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By Smilepay Global
Smilepay is an app and API that enables users to send (off-ramp) stablecoins (USDC, EURC, PYUSD) from the U.S. and Europe directly into bank accounts and mobile money wallets across Africa.
Problem
Sending money across borders in Sub-Saharan Africa costs an average of 7.9%, compared to the global average of 6.4%, making it the most expensive remittance corridor in the world. To avoid high fees, millions are turning to stablecoins like USDC. However, converting these digital assets into local currencies remains costly, opaque, and largely informal, creating risks and inefficiencies. In many African countries, including Ethiopia, there is no formal way to off-ramp stablecoins into bank accounts and mobile money networks. Users must rely on black-market channels that are expensive, slow, and prone to fraud - further discouraging adoption and trust.
Solution
Smilepay is an app and API that enables users to send (off-ramp) stablecoins (USDC, EURC, PYUSD) from the U.S. and Europe directly into bank accounts and mobile money wallets across Africa. We integrate with regulated local banks and mobile money networks in Africa - and soon in Latin America and Asia, to provide seamless, low-cost, and fully compliant stablecoin off-ramps, making cross-border payments as easy and affordable as sending a WhatsApp message.
Product 1 (App):
Example, a user can send $100 worth of PYUSD (PayPal’s stablecoin) from Venmo to the Smilepay app. From there, the user has two options: they can either instantly transfer that PYUSD peer-to-peer to another Smilepay user in Ethiopia who will receive the stablecoin directly in their wallet or they can send it to any of the 29 banks we’ve integrated in Ethiopia. In the latter case, the recipient will receive the equivalent amount in Ethiopian birr (ETB), directly deposited into their bank account.
Our partner bank receives the PYUSD and can convert it into fiat currency at their discretion. This flow is straightforward to implement, as our partner banks are motivated to earn foreign exchange. Integrating PYUSD is seamless due to its upcoming support on the Stellar network (check link below 👇🏻), which Smilepay is also built on. This model is simple and straightforward to expand and will soon be extended to other African and Asian countries.
https://stellar.org/press/paypal-pyusd
Product 2 (API):
Our API allows any regulated financial app, whether fintech, mobile banking, or crypto wallet - to offer cross border payments to Africa, Asia, and Latin America using stablecoins.
Our API customers fall into two categories:
a. Web3 native platforms (e.g., Venmo, Cash App, crypto wallets): If a Web3-native platform like Venmo integrates our API, users won’t need to download the Smilepay app. They can directly send PYUSD to any of the 29 integrated banks in Ethiopia and eventually to banks across all supported countries in Africa, Asia, and Latin America. And with just one integration with Venmo, we can serve more than +90 million people.
b. Web2 fiat based platforms (e.g., Bank of America, Zelle, ING): Our API isn’t limited to crypto-native apps. Traditional fiat-based banking apps can also integrate Smilepay API to offer international transfers through stablecoins without needing to become Web3-native themselves or disrupting the user experience. There are two key flows:
Fiat-to-fiat: A user sends local fiat (e.g., USD or EUR) from their bank app to a recipient in Africa or Asia. Behind the scenes, Smilepay API converts it into stablecoins (e.g., USDC or PYUSD), routes it efficiently through blockchain rails, and then off-ramps it into fiat in the recipient’s country, dramatically lowering costs and settlement times.
Fiat-to-stablecoin: Alternatively, the sender can choose to have the recipient receive the funds directly in stablecoins like USDC, EURC, or PYUSD, giving them access to dollarized savings and on-chain financial tools.
Maybe in the future, but not in this submission
$50.0K
Users successfully deposit USDC into their Smilepay wallets.
Transactions are confirmed on Stellar and reflected in the app.
No critical errors in deposit flow.
2. USDC Off-Ramping to 29 Banks (Pilot Group)
Test users complete USDC-to-fiat transactions into local banks.
Transfers settle successfully within expected time.
Utility (e.g., electricity, water, or airtime) live and functional.
Successful user payments processed.
Receipts confirmed and visible in user/app history.
4. Stablecoin Admin Dashboard Update
Admin dashboard shows real-time stablecoin flows.
Transactions are searchable and exportable.
5. KYC/AML for Ethiopia
All Ethiopian users complete identity verification.
System meets local compliance standards.
KYC status visible to admins.
6. Official Launch of Off-Ramping in Ethiopia
Off-ramp feature open to all verified users.
Transactions processed in first month.
System runs smoothly with no major bugs.
1. Leverage Stellar Ambassadors in Ethiopia for User Acquisition
We plan to collaborate closely with Stellar’s existing ambassador network in Ethiopia. These ambassadors are already engaged in blockchain education and advocacy, and can play a key role in driving adoption of our stablecoin off-ramp solution. By onboarding them as local champions of Smilepay, we’ll tap into their trust networks to accelerate user sign-ups and provide direct product onboarding support, especially for freelancers, crypto users, and tech-savvy youth in Addis Ababa and other major cities.
2. Community Engagement Through Local Blockchain Events
We’ll organize and co-sponsor meetups, workshops, and panel discussions with Ethiopia’s growing blockchain community. These events will demonstrate how Smilepay bridges global stablecoins and local fiat, giving attendees hands-on experience with the app. We’ll also host hackathons to invite developers to build with Smilepay and Stellar, deepening local ecosystem engagement and attracting integration partners.
