Pesabase has launched a new blockchain remittance solution that allows its beneficiaries to receive their converted native currency directly on their mobile devices at a fraction of the cost. With its novel blockchain remittance solution and the newly released $PESA token, Pesabase is advancing into the blockchain industry.
With more than $2 million in seed capital, Phil Somh, the founder and CEO of Pesabase and a successful Australian entrepreneur originally from Africa, has created a variety of financial infrastructure including Pesabase with large Teleco firms and banks in Africa over the past five years.
At a recent press conference, Phil introduced the innovative blockchain solution and declared it the first and only remittance option hitting the African continent’s innovation-starved markets.
African markets witness $51 billion in remittance sent and received each year, and users have long been subjected to 20–40% surcharges. Pesabase seeks to usher in a major shift in how unbanked Africans, who are still used to utilizing their SIM cards as bank accounts, conduct their banking.
Pesabase has achieved this technological leap by forging partnerships with large Teleco companies across the continent who act as de facto banks in lieu of a standardized banking system. Their innovative proprietary smart contract converts remittance from pUSD, (Pesabase stable coin) to local currency for the recipient.
In addition, Pesabase also has forged deals with mini-banks across the continent to ensure that those who don’t use the Teleco system have points of contact to withdraw funds without hassle.
Sharing his journey as an entrepreneur at the press conference in Sydney, Australia, Phil Somh said, “Growing up in South Sudan and witnessing one of the worst famines in African history incited within me a deep passion for change in my homeland. My first remittance sent to East Africa was $50. After sending the payment I was shocked to find I was charged a transaction fee of $21 to process this payment. Almost 50% of my remittance was lost to intermediary fees. Something had to be done to address this issue.”
The remittance platform founder also highlighted that average remittance fees in Africa are currently 10-15%. Using Blockchain, Pesabase is slashing this to 1-3% on their platform. A massive cut of 80%, saving millions of Africans crucial funds for their goods and services. With such advancements, Pesabase has the long-term mission to forge financial freedom for millions of Africans who use the platform.
Pesabase has also just recently launched the $PESA asset for public trading on exchanges as a way for both in and outside of Africa to get involved in the movement and invest in the lucrative technology underpinning Pesabase’s platform.
“For every remittance sent, the users receive $PESA tokens. These tokens can be traded on crypto platforms, and provide crucial holdings in a region where the average income is only $1.50 a day,” Phil said.
Furthermore, the Pesabase team believes that providing users with investment and stake in the platform, just for being users, provides education and financial inclusion in a much-needed sector.