Project Description

PiggyFi solves the interconnected problems of money transfer and savings in Africa 🌍. Firstly, despite the massive growth of intra-African trade and remittances, sending money within/to Africa is very difficult. Legacy platforms like SWIFT, Western Union, and Moneygram are slow and expensive. Newer platforms are still heavily linked with banks and as a result, are only available in a few countries. Many Africans have resorted to informal peer-to-peer channels (Hawala system, local BDCs) to transact across countries. However, these systems are manual and prone to fraud. Secondly, Sub-Saharan Africa has one of the highest inflation rates in the world. Individuals and families saving money in their local currency do not have an easy way to protect their life savings against devaluation. To solve these interconnected problems of saving and sending money, PiggyFi is building a blockchain-powered automated P2P payment infrastructure to facilitate: 👉🏾 Easy peer-to-peer money transfers within and outside Africa, and 👉🏾 Savings in Stablecoins such as Celo Dollar and BUSD. On the app, these Stablecoins will be displayed as the $ equivalent, and can then be easily converted into a user's local currency at favorable rates via the P2P exchange system. An illustration of PiggyFi's architecture can be seen here: https://i.imgur.com/txMpNn6.png

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