Stellar Community Fund

By Kript

SEP-31 payments for emerging markets

SCF #32

$77.0K

Build

Awarded

International payment checkout platform that empowers merchants in emerging markets to seamlessly receive cross-border payments powered by SEP-31 protocol

Products & Services

Products and Services to Develop with the SCF Build Award

International Payment Checkout Platform
- Description: Develop a checkout platform that enables merchants in emerging markets to receive international payments seamlessly. Merchants can generate payment links or integrate payment buttons into their websites or apps to accept payments from international customers.
- How Stellar is Used: Utilize the Stellar network to process cross-border payments using digital assets like USDC. Leverage Stellar's fast transaction speeds and low fees to facilitate efficient payments. Use Stellar's Anchor network, specifically Flutterwave in Africa and Bitstamp in other regions, to convert received digital assets into local fiat currencies.
- Impact on Project: Enables merchants to accept international payments easily, reducing barriers to global commerce. Lowers transaction costs and settlement times compared to traditional methods. Expands merchants' customer base by allowing them to serve international clients.
Integration with Stellar Anchors
- Description: Integrate with Stellar Anchors such as Flutterwave and Bitstamp to provide automatic conversion of digital assets into local currencies. Anchors act as bridges between the Stellar network and traditional banking systems in target regions.
- How Stellar is Used: Anchors facilitate the seamless exchange between digital assets on Stellar and local fiat currencies. Transactions on Stellar are settled quickly, and funds are made available to merchants through the Anchor's payout methods.
- Impact on Project: Simplifies the payout process for merchants by allowing them to receive funds directly in their local currency. Enhances the platform's usability and appeal in emerging markets. Leverages the existing infrastructure of Anchors to ensure regulatory compliance and efficient fund distribution.
Merchant Dashboard and Analytics
- Description: Develop a user-friendly dashboard where merchants can monitor transactions in real-time, manage funds, and access detailed analytics about their sales and payment activity.
- How Stellar is Used: Utilize Stellar's transparent ledger to fetch and display real-time transaction data. The dashboard can provide insights into payment statuses, settlement times, and transaction histories.
- Impact on Project: Empowers merchants with clear visibility over their financial operations, aiding in better financial planning and decision-making. Builds trust by providing transparency and control over their received payments.
Security and Compliance Framework
- Description: Implement robust security measures to protect transactions and data. Ensure compliance with regional KYC/AML regulations by leveraging Anchors' existing compliance frameworks.
- How Stellar is Used: Benefit from Stellar's secure, immutable ledger for transaction integrity. Use built-in compliance features and data embedding within Stellar transactions to meet regulatory requirements.
- Impact on Project: Enhances the platform's credibility and trustworthiness, encouraging adoption by merchants and customers. Reduces legal risks by adhering to compliance standards, facilitating smooth operations across different jurisdictions.
Mobile-Friendly Payment Solutions
- Description: Optimize the checkout experience for mobile devices, supporting mobile wallets and payment methods popular in target regions.
- How Stellar is Used: Leverage Stellar's support for mobile integrations and QR code payments, enabling customers to pay conveniently using their smartphones.
- Impact on Project: Increases accessibility for customers in emerging markets where mobile device usage is high. Improves user experience, leading to higher conversion rates and customer satisfaction.

Soroban

Maybe in the future, but not in this submission

Requested Budget

$77.0K

Success Criteria

Reaching 200,000 users and processing $50 million in transactions is a significant achievement for Kript, but the true measure of success lies in the transformative impact on:

Financial Inclusion: Enabling merchants and individuals in emerging markets to access global financial systems.
Economic Development: Contributing to economic growth by empowering businesses and stimulating trade.
Technological Progress: Advancing the adoption of innovative technologies that can lead to broader societal benefits.

Kript's success means creating a more connected, inclusive, and prosperous world where emerging markets are active participants in the global economy.

