MenaPay: Bridging the Gap in Financial Payment Solutions in the Middle East and North Africa

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MenaPay

4 min readAug 4, 2018

The world might be getting comfy with cryptocurrency and its shenanigans, but there are regions not yet up to speed with this new digital trend. North Africa and the Middle East lead the pack in this regard. This doesn’t come as a surprise when you consider the impact of certain factors like religion, the state of the financial sectors in these regions, and the socioeconomic challenges they have to face on a regular basis.

Both these two regions have the potential of creating a catalytic jolt in the digital world — if only some effort is made in that direction. The use of several ‘weak’ currencies doesn’t help the cause. In fact, it complicates the situation as it takes a toll on trades between the different countries in the region.

Lots of challenges have made mere spectators of regions which were meant to sparkle in the ongoing digital currency craze. Knowledge of these challenges is anything but rocket science. While accusing fingers could be pointed at conservative religious belief like Islam, much more emphasis should be placed on the ineptitude of their financial bodies especially, as it concerns payment solutions.

Experts believe centralization has kept these regions stagnant, and it’s hard to argue with that. Not much transparency exists in the analog payment methods commonplace in these regions, and this creates a lack of trust by the consumers in these areas. Also, a streamlined approach to payment solutions appears to be sorely missed.

Menapay is prided as the pioneer of a payment solutions powered by blockchain in the Middle East and North Africa. The platform provides a fluid-like payment service which residents in the 18 countries on its radar can maximize without any form of bottlenecks — a situation currently hampering transactions in these areas.

One of the stumbling blocks to the adoption of cryptocurrency in regular trades by people around the world is the immense volatility associated with it. The need for stability in pricing has not gone unnoticed by the Menapay team. They have created a model which pegs the price of their token, MenaCash to a USD. This eliminates ambiguity while solving a problem of such magnitude. With the Menapay platform, users are spared the hassles of multiple third parties since they are connected flawlessly to merchants saving them precious resources in the long run.

The Menapay platform shrivels the multiple-currency situation of the Middle East and Africa. This should improve trading across countries in the region while boosting the economies of the affected nations. Transaction fees are much lower than what’s currently obtainable with many cryptocurrency platforms, and feelers suggest everyone within the Menapay platform stand a lot to gain in this regard.

The intuitive nature of the Menapay platform is bound to make it a favorite among many. Its incorporation of Arabic language is a first, and it should endear it to the overwhelming Muslim faithful in countries of the target regions. There are talks about the introduction of an App — a most welcomed idea. Frankly, Menapay could be likened to a much more pious version of Robinhood with its plans to spread out ¾ of its earnings among those holding MenaCash.

About MenaCash

Transactions on the Menapay platform will depend on the efficiency of its token, MenaCash. The digital currency might not experience the turbulent changes in prices which are considered a norm in cryptocurrency, but holders are guaranteed to keep smiling with the impending distribution of proceeds to each person.

Overall Supply of MenaCash 400,000,000

MenaCash Sale 256,000,000

Calculated ICO price $0.165

Expected Soft Cap $5,000,000

Expected Hard Cap $25,000,000

Token Spread

64% allotted to the general public

16% for the Menapay team

15% budgeted for promotion

5% is kept for mining

The Menapay Team

A team is important in any establishment and there’s a strong understanding of this assertion within the Menapay hierarchy. Their team consists of vibrant individuals drawn from different works of life but with a common passion: to make blockchain and its uses accessible to parts of Africa and the Middle East. The project’s website provides more insight on the individuals behind such an interesting project.

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