Loading...
Supporting developers, startups, and full-fledged companies building on Stellar and Soroban
© 2025 Stellar Development Foundation
Subscribe to the Newsletter
By PAYRIT
Send money and pay anyone around the world with your local currency while they get paid in their own local currency.
Making payments is challenging for Africans, and global payments are even tougher. Issues like FX scams, long processing times, and difficulty sourcing FX frustrate the process.
Payrit solves these challenges with instant global payment and settlement powered by USDC on Stellar, giving businesses and individuals unprecedented access to global markets. This empowers over 100 million entrepreneurs with a reliable global payment solution for business growth.
This submission focuses on building this cross-border payment system taking advantage of the stellar robust list of anchors with representation in almost all the continents.
Below are the following features we plan to work on in this submission
FEATURES
Issuing USDC asset for accounts on stellar
Swap/convert from and to Fiat and USDC, using the powerful real-time currency conversion on Stellar and Anchor system for on-ramp and off-ramp
Pay for day-to-day needs powered by USDC, using the path payment strict receive so that the end user can get their exact value
cross-border payment, using anchors
Instant payment at any point of sale internationally, using path payment
Send to bank or mobile money from crypto balance, Using anchor
HOW WE ARE USING STELLAR
Technically
For swap and international transfers
SEP-10: for authentication between anchor and client(payrit)
SEP-24: To allow users to deposit and withdraw assets right from the payrit app
SEP-30: To allow cross-border payments
Pay for day-to-day needs powered by USDC
Send to bank or mobile money from crypto balance, Using anchor
Users can hold multiple assets
Quick and cheap swap to any FIAT currency provided by anchors
Instant settlement during in-person payment in any currencies
Fast international transactions
Prevent FX scams
Fulfill international transactions with ease
These advancements will significantly elevate the user experience, minimize transaction costs, and expedite cross-border payment processes. By achieving these goals, Payrit is set to establish itself as a premier digital payment platform in Africa, fostering greater financial inclusion and driving innovation across the region.
Maybe in the future, but not in this submission
$47.8K
Success definition to us is:
When our users can fulfil transactions in any country instantly using their Payrit account
When we acquire our first 170 000 users
When we have 3000 DAU
when we process our first $2,500,000 in transaction volume
Increasing the average Lifetime value of a customer to $3600
1. Pre-launch Phase (1-2 months):
Build partnerships with local financial institutions and payment providers.
Focus on meeting local users where they will usually have to buy cash before making payments for the basic things such as boarding buses and tricycles for transportation
Deploy foot soldiers to onboard vendors on Payrit and allow them to receive payments through QR codes or TAP.
Track KPI and customer behavioural analytics.
2. Launch Phase (3-6 months):
Launch in a select market group (Small and Medium importation entrepreneurs and businesses) with targeted digital marketing and event capturing.
Continue tracking KPIs and iterating on the app performance and marketing campaigns.
Interact and build a relationship with the crypto communities across Africa by attending Crypto conferences and events.
Build partnerships and collaborations with travel companies (e.g. Travel beta) and influencers to drive international payment using local currency.
Targeted advertisements at strategic locations such as airports, and hotels
3. Post-launch & Expansion (6-12 months):
Explore additional monetization strategies (e.g., subscription features instead of pay-per-transaction, premium features, cross-border insurance, and loans).
Build community engagement, brand loyalty, and advocacy from satisfied users
Ambassadorship programs
A user base of over 1000 users
https://docs.google.com/spreadsheets/d/1CmJCRPbqHpHdkm-7yUZPKlgA_GPZQ81rDNlAQBr2Loo/edit?usp=sharing
Transaction volume: successfully processed $150,000+ in volume
Analytics
https://docs.google.com/spreadsheets/d/1RxvrSdtbToDCmyhfp7d3IcXco-8trxa94qaXSMTIXoU/edit?usp=sharing
Admin dashboard
https://docs.google.com/document/d/1JARK7cQER10vtfo0OE_7QyNKthUr05-4uO2_TnT2Pzo/edit?tab=t.0
We recently got accepted into the Magma residency program
https://docs.google.com/document/d/1yk_2LDueNWxewOe1YCssIcAxCmKHg2AUm7kEmLBVdtg/edit?usp=sharing
Deliverable 1: Accounts and Dual wallets
Description: Develop a dual currency wallet functionality for both existing and new users to hold and manage 2 currencies (preferred Fiat and USDC).
