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Ghanaian Startup Helps Businesses and Individuals across Africa Overcome the Negative Impacts of Fluctuating Local Currencies

Formed earlier this year, 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. The platform is 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. Currently, Hurupay is running on a US$21,000 grant it received from Prezenti Grants in partnership with Celo blockchain foundation as a builder on the Celo blockchain. The startup monetises via a two per cent fee charged on off-ramping, as well as a 0.5 per cent fee on payments to SMEs. “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,” co-founder and CEO Philip Mburu said. “By the end of this year, we hope to expand to Rwanda, Tanzania, and Uganda, before adding 10 more countries come 2024.”