To help African freelancers and entrepreneurs receive funds and manage USD payments efficiently and securely, Philip Mburu has launched an innovative fintech solution.

Hurupay is a fintech solution designed to help freelancers, remote workers, and businesses in Africa create virtual U.S. dollar accounts backed by stablecoins—a type of cryptocurrency that maintains a stable value by pegging its market price to an external reference. The fintech company, based in Nairobi (Kenya) and San Francisco (USA), was founded in 2023 by Philip Mburu.

To open an account, users need to download the mobile app, available on iOS and Android, where it has already surpassed 1,000 downloads, according to the Play Store. Registration requires identity verification with an official document. Opening a virtual account on Hurupay is free, with no monthly fees. A 2% commission is charged on each incoming transaction, while withdrawals and transfers are free of charge.

These accounts allow users to receive USD payments with no hidden fees and offer the flexibility to withdraw funds to cryptocurrency exchange platforms. Hurupay is already available in more than 40 countries, including Nigeria, Ghana, South Africa, Tanzania, the Philippines, and the United States.

Users can receive payments via the Automated Clearing House (ACH), an electronic fund transfer system commonly used in the U.S. for interbank transactions, or through domestic wire transfers from American banks. The platform also supports payments from services like PayPal, Venmo, and Stripe.

Funds received are automatically converted into USDC, a stablecoin, ensuring protection against the volatility of local currencies. Withdrawals can be made to exchange platforms such as Binance or Bybit to obtain USDT, or directly to local banks and mobile money services at competitive rates.

By Adoni Conrad Quenum,

Editing by Feriol Bewa