Our 6 months goals is to finalize with prototyping, enabling MVP product through our alpha version opened to public testing.
We expect to attract users with real uses cases in order to fine tune our market and prepare for a beta version in Q4 2022 more suitable to users need and more scalable.
Phase 1 : Prototyping – Q1 2022
- Finalize the development of the Dyapay’s backend application to operate with Stellar Network and connect with our local mobile money operator API (Orange Money) to allow local fiat on/off ramp in Côte d’Ivoire.
- Finalize the development of pre-release early version of client application “alpha” on Android devices to allow interaction with users
- Interact with Stellar to Issue XOFD token and processing peer to peer transactions.
- Create XOFD/USDC liquidity pool on StellarX AMM to enable yield earning functionality
- Connect with Circle Accounts API on Testing Networks for enabling cross border payment functionalities.
Phase 2 : Test / Improvement and validation – Q2 2022
- Open alpha pre-release to a small group of internal users and early adopters of our community.
- Collect feedbacks, correct bugs and fine tune our product to suit user needs
- Validate alpha final version to prepare the beta release
Phase 3 : Seed funding and legal establishment – Q3 2022
- Request for Expert legal advisory for legal business establishment
- Request for regulatory advisory
- Proceed to legal establishment and open the discussion for our market regulatory framework
Our short term goal is to develop a MVP for early adopters in order to launch our public beta version. Funds requested will help us to support development by hiring a freelance developer for pre-release, test/improvement and beta release. Marketing and communication campaigns will target our market to build and increase our community of early adopters and prepare the launch of beta version. We also plan to produce and promote educational contents on financial culture and blockchain technology available on social media and blogs.
Dyapay has previously been selected for DFS Lab’s Blockchain Bootcamp in collaboration with Stellar Development Foundation (SDF), an intensive and challenging three days program.
So far, our team is working on prototyping stage.
PROBLEM & SOLUTION
Moving money in and out Africa is very challenging especially for SME/SMI, freelancers and businesses in informal sector. Commercial relationship between Africa and the rest of the world has growed significantly, complexifying cost of the trading corridors with Africa. Friction is the most important in Sub-Saharan Africa where 80% of the population have no access to a bank account and are excluded from basic financial services.
Dyapay aims to be a simple mobile wallet allowing his users to send money abroad instantly without a bank account at low cost. We offer our users access to the global digital economy: purchase online, get paid, perform peer to peer transfer and wire transfers worldwide in a simplest way. Dyapay is part of the next generation of money transfer and payment services, using decentralized finance to involve users to participate to a sharing economy model by providing liquidity and capturing fees as rewards on pools they are involved.
How do you use Stellar in your solution?
Stellar makes it easy to create and transfer digital representation of money within anchor’s ecosystem at a very low transaction fee. Dyapay will operate on Stellar behind the scene as following:
- A back-end wallet application using the python powered framework django and Polaris, the extendable django app for Stellar Ecosystem Proposal (SEP) implementations maintained by the Stellar Development Foundation. We plan to create XOFD, an asset with the goal to replicate XOF value, anchored in Stellar Network by our team.
The back-end will be interfaced with mobile money API of telecom companies operating in West Africa for remote and automatically funds pick up or deposit in local currency. We also plan to rely on MoneyGram network for cash funding and payout in local currency with an expected implementation of near-real-time settlement and USDC conversion on international markets in 2022.
Back-end will also manage user authentication to mobile application while we plan to rely on AWS Key Management Service (KMS) to store and protect blockchain cryptographic private keys.
- A Marketplace layer available on Stellar DEX for liquidity providing and swap. We plan to simplify the concept of liquidity providing to our users by promoting yield accounts in our client mobile application, abstracting complexity of holding private keys and connecting wallets to the AMM. Users are incentives to liquidity providing by receiving rewards. More user’s contribution and growth benefits to increase the size of the liquidity pool resulting in less slippage.
- We would like to launch our cross border payment services with corridors highlighted by commercial relationship with Côte d’Ivoire: these countries are France, China, India and United Arab Emirates.
- Other products like P2P payments, yield earnings and get paid services will start by Côte d’Ivoire, then expand to Senegal to scale in Francophone West Africa.
Users will be charged an extra processing fees on cross border payment transactions. Fiat on ramp and P2P payment will be free of charge for users. Fiat off ramp is charged 1% fee by our local mobile money telecom operator in Côte d’Ivoire. We also plan to charge 1% off ramp fee in case of partnership with money transfer agent.
Though our get paid service, Businesses will be able to accept payment from our community of users and from anywhere in the world from client using their preferred payment method (credit card, debit card, money transfer, mobile phone). Depending on transaction volume, we will propose businesses "pay as you go" on every transaction or to pay premium periodic subscription.
Liquidity providing and fees captured on cross border transaction will allow liquidity mining for DYA, our governance token. The governance token will be a tradable asset with objectives is to support research & development, dispose funds in order to buy back XOFD to arbitrageur in case of deviation from XOF, provide additional incentives to users to liquidity providing with rewards in order to increase the size of the liquidity pool resulting in less slippage.
Our pricing strategy is one of the most competitive because of free P2P transfer and low cost transaction fees. Stellar network cost a fraction of penny and decentralized finance simplify business processes.
THREATS & OPPORTUNITIES
Compliance is a subject of high importance when it comes to manage with financial services.
Our biggest challenge is to be compliant on every market we plan to expand.
Another big challenge is fiat on/off ramp in our local market of West Africa. We plan to start using mobile money telecom operator API. The risk they feel us as a direct competitor may lead to stop the API service.
We view low financial inclusion as an opportunity to gain market shares and scale. Commercial relationship growth supported by the economic recovery post pandemic is another big opportunity for our project.
Dyapay is breaking the limitations of people who were excluded from financial services before. We are less in competition but rather a complementary offer to expand financial inclusion.
Cross border payment :
- Prepaid Visa cards issuer (UBA, Ecobank, etc.)
- Traditional banks
- Traditional Remittance Companies
- Fintech company : AZA Finance
Peer to peer :
Get paid :
MARKETING AND SALES
We plan to reach our prospects on social networks (Facebook, LinkedIn) and street marketing.
Retail prospect: Our first plan to convert this kind of prospect into customers is low or free transaction fees, rewards on liquidity providing.
SME/SMI: we will focus on safety of funds on the platform, speed of transactions and cost efficiency (no hidden fees, no extra fees).