Go-To-Market Plan

Go-To-Market Plan

After completing the development and receiving approval, our go-to-market strategy includes:

Digital Ad Campaigns:
- Launch targeted online advertising across social media platforms (Facebook, Instagram, Twitter, LinkedIn) and search engines to reach potential merchants and customers in each target region.
Influencer Marketing:
- Partner with influential figures in the fintech and entrepreneurial communities in Africa and Latin America to endorse Kript, creating credibility and increasing visibility among the target audience.
Community Building:
- Establish online communities on platforms like Facebook Groups, LinkedIn, and Telegram where merchants and users can share experiences, ask questions, and provide feedback, fostering a supportive ecosystem around Kript.
Localized Content Marketing:
- Produce region-specific content such as blog posts, videos, webinars, and tutorials to educate merchants and customers about Kript's benefits, tailored to the cultural context of each region.
Strategic Partnerships:
- Collaborate with local business associations, e-commerce platforms, and fintech hubs to reach a wider audience and integrate Kript into existing business networks.
Referral Programs:
- Implement incentive-based referral programs encouraging existing users to invite new merchants and customers to the platform.
Event Participation:
- Attend and sponsor relevant industry events, conferences, and webinars in the target regions to increase brand awareness and network with potential partners and clients.
Public Relations Efforts:
- Engage with local media outlets and industry publications to secure press coverage, interviews, and feature articles highlighting Kript's solutions and successes.
Customer Support Excellence:
- Provide exceptional, multilingual customer support to build trust and encourage word-of-mouth promotion.
Continuous Feedback Loop:
- Actively gather feedback from users to improve the platform and adapt marketing strategies, ensuring Kript meets the needs of its users effectively.

Traction Evidence

Kript has demonstrated substantial traction and market validation through: - Significant Transaction Volume: Processing over $1 million per month showcases robust financial activity and trust in our platform. - Growing User Base: Partnership with 8 businesses serving 150,000 users and engagement with 2,000 individual users underline widespread adoption. - Positive Market Feedback: Direct feedback from users confirms the effectiveness and necessity of our solution. - Strategic Positioning: Aligning with reputable Anchors and leveraging Stellar's technology positions Kript for continued success. We meet the SCF Build Award criteria by: - Proving Market Fit: Validated demand through actual usage and transaction processing. - Demonstrating Execution Capability: Successfully delivering services to clients and managing growing operations. - Aligning with Stellar's Mission: Promoting financial inclusion and empowering merchants in emerging markets through innovative use of Stellar's network

here is a link to our analytics

https://drive.google.com/drive/folders/1atH2mkuQ3wG8V-nt3RDw0097tJP1LVz-?usp=sharing

https://docs.google.com/spreadsheets/d/18cJNy5y7YfRlQcxmrwG7Jv3j9cH9hhfhc9ml771pSfo/edit?usp=sharing

User Interviews and Feedback ( Could also pass proof of users)

https://youtu.be/xf1Fj9D1MHY

(Our wallets and bank account issiung serves our 50,000 of https://www.gowagr.app/ users that utilize Stable Coins and Fiat to power Peer to Peer Wagers)

https://youtu.be/m36KNYZqQS4

(Our Wallets and bank accoounts API serves over 60,000 crypto and fiat checkout users for Flux )

