Round 8

Simplyfing Blockchain for Cross-Border Payments

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Sentit is built for Cross-Border payments, this is shown in our various types of payment processes aim at simplifying Blockchain for you, on Sentit you can send payment to an Email address(New and Existing Users), Public key and federated address. You can send the same asset or Non-same Asset to any of the available methods. Below is a short explanation of these features and how you can use them to be part of the blockchain community;

One of the ways we simplified payments is through email payments. Sending Money across the globe should be as easier than sending email, Sentit allows Users to be able to send payment just by knowing the recipient email, No public key is required. Just ask for the recipient email and you should be able to send funds/crypto assets to their email directly even if they are not yet registered on Sentit. This takes away the issues of users sending payment to the wrong persons and it is way more user friendly than public key. There might be times you just need to send GHS to a friend in Ghana while you are in Nigeria and Holds the Nigerian Naira, you can still send this to an email address in just two Steps. With This, we take away the complex process of needing to visit an Exchange, a Bank etc for Fx. All can be done right in Your Sentit App and your recipient gets the Fund within 2-5 seconds. Yes, it that Easy!


For Experience Users, Sentit is also for You, On Sentit you can send Federated and Public key payments too. Federated addresses are email-like addresses used on Stellar Blockchain. You can send the same asset payment and Non-same Asset payment to both Federated and Public- key addresses on Sentit. Sentit is not just a wallet for Newbies with little or No Blockchain experience, Sentit is a dynamic wallet that can bend to fit everyone’s purpose regardless of your level of experience about the technology.

Features Available for Payments

 - Reserve Sponsorship for User(Sponsored Reserve)

 - Trustline Sponsorship up to 2 Free Trustline(Sponsored Reserve)

 - Cross-currency Payment (Path Payments)

 - Transaction Fee payment in any Crypto/currencies (using FeeBump)

 - Low Transaction Fee

 - Seamless Support for External Asset Deposit and withdraw(Using Sep 006 and Sep024)

 - Support for federation Account( Stellar Sep001)



Online Bill payments have become part of everyone’s lifestyle these days. But there is still a huge gap between bill payments and blockchain and to be realistic, for users to adopt Blockchain into their everyday lifestyle, Bill payments will play an important role. MTN Nigeria 2020 financial report show how bill payment is becoming extremely important not just for Nigeria alone but all over Africa and the World at large, The group made N332.4 billion in data related Revenue alone with a 51.2% growth in 2020. Users should be able to pay their everyday bills using blockchain assets. Sentit Allows Users to pay all sorts of Bill like Airtime, Data, Tv, Internet, Religion, Educational subscriptions and many more using any of their Trusted Crypto Asset. We Provide Users with wallets that support their everyday bill payments with their crypto assets and even build their confidence in holding Crypto and Blockchain assets. Now you or anyone can buy Airtime for Friends and Family using XLM, BTC, ETH, or any of your assets in Two easy steps. It's that easy!.

Features for Bill Payments

  - Pay Bill with any Currency (Path Payments)

  - Zero Transaction fee on bill payments (FeeBump)



On Sentit, users can swap between currencies, crypto assets or Token at an extremely low fee and fast Settlement time, This allows users to exchange currencies without leaving their wallet, no need to visit Stellar Dex or Bank for Currency Exchange, we decided to bring the Bank to You, in two Steps you can swap between Currencies at lightning speed with an extremely low transaction fee that can be paid in any of you crypto Asset no need to have XLM. If you are Swap USDC to TZS for instance, Your transaction fee is paid in USDC Not XLM


Features Used For Swap

  - Currencies Swap (Stellar Path Payment)

  - Fee Payment in Users Swapping Currency (FeeBump)


On and Off-Ramp of NGN (upcoming)

We plan to issue a Compliant, Naira backed Stablecoin in Q4, This is in alignment with our mission to simplify Blockchain for Cross-Border Payments. Users will be able to deposit and Withdraw Naira, plus also transact with it. We plan to Commercialize this for Other Businesses on Stellar to directly integrate us or via Sep 24.


