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By Myaza Business: Instant Global Payments for African Merchants on Stellar
Building a seamless cross-border payment solution using Stellar for travelers and businesses across Africa.
This submission will focus on building a cross-border payment system leveraging Stellar’s fast, low-cost blockchain to facilitate secure and instant transactions for travelers and businesses in Africa.
By integrating Stellar for foreign exchange, transaction processing, and wallet-to-wallet transfers, Myaza will enable seamless currency conversions and money transfers across borders.
Stellar’s interoperability and scalability will ensure that the system can support both high-volume and low-cost transactions, making it accessible to underserved markets.
These improvements will enhance user experience, reduce transaction fees, and increase the speed of cross-border payments, positioning Myaza as a leading digital payment platform in Africa.
Maybe in the future, but not in this submission
$106.6K
Success Metrics:
1. User Growth: Over 300,000 new users in the first six months.
2. Transaction Volume: Monthly processing exceeding $5 million.
3. Market Expansion: Launching in 10 additional African countries within a year.
Impact of Outputs:
1. Financial Access: Reducing the underbanked population by providing easy access to cross-border payments and financial management tools.
2. Economic Empowerment: Supporting small businesses with lower transaction fees to encourage economic growth across borders.
3. Financial Literacy and Security: Enhancing user knowledge and safety in financial dealings.
4. Sustainable Development: Contributing to poverty reduction and economic stability through reliable financial services.
Our go-to-market strategy will focus on targeting travelers and businesses in Africa by leveraging strategic partnerships with travel agents (e.g., Travel Beta), airlines (e.g., Air Peace, Ibom Air), and tour operators. We will also utilize digital marketing campaigns across social media platforms to engage with the target audience and build brand awareness. By offering seamless cross-border payment solutions, we’ll position Myaza as the go-to app for money management in Africa. Additionally, we will run referral programs, promotions, and educational content to drive user adoption and retention, targeting a user base of 500K within the first year.
Transaction Volume: Successfully processed $1.9 million in transaction volume.
Customer Base: Over 5,700 verified users, with a 26% monthly growth rate achieved through organic marketing strategies.
Cost Efficiency: Zero customer acquisition cost due to highly engaging social media campaigns and partnerships.
Market Engagement: Actively in discussions with airlines and travel agencies like Air Peace, Ibom Air, and TravelBeta to onboard their travelers.
Operational Stability: Achieved same-day settlements for specific regions, boosting user trust and satisfaction.
Scalable Framework: Built on robust financial infrastructure ready to scale and integrate with Stellar for cross-border transactions.
Link 1: https://app.amplitude.com/analytics/share/dbc01e076fdf4af39a794c2562701854
LINK 2: https://docs.google.com/spreadsheets/d/1Ql2IIsQdaNTD1dqxhy6L_T26zmSK7G4wpD5NuKrE0WQ/edit?usp=sharing
1. Deliverable 1: Basic Multi-Currency Wallet
Description: Develop a basic version of the multi-currency wallet enabling users to hold and manage 10 African currencies.
Completion Criteria: Users can successfully create wallets, deposit, withdraw, and hold local currencies.
Estimated Date of Completion: 2 months
Budget: $42,404
2. Deliverable 2: Initial Stellar Integration
Description: Integrate Stellar to handle deposits and withdrawals using custom assets representing fiat currencies so users can swap local currencies and send across borders.
Completion Criteria: Successfully conducted test transactions on Stellar involving deposit and swap processes.
Estimated Date of Completion:1 months
Budget: $35,324
1. Deliverable 1: Enhanced Multi-Currency Exchange Features
Description: Develop and implement currency exchange features within the wallet using Stellar’s path payment operations.
Completion Criteria: Execute at least 100 path payment transactions within the testnet environment without errors.
Estimated Date of Completion: 1 Week
Budget: Benefits from Stellar LaunchKit (no direct XLM award for this tranche).
2. Deliverable 2: User Testing and Feedback Integration
Description: Conduct user testing sessions to gather feedback and implement initial improvements based on user interactions.
Completion Criteria: Complete user testing with at least 50 participants and integrate feedback into the platform.
Estimated Date of Completion: 1 Week
Budget: Included in Stellar LaunchKit benefits.
1. Deliverable 1: Full Multi-Currency Wallet Launch
Description: Launch the fully functional multi-currency wallet on Stellar’s mainnet, supporting multiple Stellar assets.
Completion Criteria: Wallet goes live on mainnet with all planned currencies and features functioning as intended.
Estimated Date of Completion: 2 Weeks
Budget: $28,823
Myaza is built by a team of African engineers with deep fintech experience.
Charles Archibong (CEO) built the original Stellar integration solo and led the delivery of our previous SCF grant. Cyril Uket (CTO) leads Flutter and POS engineering.
Joseph Bassey (Lead Backend Engineer) brings experience from Revolut and will lead SDP, Soroswap, and Soroban smart-contract work for Web3 Projects.
Richard Ingwe (COO) handles compliance and operational coordination, drawing on 4 years of building identity infrastructure at Youverify.
Eniola Agbaje leads QA and product, previously at Appzone.
Together, we have shipped production fintech to millions of users.
Charles Archibong
By Myaza Business: Instant Global Payments for African Merchants on Stellar
Myaza Business: African Payments
By Myaza Business: Instant Global Payments for African Merchants on Stellar
Myaza - Transact Across Africa
By Myaza Business: Instant Global Payments for African Merchants on Stellar
Myaza