Completion criteria: Users can successfully create/view wallets, deposit, withdraw and hold the 2 currencies.
Estimated Date of completion: 6 weeks
Budget: $ 8225
Deliverable 2: Hosted deposit and withdrawal integration
Description:
Integrate Stellar SEP 24(Hosted deposit and withdrawals) with selected Anchors to handle deposits and withdrawals from their both wallets.
Develop functionality to swap from their Fiat and USDC wallets
Completion Criteria: Successfully executed and validated test transactions on the Stellar network, including deposit and swap operations.
Estimated Date of completion: 5 weeks
Budget: $6856
Deliverable 1: In-person Payment Feature to external bank account/wallets
Description:
Develop features to connect and send funds to external wallets for in-person payments in supported currencies
Develop and implement path payment using pathPaymentStrictSend operation to allow in-person payment in supported currencies
Completion criteria: Carry out at least 120 path payment transactions which involve external wallet payouts from stellar accounts on the test net
Estimated Date of completion: 4 weeks
Budget: $10 967
Deliverable 2: User Testing and Feedback Integration
Description: Conducts both Alpha and Beta testing with in-house testers and external tester sessions and implement improvements based on user feedback.
Completion Criteria: Complete alpha testing with 5 in-house testers and 30 External testers and feedback improvement integrated into the app
Estimated Date of completion: 2 weeks
Budget: 0 (no direct award for this)
Deliverable 1: App launch
Description: Launch the fully functional features on Stellar’s main net, with Both currencies and path payment working
Completion criteria: Wallet goes live on the main net with all features functional and app deployed to App Store and Play Store
Estimated Date of completion: 3 weeks
Budget: $ 15 653
Deliverable 2: Path payment with scan-to-pay, BLE and NFC
Description: Integrate path payment with existing payrit features such as scan-to-pay and NFC and the new BLE feature
Completion Criteria: use scan-to-pay and NFC to pay powered by path-payments
Estimated Date of completion: 4 weeks
Budget: $ 6 092
Our team is composed of five skilled developers and one experienced product designer with a deep understanding of the crypto space. Together, we bring over 15 years of combined experience across various industries, including fintech, crypto, and mobile technology.
Key Team Members
Fawas is a seasoned backend engineer with over four years of experience building scalable systems and startups across diverse industries. He was part of the core team at PAYDAY (recently acquired by Bitmama) and is currently working at one of the world’s largest investment banks.
Key achievements include:
Building Aufera, a peer-to-peer car rental service.
Developing a Bitcoin node during his time at Atechcoins in 2021.
Designing and implementing a robust USDC-based infrastructure at Payrit, enabling users to create USDC wallets, fund them, send USDC, and spend directly from their wallets.
Technical Expertise:
Languages: Typescript, Java
Frameworks: Node.js, NestJS, Spring Boot
Databases: SQL, NoSQL
Cloud: AWS
Messaging Infrastructure: Kafka, RabbitMQ
Uthman is a versatile product designer and manager with over six years of experience driving product success in the fintech and crypto markets. He was part of the product team at Fabledfunds (Nigeria’s first peer-to-peer crypto marketplace, now defunct) and co-founded AUFERA, a car rental marketplace.
Currently leading product operations at Payrit, Uthman’s focus is on creating a truly borderless payment system powered by USDC, enabling seamless local and international transactions.
Strengths:
Strategic product design
Expertise in peer-to-peer marketplaces
Proven ability to lead and scale fintech innovations
Akinsola is a highly experienced mobile engineer specializing in Flutter development. He has successfully led multiple mobile engineering teams, delivering innovative, cutting-edge mobile applications. His expertise ensures the creation of seamless user experiences across platforms
Other members of the team include
backend engineer
Mobile engineer
2X AWS certified AWS Solution Architect
This cohesive team combines technical excellence, proven track records, and a passion for innovation to drive Payrit’s vision of revolutionizing borderless payments and delivering unmatched value to its users.
Uthman
Fawas Kareem
By PAYRIT
Pay Globally With USDC
By PAYRIT
Pay globally with USDC