Tranche 1 (Deliverable Roadmap) - MVP

Deliverable 1: Integration with Flutterwave as a Stellar Anchor in Africa

Brief Description: Integrate the SEP-31 Cross-Border Payments API into the Kript platform, enabling cross-border payments and off-ramp services via Flutterwave in Nigeria and Ghana.
Technical, Server, and Infrastructure Work:
1. SEP-31 Protocol Implementation:
  - Develop and implement SEP-31 endpoints (/info, /transactions, /transactions/:id, etc.) in compliance with Stellar documentation.
  - Ensure secure authentication using SEP-10 and implement SEP-12 for KYC/AML compliance.
2. Flutterwave Integration:
  - Establish technical integration with Flutterwave's APIs.
  - Configure API connections for transaction initiation, status updates, and off-ramping funds to local currencies (NGN, GHS).
3. Off-Ramp Flow Development:
  - Design and develop the off-ramp process through Flutterwave, allowing merchants to receive funds in their local currency.
  - Map transaction data to Flutterwave's requirements for payout processing.
4. Dashboard Enhancements:
  - Update the existing dashboard to handle multi-country support.
  - Add features for merchants to manage payouts, view transaction statuses, and access settlement reports.
5. Testing and Validation:
  - Conduct end-to-end testing of the payment flow, including initiating payments, processing through Flutterwave, and receiving funds.
  - Perform security testing to ensure data integrity and compliance with standards.
How to Measure Completion:
- Integration Completion: Successful implementation of SEP-31 endpoints and Flutterwave integration.
- Functional Off-Ramp: Demonstrated ability to off-ramp funds via Flutterwave in Nigeria and Ghana.
- Updated Dashboard: Deployment of enhanced dashboard features supporting multi-country operations.
Estimated Date of Completion: 27th November- Jan 10 /2025
Budget: $25,000

Deliverable 2: Support for Additional African Countries (Kenya and South Africa)

Brief Description: Extend Kript's services to Kenya and South Africa, integrating with local anchors (e.g., Flutterwave) and enabling merchants in these countries to accept international payments.
Technical, Server, and Infrastructure Work:
1. Anchor Integration in Kenya and South Africa:
  - Integrate with Flutterwave or other Stellar anchors operating in these countries.
  - Establish API connections and compliance agreements.
2. Localization Enhancements:
  - Update the platform to support local currencies (KES and ZAR) and languages.
  - Customize UI/UX to meet regional preferences and regulatory requirements.
3. Off-Ramp Flow Implementation:
  - Implement off-ramp processes for the new regions, allowing funds to be deposited into local bank accounts or mobile money wallets (e.g., M-Pesa in Kenya).
  - Ensure compliance with local KYC/AML regulations.
4. Testing and Quality Assurance:
  - Perform thorough testing of payment flows in the new regions.
  - Address any region-specific challenges or technical issues.
5. Merchant Onboarding and Training:
  - Develop onboarding procedures and materials for merchants in Kenya and South Africa.
  - Provide training and support resources.
How to Measure Completion:
- Operational Services: Kript platform live and operational in Kenya and South Africa.
- Successful Transactions: Completion of test transactions demonstrating end-to-end payment processing and off-ramping.
- Compliance Verification: Confirmed adherence to local regulations and successful KYC/AML implementation.
- Merchant Engagement: Onboarding of initial merchants in the new regions with positive feedback.
Estimated Date of Completion: 15 Jan- 20 Feb 2025
Budget: $15,000

Tranche 2 (Deliverable Roadmap) - Testnet

Deliverable 1: Integration with Bitstamp as a Stellar Anchor in Latin America

Brief Description: Expand services to Argentina and Brazil, integrating with Bitstamp and supporting local currencies (ARS and BRL).
Technical, Server, and Infrastructure Work:
1. Anchor Integration:
  - Establish technical integrations with Bitstamp as a Stellar anchor.
  - Configure API connections and ensure compliance with regional requirements.
2. SEP-31 Protocol Adjustments:
  - Adapt SEP-31 implementation to accommodate any region-specific variations.
  - Implement multi-currency support for ARS and BRL.
3. Off-Ramp Flow Development:
  - Develop the off-ramp process for Latin American countries, enabling payouts to local bank accounts.
  - Incorporate local KYC/AML compliance measures.
4. Localization and Language Support:
  - Translate platform interfaces and documentation into Spanish and Portuguese.
  - Adapt content to cultural and regulatory contexts.
5. Testing and Validation:
  - Perform testnet transactions simulating real-world scenarios in Argentina and Brazil.
  - Ensure smooth integration and transaction processing with Bitstamp.
How to Measure Completion:
- Integration Success: Established connections with Bitstamp and successful testnet transactions.
- Localization Implemented: Platform available in Spanish and Portuguese with region-specific adjustments.
- Compliance Confirmed: KYC/AML processes aligned with local regulations.
Estimated Date of Completion: 25 March 2025
Budget: $10,000
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Deliverable 2: Enhanced Off-Ramp Flow via Anchors Across All Regions

