Blockchain-based finance platform to connect the underbanked population with the digital assets industry
MenaPay is a blockchain-based finance platform that aims to connect consumers with the digital economy, especially the unbanked population. MenaPay is claimed to be the first, fully backed and blockchain-based non-bank mobile payment solution in the Middle East & Africa region. The apps digitalize cash through a network of offline & online resellers. The company stated that the platform aims on becoming the digital bank of the MEA region with the vision of connecting potential consumers with the digital economy. MenaPay is headquartered in Dubai-UAE. T
MenaPay launched its own mobile payment solution and its own stablecoin called MenaCash. With the combination of the apps and the stable coin, MenaPay is suitable for a society that does not use banks. At the same time, the app opts for a multi- financial solution that is compliant with the Islamic Finance rules. In addition to that, MenaPay uses a fully transparent app and network structure using blockchain technology to serve more than 400 million people across 18 countries. The app offers various services and features such as instant payment with stablecoins, store and receives cryptocurrency easily, easy to use mining program, and more.
According to Crunchbase, MenaPay serves more than 441 million people in MENA region with its Arabic user-friendly interface. The company did 2 funding rounds with the latest one finished on July 29, 2020. CoinShares and Boğaziçi Ventures are the core investors of the MenaPay company. The company has two key members including its Executive Board Member, Turan Alhammadov.