Stellar Community Fund

By Bebop

Bebop

SCF #28

$36.0K

Legacy v5.0 Activation Award

Awarded

Stablecoin finance for Africa's youth

Products & Services

The post-COVID economic fallout left me and an estimated 500 million unbanked and underserved African youth vulnerable to inflation and currency devaluation. Our pursuit of this idea stemmed from personal experiences seeking ways to safeguard and grow wealth amidst economic volatility. Traditional financial solutions like mobile money and banks proved inadequate, leading us to explore alternatives.

Cryptocurrencies emerged as a potential remedy, but their complexity and the focus of platforms like Coinbase and MetaMask on card users excluded many. Despite digital transaction growth during the pandemic, challenges like high fees and fragmented infrastructure remained, making cross-border payments difficult—an issue still experienced by Richard and me, along with millions of African workers.

The pandemic underscored the limitations of mobile money, as services like Spotify and Netflix required cards, excluding many youth. A survey of 350 people showed high demand for these services among underserved youth. Observing these gaps, we leveraged our expertise in mobile payments and blockchain, and my cofounder's legal background, to create a solution. We identified blockchain, stablecoins, and innovative card distribution as key to addressing Africa's financial issues.

We assembled a team to tackle technical and regulatory challenges, aiming to empower millions of underserved African youth with access to financial services, wealth preservation, and global economic participation. Our solution is a stablecoin app that lets users open dollar accounts on their smartphones, bypassing traditional banking hurdles. Users get virtual and physical debit cards linked to their balance, enabling online and offline transactions. The app allows free, instant P2P transfers and offers savings, yield earning, and borrowing against savings, helping users preserve wealth amidst economic volatility.

The app also introduces users to cryptocurrency investment, simplifying the process while maintaining blockchain benefits. Our strategy focuses on Africa due to its unique financial landscape and the potential for transformative change through blockchain and stablecoin adoption. Africa's high internet and smartphone penetration support this integration, mirroring successes seen in regions like Latin America. Our goal is to foster financial inclusion and empowerment for Africa's youth, driving socio-economic transformation across the continent.

How we use Soroban: - Connect to Blend Liquidity protocol to allow users to earn yield on their USDC - Plan to create our own liquidity pool through Blend

Go To Market: - Start with Kenya, leveraging high interest in Bitcoin as an investment, then funnel users to save and earn yield. - Provide users with cards for payments.

Current Traction: - App live on TestFlight - Partnered with LINK, Fonbnk, Ramp, Moonpay, and Striga for card distribution - Raising money

Requested Budget

$36.0K

Team

Christopher is a highly skilled software engineer with an impressive track record. He has worked with successful startups such as Premise Data, Andela and The Bleacher Report, building mobile solutions for clients around the world and impacting over 300 million users in the process.

Christopher's expertise lies in building intuitive user interfaces and modern blockchain solutions. He stays up-to-date with the latest technologies like Rust, allowing him to develop cutting-edge solutions that are both efficient, secure and innovative.

In addition to his technical skills, Christopher has a talent for leadership. He has successfully led and mentored teams of developers, ensuring that they deliver high-quality work on time and within budget.

Christopher's ability to communicate complex technical concepts in a clear and concise manner has earned him the respect of his peers and clients alike. He is known for his collaborative approach, working closely with stakeholders to understand their needs and develop solutions that exceed their expectations.

Kayima, a young law graduate in East Africa, saw the potential of blockchain to transform the financial sector. With his deep understanding of the legal landscape in Uganda and East Africa, he co-founded a blockchain-fintech startup that navigated regulatory challenges while offering innovative solutions. Kayima's passion for technology and legal expertise helped develop groundbreaking blockchain solutions and navigate the complex legal landscape of East Africa.

Kiannah is a talented and driven individual who brings a unique combination of creativity and technical skills to the team. Currently studying at the University of San Francisco, Kiannah has a strong background in design and has honed her skills through various internships and freelance projects.

As the lead designer of the startup, Kiannah is responsible for creating intuitive and visually appealing interfaces that enhance the user experience. She is known for her ability to translate complex technical concepts into designs that are easy to understand and use.

In addition to her design skills, Kiannah has also shown impressive leadership qualities. She is adept at managing teams of designers and developers, ensuring that projects are completed on time and to the highest standards.

Kiannah's passion for design and technology is evident in everything she does. She is constantly exploring new ideas and experimenting with different techniques to push the boundaries of what is possible. Her commitment to excellence and her drive to make a positive impact make her a valuable member of the team.

together we’ve assembled a team capable of navigating the technical and regulatory challenges inherent in redefining finance for Africa's future.