A Dubai-based startup called Menachain Solutions DWC-LLC wants to build a payments system for the Middle East and North Africa using cryptocurrency and blockchain technology. The company targets the r
A Dubai-based startup called Menachain Solutions DWC-LLC wants to build a payments system for the Middle East and North Africa using cryptocurrency and blockchain technology. The company targets the region's unbanked population—84% of MENA's 440 million people lack access to traditional banking. Menachain is pursuing what it describes as "the most commonly used cryptocurrency in MENA" to support the region's digital transformation.
Menachain aims to serve consumers and businesses with a payment solution that complies with Islamic finance principles, allowing users to transfer money and pay for daily purchases in a secure, decentralized system.
Menachain is designing the MenaPay ecosystem with three components. MenaPay itself functions as a payment gateway for transactions both online and in stores. MenaCash is a stablecoin pegged to the US dollar and built on a private blockchain to support those payments. A third token, also called MenaPay, serves as a utility token for the platform.
Princess H. H. Hanadi Ahmed of Saudi Arabia sits on the company's board. She connected MenaPay to Saudi Vision 2030, the kingdom's economic diversification plan. "The vision of 2030 of Saudi Arabia aims for the best in all fields. His Highness Crown Prince Mohammad Bin Salman tries to provide the best opportunities for Saudi Arabia to be on the top of leading nations, this is why I expect MenaPay to achieve a huge success, as it goes along with Islamic religion instructions, and as long as its value backed-up by the US Dollar," Princess Hanadi said.
She added: "MenaPay is what people and companies needed not only in the KSA, but also for the whole Islamic world in MENA. We strongly believe that MenaCash is going to be the most holistic currency in the Saudi Arabia. It will also be the solution for 84% unbanked population in MENA by decreasing transaction time and costs while being transparent and secure at the same time."
Menachain wants to reach 10 million users by 2019. The company says more than 50 merchants have signed on.
Other cryptocurrency projects are targeting the Middle East. Arabtizor Holdings Inc., a UAE-based company, launched Arabcoin for the Arab world. OneGram offers a sharia compliant cryptocurrency backed by gold.
