Tech

Ghanaian fintech, Hurupay launches platform to hedge against fluctuating local currencies

Published

1 year ago

November 3, 2023

Ghanaian fintech startup, Hurupay has launched an innovative platform, Stablecoins to help businesses and individuals across Africa mitigate the negative effects of fluctuating local currencies.

According to co-founder and CEO of Hurupay, Philip Mburu, the new platform will enable customers make and receive stablecoin-based payments.

Mburu, in a statement on Friday, said the platform was designed to “help SMEs and individuals mitigate the negative impacts of depreciating local currencies against the dollar on their income and growth, by providing a more stable and reliable payment method.”

“Hurupay is a crypto wallet that enables users to access stablecoins, which are non-volatile cryptocurrencies pegged to the value of the US dollar at a ratio of 1:1.

“With the platform, businesses can accept stablecoin payments from customers simply by scanning QR codes, and pay suppliers with zero fees. Individuals can save money in dollars and stablecoins, send and receive money across borders with very low fees, and pay at shops”, Mburu added.

Mburu, a Kenyan who relocated to Ghana in 2021 where he teamed up with James Mugambi and Allan Okoth to set up Hurupay early this year, said the idea for the platform came when he had challenges sending and receiving money as a migrant.

“I had a very big challenge sending or receiving money as a migrant. There were few, to no options to transact money across borders, and those that existed charged a very high fee of up to eight per cent for a transaction that would still take up to three days to process.

“With prior knowledge about crypto, I invested more time into it, researching how cryptocurrencies are borderless by nature, and how others like stablecoins offer easier access to dollars.

“In Africa there are more than 44 million SMEs providing employment to more than 80 per cent of the population. A majority of these SMEs rely on local currencies such as Ghana cedis or Kenyan shillings for payments, but these currencies often depreciate in value against more stable currencies like the US dollar, leading to financial uncertainty and insecurity for SMEs,” he said.

“Moreover, a majority of crypto wallets operating in Africa are consumer-focused, and do not cater to businesses to allow them to process stablecoin payments from customers. Hurupay is taking a different path of onboarding SMES into crypto with stablecoins by allowing them to easily collect payments from their customers or make cross-border payments to their suppliers.

“This is due to their unique nature of offering easier access to dollars as well as offering cheap and instant transactions even across borders. Growth at Hurupay has been incredible. Within two months of officially going live in Ghana, Kenya, and Nigeria, we have onboarded over 1,500 active users and processed transactions worth over US$100,000.

“We are in the process of integrating Visa and Mastercard to allow people living in North America and Europe to deposit on Hurupay and from there send money to families and friends in Africa instantly.

“By the end of this year, we hope to expand to Rwanda, Tanzania, and Uganda, before adding 10 more countries come 2024”, he added.

Related Topics:cryptocurrency Featured fintech Hurupay Philip Mburu

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Tech

Bolt invests $107m in Nigeria to boost safety standards

Published

22 hours ago

November 14, 2024

Isaac Dachen

Ride-hailing platform, Bolt, has announced an investment of $107 million in its bid to boost safety and service quality in Nigeria’s ride-hailing sector, with a special technology enhancing safety standards for both drivers and passengers.

Lola Masha, Bolt’s Regional Manager for North and West Africa, who made the announcement in a statement, said the “investment will fund new safety technologies, accident prevention measures, customer support upgrades, and public safety awareness campaigns, underscoring Bolt’s commitment to providing a secure and reliable platform.”

She revealed that as part of its quality check, the company had removed more than 5,000 drivers from its platform in 2023 so as to cleanup its database cleanup effort and will continue to implementing a driver score system to maintain quality standards.

“The driver score evaluates performance by monitoring how frequently drivers accept ride requests, successfully complete trips, and respond to passenger feedback. Essentially, it rates drivers based on their performance over their last 100 trips,” she noted.

Masha emphasized that the move came as a result of complains by the Amalgamated Union of App-based Transporters of Nigeria (AUTON) which raised concerns about the potential downsides experienced by users and the psychological stress on drivers, which could negatively affect their performance.

According to her, among the upcoming features are a four-digit trip pickup code and a trip counter, both aimed at making rides more secure and dependable for all users.

Tech

Egyptian VC Flat6Labs partners ITIDA to launch programme for tech startups

Published

2 days ago

November 12, 2024

Isaac Dachen

Egyptian Venture Capital firm, Flat6Labs, has partnered with Egypt’s Information Technology Industry Development Agency (ITIDA) to launch an InvestIT programme which will offer tech startups in the country, particularly at the seed or pre-Series A stages, access to consultancy, tools, and investor connections to help them scale operations and enhance global competitiveness.

The programme, according to Egypt’s Minister of Communications and Information Technology, Dr Amr Talaat, will be run by the Technology Innovation and Entrepreneurship Center (TIEC), a subsidiary of ITIDA, and will support startups across various governorates, encouraging innovation and growth in Egypt’s digital economy.

“Through two phases, it will prepare startups for investment with tailored training sessions and workshops, followed by connecting them with local and international investors,” Talaat said in a statement.

“The Egyptian government remains steadfast in its dedication to cultivating a thriving tech startup ecosystem. We are rolling out diverse initiatives to equip entrepreneurs with essential skills, attract global incubators, and facilitate connections between startups and investors.

“By establishing Digital Egypt innovation hubs nationwide, we empower innovators to transform their ideas into successful ventures.

“Alongside this, we are streamlining processes and investing in advanced digital infrastructure, positioning Egypt among the top three countries in the Middle East and Africa for tech startup investments,” the Minister said.

Flat6Labs founder and chairman Hany El Sonbaty, who also spoke on the initiative, said the launch of the InvestIT programme has further expanded his company’s support for Egyptian entrepreneurs.

“This programme is not just about preparing startups for investment; it’s about equipping them with the tools and connections to scale their impact.

“Through our collaboration with ITIDA and TIEC, we’re committed to building a strong, vibrant ecosystem where startups can make a real impact on the tech landscape in Egypt,” he said.

The programme, he said, will support 12 startups over six-to-eight months with each startup receiving tailored consultancy services to enhance their investment readiness and assist with setting up data rooms and preparing for investor engagements.