Financial inclusion for the unbanked in Africa
There are more than 300 million unbanked in Sub-Saharan Africa. This is the number of people who do not have access to basic banking services in the region.
With approximately 80 percent of financial transactions carried out in cash, the region has one of the lowest accesses to banking services compared to the rest of the world. According to the World Bank, the fee to send remittances from the United States to Sub-Saharan Africa is the highest compared to the fee to send money to any other part of the world. There has to be a better way for African migrants living in the United States to send money to their relatives in Africa, affordably.
Our solution is a mobile payment application that leverages blockchain technology to facilitate peer-to-peer and cross-border remittances between the United States and Sub-Saharan Africa. A blockchain-enabled payment system that uses USDC stablecoin to facilitate peer-to-peer, cross-border transfers in real-time and at a fraction of the cost. By leveraging the USDC as a bridge currency, funds can be sent and received in local currency on either side of the transaction.
By integrating blockchain and Web3 technology with our payment application, we are able to process payments in seconds and deliver the funds to the recipient in Africa instantly, while ensuring topflight security and traceability of remittance-related data.
By using USDC as a bridge currency within the blockchain payment network, we are on the path to advancing financial inclusion for the unbanked and making cross-border remittance low-cost and accessible.