Features Used For Deposit and Withdrawals;

  - Cross-Currency Payment (Path Payment)

  - Support for sep001

  - Support sep010

  - Support for Sep 006 and sep024


Transaction Fee on Sentit(For All Transactions) are extremely low thanks to Stellar Low Transaction Fee, plus on Sentit when sending a transaction you can pay for your transaction fee using the Sending currency, Say You are sending GHS to a Friend, Your transaction fee is paid in GHS and not XLM, You can use Sentit without having XLM

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Progress so far

CampaignUser Acquisition - Objective: Sentit plans to Acquire new 100k customers by Q4 2022 with a 32% increase in total transaction process on the Platform MoM (Month Over Month)

To get there, we  will use our requested budget of  

95k  -  Marketing & Growth Campign
80k  -  Wages & Salaries
10k  -  Operations
10k  -  IT


Problem and Solution


Blockchain for payments is, no doubt, efficient and effective, As blockchain solutions become more prevalent in the cross-border payments space, the adoption of Blockchain for Cross-Border Payments has been slow despite the effort made by various international consortiums. The complexity of Blockchain makes it difficult for users to adopt the Blockchain in their everyday lives. Today, Users with little or no knowledge about some Blockchain concept like Public-Private Key Cryptography, Encryption, Validators, Nonce, etc might find it difficult using the Existing Blockchain Cross-Border Payment Solutions. These concepts need to be simplified without compromising Blockchain Security, Users' control (of their fund), Settlement time, low fees, and many more for true adoption of Blockchain for Cross-border payments.

Transaction Fee for cross border payment is around 6.51% and this is much high when using traditional corridors like banks etc, this is caused by the high numbers of intermediaries involved in the remittance process before it reaches the final user.

Settlement Time for cross-border payment is another worrisome issue, according to the world bank, Settlement Time for remittance is around 2-3days on average for Remittance sent to clear, for migrants who need to send fast payment to families and relatives who depend on this, 24hrs delay might a very serious issue.


Sentit was born out of the need for a simple, easy to use, wallet that can relate to the user in the way they already know, providing them with Low transaction Fees and fast settlement Time. Adopting Blockchain requires simplicity and this is what Sentit is bringing on board, Users on Sentit enjoy a simple wallet couple with blockchain benefit without Compromising Blockchain Security. Sentit Provides users with a single entry point to the blockchain world without the complex processes that are usually involved when using Blockchain Applications. Sentit provides users with the basic need-to-know things to start using Blockchain and the flexibility to know and explore more if they want to.

We Understand that sending money across borders should be easier than sending email, no stress, no complex technology, no huge fees, no long waiting hours, this is why Sentit was created. Checkout Some of our Features below;


  • Email Payments
  • Cross Asset Payments
  • Bills Payments(Crypto or Fiat)
  • Currencies Swap(Crypto and Fiat)
  • Withdrawals & Deposit of Fiat for Currencies that are listed on Stellar.
  • No Crypto SignUps
  • Deposit and Withdrawals of External Currencies Like Erc20 etc
  • Public Key and Federated Address Payments
  • Low Transaction Fee
  • Pay Transactions Fee With Any Currency / Crypto Asset

Target Market

Sentit is targeting Migrant Workers within sub-Saharan Africa. This audience represents the main source for cross-border payment in sub-Saharan Africa and they contribute a significant share to their countries GDP. According to World Bank(2020), in 2019, Remittance accounted for up to 34.4 percent of the national GDP in South Sudan, 21.3 percent of the national GDP in Lesotho and 15.5 percent of the GDP in the Gambia. Nigeria, the largest recipient of remittances in SSA, received approximately USD 23.8 billion; while countries such as Ghana, Kenya and Senegal received USD 3.5 billion, USD 2.8 billion and USD 2.5 billion, respectively. This audience has family and relatives back home who rely heavily on this micro cross-border payment sent to them to cover domestic expenses like food, housing, education, health, etc. With Sentit, Migrant workers will be able to send payment back home at a very low-cost, fast Settlement time with a Simplified Blockchain Wallet.

Revenue Model

Sentit revenue model will be derived from the under listed source, some of these are the source we have tested with our beta-testers (over 200 Testers) and they have proven profitable;

Transaction Fee: We charge Users a Transaction fee for transactions like Swap, Email Payments, Federated Address payments and the likes.