3. Strategic Social Media Marketing & Influencer Outreach
Our campaign will focus on visibility through respected tech personalities in Ethiopia and the diaspora. We’ll engage Ethiopian tech influencers, fintech founders, and African crypto thought leaders to post about Smilepay—highlighting our real-time bank transfers and stablecoin use cases. This will give Smilepay credibility and boost user interest organically.
4. Cross-Marketing With Partner Bank
We’ll run joint campaigns with our partner bank, including shared social media announcements, radio ads, and educational posts about how Smilepay helps attract forex through stablecoins. Since the bank benefits directly from these flows, they are incentivized to promote us across their channels, branches, and user base. This partnership gives Smilepay immediate institutional legitimacy and reach within Ethiopia’s regulated financial system.
We have integrated with 29 Ethiopian Banks
We launched five weeks ago and are currently live on both Android and iOS in the U.S., Canada, South Africa, UAE, and Ethiopia. Users in these countries with a USD debit or credit card can send money directly to any of the 29 Ethiopian banks we’ve integrated. So far, we’ve processed over $9,600 in transaction volume while focusing on fixing bugs, improving the user experience, and optimizing onboarding. This initial traction has been achieved with zero paid marketing—driven purely by word of mouth and a few organic social media posts.
Every new user is automatically issued a Stellar blockchain wallet on the backend—laying the foundation for our upcoming stablecoin off-ramping feature. Soon, users in the U.S. and Ethiopia will be able to off-ramp stablecoins like USDC and PYUSD directly into local bank accounts. Currently, as you can see on the explorer link below, the accounts created on-chain are issued our own branded stablecoin, but we are transitioning to USDC to ensure broader compatibility, trust, and liquidity.
https://stellar.expert/explorer/public/asset/STUSD-GBGOD4GCZ4DZY5UQD26LU2OGANHPTYTVO4XSEAP5ITNI6FUMSAG3QTB7-2
We’ve already completed a successful 2-month stablecoin off-ramp pilot with one of our Ethiopian partner banks, which demonstrated strong institutional demand. Banks are excited to participate because stablecoin and remittance flows often bypass their systems. Smilepay gives them a direct channel to capture these foreign exchange inflows—critical in high-forex-demand markets.
Our main goal for SCF 37 is to expand this stablecoin off-ramping capability beyond the pilot to all 29 banks we’ve integrated with in Ethiopia.
Experience the app: Download the app from Android or iOS from the link below and sign up using your phone number to register. Fill in the basic information and activate your account. To experience the speed and simplicity of the app, you can send $5 to a charity like Birara Genet Charitable Organization by selecting Commercial Bank of Ethiopia, entering account number 1000434925766, and confirming your payment. Visit their website to learn more: https://www.biraragenet.org/. Or, if you prefer, you can buy me a coffee using the same bank; my account number is 1000404738977, under the name Muluken Mengesha Bekele.
For users outside supported countries (USA, Canada, UAE, Ethiopia, South Africa), use the credentials below to explore the app, however this account can not perform a transaction:
TEST ACCOUNT 1:
- Phone Number (USA): +12025550000
- Static OTP: 361831
- Security PIN: 111111
TEST ACCOUNT 2:
- Phone Number (USA): +15005550001
- Static OTP: 361831
- Security PIN: 222222
1. Implement Stablecoin (USDC) On-Ramping
Description: Enable users to on-ramp USDC via external wallets
Measurement: Users successfully deposit USDC into their custodial Smilepay wallets.
Estimated Completion: October 31, 2025
Budget: $8,333.33
2. Implement Stablecoin (USDC) Off-Ramping to 29 Banks (Pilot Group)
Description: Enable a small group of users to test USDC off-ramping into 29 Ethiopian bank accounts.
Measurement: Successful USDC-to-fiat transactions completed by test users, as well as user-generated posts about the experience on social media.
Estimated Completion: October 31, 2025
Budget: $8,333.33
3. Implement KYC/AML for Ethiopia
Description: Build and integrate a local KYC/AML system tailored to Ethiopian regulations for identity verification.
Measurement: Successful KYC registration and compliance check for users in Ethiopia.
Estimated Completion: November 30, 2025
Budget: $8,333.33
4. Update Stablecoin Admin Dashboard
Description: Build and deploy a UI/UX and backend update to the dashboard.
Measurement: Stablecoin data and flows visible and functional in the admin dashboard.
Estimated Completion: December 31, 2025
Budget: $8,333.33
5. Integrate one Utility Bill Payment API (Electricity or Water or Airtime)
Description: Enable users to pay for local utilities using off-ramped fiat or stablecoins via Smilepay.
Measurement: At least one utility (e.g., Ethiopian Electric Utility or airtime) live in production.
Estimated Completion: January 31, 2026
Budget: $8,333.33
6. Official Launch of Stablecoin Off-Ramping in Ethiopia
Description: Move the off-ramp functionality from pilot to full production, open to all users.
Measurement: Stablecoin off-ramping available to any verified user on Smilepay in Ethiopia.
Estimated Completion: February 28, 2026
Budget: $8,333.33
We’re a three-person founding team working full-time since early 2024. I’ve been building Smilepay since 2021, leading it through several pivots. My younger brother Eyob joined from day one, initially part-time and now full-time. He’s a skilled backend developer who helped build our early integrations. Eyob brought in his college friend Fikremariam (Fike), who joined in 2023 and became our full-time CTO in 2024. Fike has strong technical expertise in blockchain, mobile, and backend systems. Together, we operate from the same office (my mom’s house) and have deep trust and alignment. This is our first venture together, but we’ve all worked on side projects in crypto, payments, and infrastructure.
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