Stellar Community Fund

By Myaza Business: Instant Global Payments for African Merchants on Stellar

Myaza

SCF #26

$39.8K

Legacy v5.0 Activation Award

Awarded

Myaza enables Africans to seamlessly send, receive, save, spend, and swap foreign currencies without borders.

Products & Services

1. International Money Transfer

Service: A feature that allows Africans to send and receive money internationally.

Problem: Traditional international money transfers can be slow, expensive, and inconvenient due to intermediary banks and fees.

Solution: Myaza partnered with financial institutions and offers customers virtual IBANs (EURO, GBP, USD) to receive payments via ACH, SEPA, or SEPA INSTANT. We also want to leverage Stellar, a decentralized payment network, to facilitate faster, cheaper, and more transparent cross-border transactions. Stellar uses distributed ledgers and native tokens (Stellar Lumens - XLM) to streamline the cross-border payment process.

Benefits: - Faster settlement times compared to traditional banking systems. - Lower fees due to reduced reliance on intermediaries. - Increased transparency as transactions are recorded on a public ledger.

Audience: Individuals and businesses who regularly send or receive money internationally (students studying abroad, freelancers working with international clients, digital nomads, etc.)

2. Currency Exchange

Service: A feature that allows users to exchange currencies at competitive rates.

Problem: Traditional currency exchange services often have high markups and hidden fees.

Solution: Myaza allows customers to swap from one major currency to another.

Benefits: - Potentially more competitive exchange rates compared to traditional services. - Faster exchange execution through streamlined protocols.

Audience: Individuals and businesses who frequently exchange currencies for travel, business transactions, investment, or personal purposes.

3. Multi-Currency Management

Product: A feature that allows users to manage their finances in over 10 currencies.

Problem: Managing finances across multiple currencies can be cumbersome, requiring separate accounts and calculations.

Solution: Myaza's app allows customers to send and receive funds with over 10+ currencies supported in one app. We will integrate with Stellar or Soroban to provide a unified platform for holding, tracking, and potentially converting various currencies like USDC, USDT, and other tokens supported on the Stellar network.

Benefits: - Simplified financial management with all currencies accessible in one place. - Real-time exchange rate updates for informed decisions.

Audience: Individuals and businesses operating internationally or managing finances in multiple currencies.

4. Virtual USD Card

Product: A virtual USD card issued within the Myaza app for international payments and shopping.

Problem: Traditional debit/credit cards may have foreign transaction fees or limitations for online purchases.

Solution: Myaza might partner with a financial institution to issue a virtual USD card and also their local currency. This card could be used for online transactions globally without incurring foreign transaction fees. We also want to enable customers to fund their cards using USDC, USDT, etc., on the Stellar network.

Benefits: - Convenient and secure online shopping using a USD virtual card. - Potential cost savings by avoiding foreign transaction fees.

Audience: Individuals who frequently shop online from international vendors.

Requested Budget

$39.8K

Team

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.