Ghanaian fintech startup Sesacash is encouraging uptake of its multi-currency blockchain pockets by rewarding customers with cryptocurrency “cashback” each time they use it.
Shaped in 2018, Sesacash has developed a digital pockets that permits Ghanaians and Nigerians to spend, retailer and handle as much as 20 conventional and digital currencies from wherever on the planet.
Customers can fund their accounts by way of credit score or debit card, financial institution switch, cellular cash or varied cryptocurrencies, whereas it’s free to ship cash from one account to a different. Customers can withdraw to financial institution accounts, cellular cash wallets, and the soon-to-be-introduced Sesa debit card.
The startup started life as a crypto change, however rebranded final yr because it noticed a much bigger alternative.
“SMEs pay excessive charges sourcing foreign exchange domestically to make cross-border funds inside Africa. The banking infrastructure setup forces SMEs to open a number of forex financial institution accounts with excessive banking charges to make funds inside Africa. Companies and people lose the worth of their cash regularly as a result of depreciation. In consequence, 50-60 per cent of companies and people nonetheless carry money to make cross-border funds in Africa,” Blaise Bayuo, chief government officer (CEO) and co-founder of Sesacash, advised Disrupt Africa.
Bayou beforehand based Ghanaian marketing startup RetailTower, acquired by Kudobuzz in 2018, and is now turning his focus to constructing Sesacash’s consumer base. Natural progress has seen it purchase over 1,000 customers, however it has give you an modern means of encouraging additional progress – crypto “cashback”.
“We now have a novel token economic system that rewards customers with crypto forex within the type of cashback each time they spend utilizing Sesacash,” Bayou stated.
“The workforce additionally loves group engagement and involvement, therefore the introduction of the Sesacash affiliate programme, the place customers earn passive revenue by referring their pals and households to Sesacash.”
The startup plans to construct ots attraction additional with the rollout this yr of the Sesa card, a next-generation multi-currency card that may robotically convert greater than 20 digital and conventional currencies at any level of sale.
“This can enable cardholders to seamlessly spend their crypto and different African currencies, no matter which nation they’re in,” stated Bayou.
No stranger to elevating funding from his time at RetailTower, Bayou and his workforce bootstrapped Sesacash till they obtained grant awards from the Telos blockchain group.
“We additionally raised US$100,000 as liquidity assist from our trustees, and this places us within the place to course of large transaction volumes,” he stated.
For now Sesacash, which makes cash by means of transaction charges, is just serving Ghana and Nigeria, however it plans to develop additional afield whereas launching new merchandise.
“We want to develop to Francophone West Africa,” Bayou stated. “We can even be introducing enterprise packages for our enterprise clients quickly.”
