Partner Spotlight: Paychant - Connecting the Old Financial World and the New Web3 World in Africa
October 1 2024
by Behice Uzun
Cryptocurrency adoption is surging in emerging economies, particularly in Africa, where Nigeria stands out with the highest adoption rate on the continent. This momentum is fueled by significant remittance volumes, totaling $20.1 billion in 2022, which have accelerated the adoption trend. High inflation rates have also spurred the adoption of stablecoins on the continent as a hedge against devaluation, driving the shift towards stable digital currencies. Kenya is another country that presents a ripe market for cryptocurrency adoption, boasting robust mobile internet infrastructure and substantial remittance inflows surpassing $300 million in the same period.
While recognizing this positive trajectory of crypto adoption, fiat currencies maintain dominance within the emerging markets. To truly enhance financial accessibility and resilience, there's an urgent need for smooth transitions between stablecoins and fiat currencies. As cryptocurrency adoption flourishes among the tech-savvy and young population in the region, alongside the growing demand for stable currency alternatives, Paychant emerges as one of the key facilitators. With a core mission to facilitate a seamless transition from fiat to digital currency for African users, Paychant offers a comprehensive suite of ramp services tailored to the unique needs of users in Nigeria, Kenya, Ghana, Uganda and Zambia.
About Paychant
Paychant stands as Africa's localized non-custodial fiat on and off-ramp payment infrastructure, dedicated to facilitating seamless transitions between traditional currencies and digital assets. Paychant’s platform empowers African users by granting access to stablecoins for cross-border remittances, payroll payments, and as a hedge against currency inflation. With a vision to bridge Africa's traditional finance with decentralized finance (DeFi), Paychant aims to unlock financial opportunities within the Web3 ecosystem.
Why Mento Labs?
In a mutual commitment to driving real-world adoption of digital assets, Paychant partnered with Mento Labs. This collaboration aims to amplify the use cases of Mento stablecoins, positioning them as practical financial instruments for everyday transactions across Africa.
Paychant Solutions
Paychant offers a user-friendly fiat on-and-off-ramp software development kit (SDK) that supports many local payment methods in Africa. These include USSD (Unstructured Supplementary Service Data), over 100+ local banks and 10+ popular mobile money platforms such as MTN MoMo, M-Pesa, Airtel Money, and more, which boast wide user bases in African countries. Through Paychant’s SDK, African users can seamlessly onboard and offboard digital assets within any crypto-enabled application.
Mento Stables in Action
Through the Paychant SDK widget, users gain convenient access to Mento stablecoins like cUSD and cEUR, streamlining fiat on- and off-ramping.
Measurable Benefits
Integration of Paychant's SDK widget into the Opera MiniPay wallet, which recently surpassed 2.2 million addresses, enables African users to effortlessly purchase and cash out cUSD through local payment methods such as bank transfers and mobile money.
Partner Testimonials
“Our partnership with Paychant has been instrumental in extending the reach of Mento stablecoins across Africa. Paychant’s SDK integration has made it incredibly easy for African users to access Mento stablecoins, driving adoption and usability,” said Markus Franke, Co-Founder and CEO at Mento Labs. “Paychant’s dedication to providing seamless fiat on-and-off ramp solutions aligns perfectly with our mission to make digital assets accessible to all.”
“The collaboration with Mento Labs has significantly enhanced the functionality of our platform, enabling us to offer a seamless experience for users across Africa. With Mento stablecoins integrated into our ecosystem, we're driving adoption and transforming the way African users manage their finances," said Moses Adeniji, Co-Founder at Paychant.
Next Steps
Paychant eagerly anticipates providing seamless fiat on-ramping and off-ramping for upcoming stablecoins launched by third parties using Mento’s stablecoin factory, an infrastructure platform for decentralized stablecoins, to further broadening the accessibility and utility of digital assets in Africa.
To learn more about Paychant:
Follow Paychant’s Twitter and LinkedIn
Join Paychant’s community on Discord
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