Pesabase cuts money transfer fees in Africa by 80% with blockchain

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Nairobi, Kenya – (Newsfile Corp. – September 13, 2022) – Pesabase’s recently unveiled blockchain remittance solution enables its recipients to receive their native currency converted directly to their mobile devices at a fraction of the cost.

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Pesabase with a Blockchain funds transfer solution

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Pesabase and the founder and CEO of the new token $PESA, Phil Somh, an African native turned successful Australian entrepreneur, have built infrastructure with major telecommunications companies and banks in Africa for over 5 years with seed funding of 2 millions of dollars. He unveiled a blockchain solution at a press conference last Friday that is set to disrupt one of the biggest innovation-starved markets on the African continent – ​​remittances.

Each year, African markets see $51 billion in remittances sent and received and users have been tied to 20-40% fees for decades. Pesabase aims to initiate a revolutionary step in the banking of unbanked Africans who are still accustomed to using their SIM card as a bank account.

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Pesabase achieved this technological leap by forging partnerships with major telecommunications companies across the continent that act as de facto banks instead of a standardized banking system. Their innovative proprietary smart contract converts pUSD (Pesabase stablecoin) remittances into local currency for the recipient. Pesabase has also entered into agreements with mini-banks across the continent to ensure that those who do not use the Teleco system have points of contact to withdraw funds without hassle.

“Growing up in South Sudan and witnessing one of the worst famines in African history sparked in me a deep passion for change in my homeland,” said founder and CEO Phil Somh at last Friday’s press conference in Sydney, Australia. “My first payout sent to East Africa was $50. After sending the payment, I was shocked to find that I was charged a transaction fee of $21 to process this payment. Nearly $50 % of my remittances were lost due to intermediary fees, something needed to be done about this.”

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The average money transfer fee in Africa is currently 10-15%. By using Blockchain, Pesabase reduces this to 1-3% on its platform. A massive 80% reduction, saving millions of Africans crucial funds for their goods and services. With such advancements, Pesabase has a long-term mission to forge financial freedom for the millions of Africans who use the platform.

Pesabase has just launched the $PESA asset for public trading on exchanges as a way for Africans and foreigners to get involved in the movement and invest in the technology that underpins the Pesabase platform.

“For each payment sent, users receive $PESA tokens. These tokens can be traded on crypto platforms and provide crucial assets in a region where the average income is just $1.50 per day. Phil and the Pesabase team believe that providing users with investment and participation in the platform, just for being users, provides education and financial inclusion in a much needed industry.

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About Pesabase

Pesabase strives to facilitate instant money transfers in Africa. Pesabase offers the best rates on the market and takes security seriously. It uses the latest encryption and blockchain technologies to ensure the safety of their users’ funds.

More details:

For more information visit: https://pesatoken.io/
Website |Facebook | Twitter | LinkedIn

Media Contact:
Phil Som,
Founder & CEO,
Upperhill Nairobi, Lower Hill Duplex next to Old Mutal Tower, Office No. 52
[email protected],
+61491208116.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136546

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