Empowering African Businesses: Hurupay Revolutionizes Cross-Border Payments With Stablecoin-Based Platform
Hurupay facilitates businesses in accepting stablecoin payments seamlessly, allowing them to scan QR codes for customer transactions and pay suppliers with zero fees.
By Anna B Kiwanuka
Hurupay, a cutting-edge crypto wallet founded earlier this year, has emerged as a game-changer in Africa’s financial landscape. This innovative platform provides users with access to stablecoins, cryptocurrencies pegged to the value of the US dollar at a 1:1 ratio. Designed with the specific aim of assisting small and medium-sized enterprises (SMEs) and individuals, Hurupay offers a solution to combat the adverse effects of fluctuating local currencies against the dollar, ensuring a stable and dependable payment method.
The brainchild of Philip Mburu, the CEO and co-founder, Hurupay was born out of his struggle as a migrant in Ghana. With limited options for cross-border transactions and exorbitant fees, Mburu envisioned a platform that could provide easier access to stable currencies such as the US dollar. Partnering with James Mugambi, now the COO, and Allan Okoth, the CTO, the trio embarked on a journey to address the financial uncertainty experienced by millions of SMEs in Africa.
Hurupay facilitates businesses in accepting stablecoin payments seamlessly, allowing them to scan QR codes for customer transactions and pay suppliers with zero fees. Individuals can save money in both dollars and stablecoins, conduct cross-border transactions at minimal costs, and make purchases at various shops. The platform’s user-friendly interface and low transaction fees have garnered widespread attention.
Mburu emphasized the pressing need Hurupay aims to fulfill: “In Africa, more than 44 million SMEs employ over 80% of the population. These businesses often rely on local currencies, which frequently depreciate against stable currencies like the US dollar, leading to financial insecurity. Hurupay bridges this gap by enabling SMEs to process stablecoin payments effortlessly, empowering them in the digital economy.”
The demand for stablecoins in Africa is soaring due to their accessibility to dollars and cost-effectiveness across borders. Hurupay’s rapid growth underscores this trend, with over 1,500 active users onboarded within two months of its launch in Ghana, Kenya, and Nigeria. The platform has processed transactions totaling over US$100,000 during this period.
Currently, Hurupay operates with the support of a US$21,000 grant from Prezenti Grants in collaboration with the Celo Blockchain Foundation. The startup monetizes its services through a two percent fee on off-ramping and a 0.5 percent fee on payments to SMEs. Looking ahead, Hurupay plans to integrate Visa and Mastercard, enabling users in North America and Europe to deposit funds on the platform for instant transfers to their families and friends in Africa.
Exciting developments are on the horizon for Hurupay, as Mburu revealed, “By the end of this year, we aim to expand our services to Rwanda, Tanzania, and Uganda, and our vision includes adding 10 more countries by 2024.” With its commitment to financial inclusivity and innovative solutions, Hurupay is poised to reshape how businesses and individuals conduct transactions in Africa, ushering in a new era of stability and prosperity.