We at the Blockchain Founders Group are excited to announce the latest addition to our track record, meCash. meCash is enabling small and medium size businesses to send and receive cross-border payments for goods and services using blockchain technology and stable coins. - Author: Albert Sugiharto
The African Continental Free Trade Area (AfcFTA) is currently the largest free trade area in the world. Its members consist of 55 countries with a population of 1.3 billion and combined GDP of $3.4 trillion. The total intra-Africa commercial payments volume is estimated at $16.5 trillion annually.
However, a big fraction of this revenue was lost due to the inefficiency of the cross-border payment system. According to the AfcFTA, approximately 24% of the total revenue was lost due to transaction fees and fx fluctuations, amounting to $3.4 billion. Further, the process is slow and could take 14 days from end to end. The expensive and slow payment process is a challenge for many SMEs operating in the continent.
meCash aims to solve this problem by offering an instant, cheap and convenient way of payment settlement. By utilizing stablecoins, meCash allows for on- and offramp of fiat to crypto while offering real-time settlements. meCash bridges the gap between buyers and sellers and settles transactions in either fiat currency or stablecoins directly to users’ bank accounts, mobile, or web3 wallets. This process will be facilitated through licenses that enable on/off ramp while operating through a custodial wallet.
Here is how meCash will make cross-border transactions easier:
Take a look at how meCash aims to simplify the process of cross-border payments:
meCash is the one-stop solution for SMEs’ cross-border payments
The team behind meCash are professionals with emerging markets and international experiences in payment, technology, financial services and telecommunications. Modupe Diyaolu, the co-founder and CEO, has 10+ years of experience in different financial services institutions. Adebusola Adegbuyi, the co-founder and CTO, is an experienced software engineer for different IT services and payment infrastructure. Together, both co-founders are committed to enabling cross-border payments within the African continent and the rest of the world. Learn more about meCash on their LinkedIn and Twitter.
Contact: Modupe Diyaolu, Co-Founder, modupe@me-cash.com
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