Hurupay, a Ghanaian startup that offers a crypto wallet for stablecoins, is helping businesses and individuals across Africa overcome the negative impacts of fluctuating local currencies. Stablecoins are non-volatile cryptocurrencies pegged to the value of the US dollar at a ratio of 1:1.
Hurupay’s platform allows businesses to accept stablecoin payments from customers simply by scanning QR codes and paying suppliers with zero fees. Individuals can also use Hurupay to save money in dollars and stablecoins, send and receive money across borders with very low fees, and pay at shops.
The idea for Hurupay came to co-founder and CEO Philip Mburu when he relocated to Ghana in September 2021. He was frustrated by the high fees and slow processing times of traditional cross-border money transfer services and by the depreciating value of the Ghanaian cedi.
“Hurupay is designed to help businesses and individuals mitigate the negative impacts of fluctuating local currencies on their income and growth,” said Mburu. “By providing a more stable and reliable payment method, we can help people save money, grow their businesses, and access better opportunities.”
Hurupay is still in its early stages, but it has already seen significant growth. Within two months of going live in Ghana, Kenya, and Nigeria, Hurupay has onboarded over 1,500 active users and processed transactions worth over US$100,000.
Hurupay is a promising example of how blockchain technology is being used to solve real-world problems in Africa. By enabling stablecoin-based payments, Hurupay is helping to reduce the costs and risks associated with cross-border money transfers and to provide people with a more stable way to save and spend their money.