Hurupay from Ghana addresses currency volatility through its platform for stablecoin-based payments.

The Ghanaian startup, Hurupay, was founded to assist businesses and individuals in Africa in dealing with the challenges posed by fluctuating local currencies. It achieves this by enabling stablecoin-based payments, which are cryptocurrencies tied to the value of the US dollar at a 1:1 ratio, through its crypto wallet. This platform is designed to offer a more stable and reliable payment method, particularly benefiting SMEs and individuals affected by the devaluation of their local currencies against the dollar. Hurupay allows businesses to accept stablecoin payments from customers using QR codes, and facilitates fee-free payments to suppliers. For individuals, it provides options to save money in dollars and stablecoins, conduct cross-border money transfers with low fees, and make purchases at shops.

The concept for Hurupay came to its co-founder and CEO, Philip Mburu, when he moved to Ghana in September 2021. He encountered challenges in sending and receiving money as a migrant due to limited options and high fees. Additionally, the depreciating value of the Ghanaian cedi affected his savings. This prompted Mburu to delve into alternative methods of financial transactions and explore stable currencies like the US dollar. Recognizing the potential of cryptocurrencies, particularly stablecoins, he joined forces with James Mugambi (now COO) and Allan Okoth (now CTO) to develop the platform. The goal is to address the financial uncertainties faced by SMEs in Africa, where over 44 million of them play a significant role in employment but often rely on unstable local currencies.

Mburu emphasized the growing demand for stablecoins in Africa, citing their advantages in accessing dollars and facilitating cost-effective cross-border transactions. Since its official launch in Ghana, Kenya, and Nigeria, Hurupay has rapidly gained traction, garnering over 1,500 active users and processing transactions totaling over US$100,000 within two months. The startup currently operates with a grant of US$21,000 received from Prezenti Grants in collaboration with the Celo blockchain foundation, and generates revenue through a two percent fee on off-ramping and a 0.5 percent fee on payments to SMEs. Hurupay is in the process of integrating Visa and Mastercard to enable users in North America and Europe to deposit funds and instantly send money to their families and friends in Africa. The company also has plans to expand to Rwanda, Tanzania, Uganda, and 10 more countries by 2024.