LIVE TELOS’ AMA #6
Sesacash
Blaise: CEO & Co-Founder of Sesacash
English/Spanish
Sixth #TelosTuesday live AMA!
Quick Introduction
Sesacash is a defi app (decentralized financial app) located in Ghana and Nigeria, and it has plans to expand to all African countries soon. It offers a faster, cheaper, more secure financial system (zero transaction fees), that was built to facilitate people in Africa to make transactions and be able to send and receive money across borders. This perk allows users to spend money and manage their finances in a simple way, indifferent in what country they live, eliminating high exchange fees.
Blaise states that transactions across African countries are expensive, and if the user is in remote areas, it gets worse. This has implications for financial inclusion in the continent, that is why many individuals carry cash across borders. It is a solution for high fees for currency conversion among businesses and people.
At this point Blaise, and his team worked on a blockchain based solution to give users options to make their payments very affordably. The key of Sesacash is to be a platform of asset exchange that allows users to carry out transfers and move resources among themselves, and Telos is providing a platform for that.
Sesacash doesn’t charge fees for the transactions across borders between Sesacash accounts. The team wants to promote decentralized finance systems around the continent where they can give people the freedom to access other African currencies and make payments for goods and services and not having to worry about high exchange fees, delays in transactions that can take up to two business days to carry out payments or send money across borders. Sesacash can make this process faster and cheaper allowing business partners to make payments across different African countries.
Blaise mentioned that his team has spoken with a company that is using Sesacash, and they carried out a comparison between the current system and the system that Sesacash provides, and realized that the business could save 20%, this percentage represents the amount of money that this company was spending to move cash across borders.
He said “This brings some fresh air to businesses and helps them save money in transactions made across the continent.”
Blaise mentions that this is an innovation (a new payment system), and Sesacash is leading the process to tokenize the continent. He said that Sesacash is friendly for non blockchain users.
“Blockchain systems are for crypto savvys, and it excludes the rest of the people that want to spend, earn money, and access different currencies. These people can use the platform and do all the transactions without worrying about all the complexity of a blockchain and cryptocurrency. This is a way to promote adoption and encourage people to see the positive sides of blockchain and cryptocurrencies.”
How Sesacash Started
They started in 2018 (2 years processing transactions in Nigeria and Ghana) and it was built in a particular blockchain , but the team was looking for an alternative chain that would meet their needs for the next phase of the project; they envisioned the project in a different direction and decided to rebuild and migrate the platform to a “faster, cheaper, reliable, and decentralized blockchain, Telos Network.” They launched the platform in Telos last November 2019 and migrated the system on the blockchain.
Background and the Sesacash Team
In 2008 he was involved in software and entrepreneurship. He started setting up applications back then and began a startup which his team sold in 2016.After, they moved on to build Sesacash hoping to create a stronger financial African system.
The team is composed of four permanent members, some work part-time and others work full time, they live in Ghana and Nigeria. They have known each other for many years and came together to make a visionary product. They are community people, all the members have worked in community projects and make sure to benefit as well as the entire community
The story behind the name “Sesacash”
The name comes from an indigenous term,“Sesa” means “lets exchange cash or something.” He said “You can exchange one currency to the other and that’s the background of the name.”
“The background of the project was to create a solution to something that we were facing, how to get cryptos in Ghana ‘’. They decided to build this for themselves and other users that faced the same problem, and make the process of moving crypto to fiat money easier, but they realized it wasn’t enough, so they heard what the users wanted and they thought of how they could build a visionary product that would solve other problems besides the one mentioned before. The team wanted to make a change. In 2017, they started building Sesacash and tested it, and then decided to migrate it to Telos.
Why migrate to Telos Network?
One Key point when deciding to migrate into Telos was its community, and that it offers a faster, cheaper platform for transactions.
“We were looking for a platform that had free transactions, and, also, Telos encouraged us because it is a community based project.”
And finally, the Telos Network allows developing dapps, and that is something that we are looking forward to doing in Telos.
How will the launch of official digital currencies affect Sesacash?
The CEO states that the launch of these currencies will encourage the use of Sesacash. If, for instance, Ghana launches its official e-currency “all we have to do is include that currency into the platform so users can exchange the Nigerian national currency for the Ghanaian e-currency and that’s something positive for us.” He says that if countries promote official cryptocurrencies, they are embracing the cryptocurrency payments, and that is wonderful for them.
“We can then list all these national cryptocurrencies on Sesacash, and allow people to swap one national currency to another through the Sesacash ecosystem.”
Marketing Plans
Community outreach, that is one reason that the team presented a worker proposal, to get funds to promote the Telos Blockchain and Sesacash in universities, companies, businesses among others, with the goal to engage with the Ghana communities. Organaize conferences presenting how Sesacash is built on Telos, highlight the benefits of using their platform and Telos,
Ambassador program: they have people that are interested in being ambassadors and get rewarded with the YNT token.
Social media companies and partnerships.
They have a partnership with Telos4africa and are planning to organize several events and conferences. They are looking forward to presenting a Telos conference in Ghana in 2–3 months.
Reward System
Sesacash believes in the community, that’s why the team introduced a utility token (YNT) which rewards users with bonuses and cashback to perform transactions in Sesacash. The CEO states that “almost anything you do in Sesacash you can get cash back , which you can use to pay fees within the system and incentivize users to promote the Sesacash ecosystem.” Users can find this interesting in earning tokens and getting rewarded for any transaction they do.
Affiliate Programme: the user gets an affiliate link, with that link the users can have 30% cashback in all transactions.
How to join the affiliate program:
- Create an account on Sesacash.
- Grab your affiliate link through this url: https://app.sesacash.com/affiliate.
Future Plans
Sesacash allows users to withdraw or spend money anywhere in the world using Sesa Debit Card. In the next couple of months it will be easier to take out the cryptocurrency into the Sesa debit Card and use it to pay goods and services across all POS systems, and online, and soon implement it into ATM’s.
Another big plan for Sesacash is to enable a crypto wallet within the ecosystem. Before long, Blaise said that users will purchase cryptocurrency into Sesacash, as part of their goals in the next few weeks.
“TLOS, of course,will be part of this phase, tokens that people can buy from Sesacash (with credit and debit card). They can get the crypto and then fiat currency.”
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