital and physical services, and more.
Oyoba is a registered company based in Zug, Switzerland.
The official legal names are “Oyoba AG”, “Oyoba SA” and “Oyoba Inc.”
Oyoba can play vital role in the blockchain ecosystem. The goal is to make blockchain-based services accessible for everyone.
We will publish more on this soon. It will be created in collaboration with the community.
You can join the community through these channels:
- Active contributor
- Join a local Meetup
- Host a local Meetup (contact us)
- App (coming soon)
More information on our community page.
Oyoba Inc. is not a cooperative. We are currently evaluating different company structures with our community, which includes a cooperative as a legal entity.
Oyoba’s members will benefit in different way. The exact member benefits will be worked out in collaboration with the community. Such benefits may include rights on profits, shares in the company, discounts on services, voting rights and more.