Commission from Bill Payment: Commission from Valued added services and Bill payment offered on the platform, at the moment Sentit get between 3-5% commission on Value Added sold on the wallet, We plan to add more Value Added Services and More countries as we progress base on Users Demand and Feedback.

NGN Deposit and Withdrawal Fee: We plan to issue Naira Backed Stable on Stellar Blockchain in Q4, we also plan to commercialize this, making it possible for other businesses on stellar and other Blockchain to integrate us directly or via sep-24, Fees will be charged for Deposit and Withdrawals of our Stable Coin.

Market Research

       For the past few years, Blockchain has been a hot topic. This concept has become more valuable in day-to-day transactions. It can provide numerous benefits to businesses. Blockchain technology allows cross-border payment processing to be fast, secure, and less expensive by securing and locking each data block.

       Remittances to low- and middle-income countries last year totalled $540 billion, just 1.5% less than in 2019. As of Q4 last year, the World Bank estimates that cross-border remittances had an average percentage fee of 6.51% and for remittance transactions through conventional banks  corridors, The percentage is even higher with an average  of 11% . Domestic remittances typically take a few seconds to clear, while international payments take  between 2-3 days to clear. Considering that migrant workers are the primary initiators of cross-border remittances, many of whom rely heavily on these cash transfers for their livelihoods, this is worrisome indeed.

       In the past decade, the G20 has made lowering cross-border remittance costs a priority, with the international consortium agreeing to lower the average transaction fee to 5%. Blockchain-based payment systems seem like the best way to accomplish this goal. Considering that Most of the problems associated with conventional cross-border payments originate from the large number of intermediaries that are involved in processing a transaction(correspondent banks), Blockchain on the other Hand does not involves the use of intermediaries, this can help in drastically reducing the cost of sending Payment across borders.  

       Additional intermediaries increase processing fees, increase the number of failure points, and increase fraud risk somewhere in the payment process. The SWIFT network, which connects institutions involved in international payments, is known for its slow response times and security breaches. By establishing virtual currency regulations across the globe, it signals that blockchain technology for cross-border payments will be adopted more widely in the years ahead. Particularly in countries with sanctioned governments that are threatened with expulsion from SWIFT payments, it may be more challenging to make cross-border payments. Blockchain technology provides real-time trust in verification of cross-border payments due to the use of encrypted distributed ledgers that provide the most reliable method of transferring funds between countries without the use of intermediaries like correspondent banks. By using it, third parties do not need to be involved in the verification process. Due to the lack of intermediaries, it is believed that Blockchain will significantly reduce fees charged.

       As blockchain solutions become more popular in the cross-border payments space, consumers are benefiting. International money transfers are becoming quicker, more reliable, and more secure in the future as the era of waiting three to four days for settlement and paying  8% fees is rapidly coming to an end.

Threats & Opportunities

The absence of regulatory clarity for Blockchain is a Major Threat


Marketing & Sales

With the restriction on Blockchain/Crypto related ads on major social media platform, we are planning to carry out a strong influencer marketing Campaign, Content Marketing, Event sponsorship (within our Target Market), Email Marketing, etc aim at acquiring more users and Creating Awareness.

Resources & Relationships

Use of Proceeds SCF Round 4

Special Thanks to all supporters who voted Sendit(Now Sentit) in the round 4 of Stellar Community Fund and thanks to Stellar Foundations for this platform.

We participate in the round 4 with an MVP(a very minimal one), after the funding we transitioned the app to it new form now and we are super excited about it. This Fund was used to cover development and infrastructure costs during the development phase of our project, this costs include hiring contract Developers, Legal fee, hosting and many more.

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       + 3 Years Banking Experience
       + 2 years Software Development Experience
       + 3 year Working as Community Manager for Various Blockchain Projects
       - Member Cryptographic Development Initiative of Nigerian (CDIN)
       - Member Blockchain Nigeria User Group
       - Director Bit-Summit

Sina Namadian (UI/UX Developer)
       +7 years in programming.
       UI/UX designer
       Financial algorithm designer
       Tehran, Iran

Augustine O. Ojeh (Content & Marketing)
     +3 Year in Content Marketing
     +2 Year in Consumer Strategy
     +1 Year Marketing Strategy