Brief Description: Extend and optimize the off-ramp flow via Flutterwave and Bitstamp to improve efficiency across all regions.
Technical, Server, and Infrastructure Work:
1. Anchor Integration Expansion:
  - Ensure all integrations with Flutterwave and Bitstamp are optimized for all supported regions.
  - Update API configurations and compliance protocols as necessary.
2. Off-Ramp Optimization:
  - Enhance the efficiency of the off-ramp process to reduce transaction times.
  - Implement improvements based on previous testing and user feedback.
3. User Experience Enhancements:
  - Simplify the payment flow for merchants and customers.
  - Provide real-time status updates and clearer instructions.
4. Security and Compliance Updates:
  - Strengthen security measures in line with each anchor's policies.
  - Update compliance processes as needed for new regions.
5. Comprehensive Testing:
  - Conduct rigorous testing of the enhanced off-ramp flow.
  - Verify improvements through successful test transactions.
How to Measure Completion:
- Expanded Services: Off-ramp operational and optimized in all regions.
- Efficiency Gains: Demonstrated reduction in transaction processing times.
Estimated Date of Completion: 10 April 2025
Budget: $10,000

Tranche 3 (Deliverable Roadmap) - Mainnet

Deliverable 1: Deployment on Stellar Mainnet Across All Regions

Brief Description: Launch the fully integrated Kript platform on the Stellar mainnet, supporting all targeted countries and ensuring seamless operations with Flutterwave, Bitstamp, and other local anchors.
Technical, Server, and Infrastructure Work:
1. Mainnet Integration and Deployment:
  - Transition from testnet to mainnet services.
  - Update all configurations and ensure stable operation on the mainnet.
2. Finalization of Anchor Integrations:
  - Complete all technical and compliance requirements with anchors for mainnet operations.
  - Verify end-to-end transaction flows with real-world scenarios.
3. Scalability and Performance Optimization:
  - Enhance infrastructure to support increased transaction volumes.
  - Implement load balancing and autoscaling mechanisms.
How to Measure Completion:
- Live Operations: Platform successfully processing transactions on the Stellar mainnet in all regions.
- Operational Stability: Demonstrated reliability under expected load conditions.
Estimated Date of Completion: 30 April 2025
Budget: $17,000

Team

Team

Ayomide Lasaki – CEO and Co-Founder:
Ayomide is a dynamic Web3 Product Marketer with five years of experience in building and scaling innovative blockchain-based products. Her strategic vision and expertise in market positioning drive Kript’s mission to leverage the Stellar network for empowering merchants in emerging markets. Ayomide excels in aligning product development with Stellar’s capabilities to ensure seamless integration and widespread adoption.
Ademola Abisayo – Senior Software Engineer:
Ademola is a highly proficient software engineer with a strong background in developing financial and blockchain-based solutions. With extensive experience in the Stellar stack, Ademola ensures that Kript’s platform is robust, secure, and optimized for Stellar’s fast transaction processing and low-fee structure. His technical leadership is pivotal in integrating Stellar Anchors like Flutterwave and Bitstamp, facilitating efficient cross-border payments and currency conversions.
Peter Ademoki – Senior Frontend Engineer:
Peter is a seasoned Frontend Engineer with over seven years of experience in building Web3 products. His expertise lies in creating intuitive and responsive user interfaces that enhance user experience and drive engagement. At Kript, Peter leverages Stellar’s frontend tools to develop a user-friendly merchant dashboard and mobile payment solutions, ensuring that merchants can easily manage transactions, access real-time analytics, and interact seamlessly with the Stellar-powered payment infrastructure.
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