Blockchain Founders Group invests in meCash to simplify cross-border payments for SMEs.
We at the Blockchain Founders Group are excited to announce the latest addition to our investment track record through investment in meCash. meCash is enabling small and medium size businesses to send and receive cross-border payments for goods and services using blockchain technology and stable coins. — Author: Albert Sugiharto
Why we invested in meCash
The African Continental Free Trade Area (AfcFTA) is currently the largest free trade area in the world. Its members consist of 55 countries with a population of 1.3 billion and combined GDP of $3.4 trillion. The total intra-Africa commercial payments volume is estimated at $16.5 trillion annually.
However, a big fraction of this revenue was lost due to the inefficiency of the cross-border payment system. According to the AfcFTA, approximately 24% of the total revenue was lost due to transaction fees and fx fluctuations, amounting to $3.4 billion. Further, the process is slow and could take 14 days from end to end. The expensive and slow payment process is a challenge for many SMEs operating in the continent.
meCash simplifies cross-border payments for SMEs
meCash aims to solve this problem by offering an instant, cheap and convenient way of payment settlement. By utilizing stablecoins, meCash allows for on- and offramp of fiat to crypto while offering real-time settlements. meCash bridges the gap between buyers and sellers and settles transactions in either fiat currency or stablecoins directly to users’ bank accounts, mobile, or web3 wallets. This process will be facilitated through licenses that enable on/off ramp while operating through a custodial wallet.
Here is how meCash will make cross-border transactions easier:
- The meCash app has a multi-currency wallet to store value in either fiat or stable coin to hedge against currency fluctuations. The cross-border transactions are then processed between two parties through the meCash app instantly at a low cost.
- Users can request payment through seamless invoice generation and collection for suppliers and monitor the transaction through an integrated dashboard.
Take a look at how meCash aims to simplify the process of cross-border payments:
The team behind meCash are professionals with emerging markets and international experiences in payment, technology, financial services and telecommunications. Modupe Diyaolu, the co-founder and CEO, has 10+ years of experience in different financial services institutions. Adebusola Adegbuyi, the co-founder and CTO, is an experienced software engineer for different IT services and payment infrastructure. Together, both co-founders are committed to enabling cross-border payments within the African continent and the rest of the world. Learn more about meCash on their LinkedIn and Twitter.
About Blockchain Founders Group
Blockchain Founders Group (BFG) is the driving force behind web3 innovation. As a company builder, we bring together a team of blockchain visionaries, experienced entrepreneurs, and industry experts, all committed to nurturing emerging talent. Our BFG acceleration programs serve as your springboard for launching blockchain startups, transforming concepts into reality in just 2–3 months. Each cohort develops 5–8 unique web3 ideas, and selected projects will be financially supported with 70,000–100,000 EUR, along with access to our extensive network. Join us in shaping the future of web3!