Fiatsend: Revolutionizing Cross-Border Transfers for the Underbanked

The underbanked population, particularly in Africa, faces significant challenges when it comes to accessing financial services, let alone the complexities of navigating blockchain technology. At Fiatsend, we’re bridging this gap by using an innovative tokenization approach that simplifies cross-border transfers and enables users to access their funds directly in local currencies.

Tokenization Meets Mobile Money

Our system seamlessly integrates blockchain technology with mobile money services to ensure even those unfamiliar with Web3 can enjoy its benefits. Here’s how it works:

Each user's mobile number is indirectly linked to a wallet address or NFT. When stablecoins like USDT or USDC are sent to this wallet address or even the mobile number itself, our platform automatically converts the tokens into local currency.

For instance, in Ghana, we issue a Ghana Cedi (GHS) token. Once the tokens are issued, our settlement layer processes them, and the user receives the equivalent value in Ghana Cedis directly in their mobile money wallet. This ensures a frictionless experience, allowing users to bypass the technical barriers typically associated with cryptocurrency.

A Real-Life Example

Let’s consider a scenario: You’re in the US and want to send money to your aunt in Ghana, who knows nothing about blockchain or P2P transfers. Normally, you'd face hurdles like needing a P2P exchange and ensuring your aunt is familiar with the process.

With Fiatsend, you can skip all of that. Simply send USDT to her wallet address (or her mobile money number), and she will instantly receive Ghana Cedis in her mobile money account. There’s no need for her to understand blockchain intricacies. It’s as simple as receiving a mobile money transfer.

Empowering Users with Additional Benefits

Fiatsend goes beyond facilitating cross-border payments. We also offer opportunities for users to earn high Annual Percentage Yields (APYs) on their unused fiat. For example, unused Ghana Cedis sitting in a mobile money wallet can be supplied as liquidity via a USSD code. This liquidity not only powers other transactions but also earns users APYs of up to sixty percent annually, turning idle money into a productive asset.

Simplifying the Blockchain for the Underbanked

By leveraging tokenization, Fiatsend is making the blockchain space accessible to the underbanked, offering them financial inclusivity and enhanced cross-border payment solutions. Whether it’s sending remittances or earning on idle funds, Fiatsend ensures that anyone, regardless of their familiarity with blockchain, can benefit from the growing digital economy.

Our mission is simple: to make cross-border transfers fast, secure, and easy, all while empowering users to tap into the advantages of decentralized finance without requiring technical expertise.

With Fiatsend, the future of inclusive financial services is here.