USA/NY - September 1, 2022 /MarketersMEDIA/ —
Pesabase's newly unveiled blockchain remittance solution allows its beneficiaries to receive their native currency straight on their mobile devices, converted automatically to their local currency upon receipt - at a fraction of the cost.
Pesabase and their newly released $PESA token, may appear to be a fresh player in the blockchain remittance scene - however, their founder and CEO Phil Somh, an African native turned successful Australian entrepreneur, has been building infrastructure with major Teleco companies and banks in Africa for 5+ years with 2 million dollars of seed funding to get get to where they are today, unveiling a novel blockchain solution at a press conference last Friday that is set to disrupt one of the biggest innovation starved markets in the continent of Africa - remittance.
In a continent where tens of millions of unbanked Africans use their SIM card as their bank account, this is a huge leap forward.
In an industry whose major players have notoriously gauged its users with 20-40% fees for decades, Pesabase's platform is a revolutionary step for the unbanked in Africa - and set to be a major disruptor in a massive market where 51 billion dollars of remittance are sent and received every year.
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 standardised banking system. Their innovative proprietary smart contract converts remittance from pUSD, (pesabase stable coin) to local currency for the recipient. 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.
“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." Says founder and CEO Phil Somh at last Friday's press conference in Sydney, Australia.. 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", says founder and CEO Phil Somh at last Friday's press conference in Sydney, Australia.
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. But Phil isn't just concerned with saving them money on existing fees, he has a much larger vision for Pesabase that includes forging financial freedom for millions of Africans who use the platform.
The $PESA token
Pesabase has just recently launched the $PESA asset for public trading on exchanges as a way for those both in and outside of Africa to get involved in the movement and invest in the technology backing their disruptive platform. Amidst what many are calling our worst bear market yet, they are finding resounding success with public and private investors and outperforming the market with ease.
"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 average income is only $1.50 a day." Phil and the Pesabase team believe that providing users with investment and stake in the platform, just for being users, provides education and financial inclusion in a much needed sector. "Listen, when you have money - it's easy to make money. The wealthy invest. We need to bring millions of Africans online with financial solidarity. Our rewards will not only serve to educate users, but provide them with those investments that will be key to their financial freedom down the road."
About Pesabase
Pesabase is the easiest way to send money and make payments. The company strives to facilitate money transfers to friends and families instantly, connecting Africa. Pesabase offers the best market rates and takes the issue of security seriously. It uses the latest encryption and blockchain technology to ensure funds security.
Further Details:
Facebook: https://www.facebook.com/pesabase/
Twitter: https://twitter.com/pesabase?lang=en
LinkedIn: https://www.linkedin.com/company/pesabaseltd/
Contact Info:
Name: Phil Somh
Email: Send Email
Organization: Pesabase
Website: https://pesatoken.io/
Release ID: 89081019
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