Zepz Launches SendWave Stablecoin Wallet: Revolutionizing Africa’s $100B Remittance Market
London, UK – Digital remittance giant Zepz has launched SendWave Stablecoin Wallet, a groundbreaking mobile application that enables instant, low-cost cross-border payments across Africa using USDC and other major stablecoins. The launch represents the most significant entry of a traditional fintech player into Africa’s digital asset space and could potentially disrupt the continent’s $100 billion remittance industry.
The wallet, which leverages Zepz’s existing infrastructure from WorldRemit and SendWave brands, aims to address the chronic challenges of high costs, slow settlement times, and limited accessibility that have long plagued African remittance corridors. Here’s an in-depth look at how this innovation could transform money movement across the continent.
SendWave Stablecoin Wallet: Key Features
Core Functionality
- Multi-Currency Support: USDC, EURC, and cNGN (Nigeria’s digital currency)
- Cross-Border Focus: Optimized for Africa-Europe and Africa-North America corridors
- Fiat Integration: Seamless conversion between stablecoins and local currencies
- Mobile-First Design: Lightweight application for varying network conditions
Transaction Capabilities
| Feature | Specification | Benefit |
|---|---|---|
| Transfer Speed | <30 seconds | vs 2-5 days traditional |
| Cost Structure | 0.5-1.5% flat fee | vs 5-10% traditional |
| Minimum Transfer | $5 equivalent | Accessible for small amounts |
| Maximum Transfer | $10,000 daily | Suitable for business use |
Supported Corridors (Initial Launch)
- Primary: UK→Kenya, USA→Nigeria, EU→Ghana
- Secondary: UAE→Egypt, South Africa→Zimbabwe
- Expansion Plans: 15 additional African corridors by Q2 2026
Technology Infrastructure
Blockchain Architecture
- Base Layer: Ethereum and Stellar networks for settlement
- Layer-2 Solutions: Polygon for low-cost transactions
- Cross-Chain Protocol: Wormhole integration for interoperability
- Oracle Network: Chainlink for real-time price feeds
Security Framework
- Multi-Party Computation (MPC): Distributed key management
- Biometric Authentication: Face ID and fingerprint recognition
- Transaction Monitoring: Real-time AML and fraud detection
- Insurance Coverage: $100M policy from Lloyd’s of London
Integration with Existing Systems
- Mobile Money: Direct integration with M-Pesa, Airtel Money, MTN Mobile Money
- Banking Networks: API connections to 35 African banks
- Zepz Ecosystem: Seamless transfer between traditional and crypto products
Market Impact and Competitive Positioning
Remittance Cost Comparison
| Provider | Average Cost | Transfer Time | Accessibility |
|---|---|---|---|
| Traditional Banks | 8-12% | 3-5 days | Limited (bank account required) |
| Western Union/MoneyGram | 5-8% | 1-2 days | Wide (cash pickup available) |
| Mobile Money | 3-5% | Instant (domestic) | Excellent (mobile phone only) |
| SendWave Stablecoin | 0.5-1.5% | <30 seconds | Excellent (mobile phone only) |
Target User Segments
- Diaspora Communities: 30 million Africans living abroad
- Freelance Workers: Digital economy participants receiving international payments
- Small Businesses: Importers and exporters needing working capital
- Students: International students receiving education funding
Economic Implications
Cost Savings Potential
- Individual Impact: $500-1,200 annual savings per regular sender
- Aggregate Savings: $3-5 billion annually across African diaspora
- Economic Multiplier: Increased disposable income for recipient families
Financial Inclusion Enhancement
- Bankless Access: No traditional bank account required
- Lower Barriers: Reduced minimum transfer amounts
- Educational Component: Built-in financial literacy resources
Formalization Benefits
- Transaction Tracking: Improved visibility into informal remittance flows
- Tax Compliance: Better documentation for regulatory purposes
- Credit Scoring: Potential for remittance history to support credit assessment
Regulatory Compliance Framework
Licensing and Approvals
- Money Transmitter Licenses: Full coverage in sending countries
- Digital Asset Registration: Compliance with emerging crypto regulations
- Banking Partnerships: Relationships with regulated financial institutions
AML/CFT Provisions
- KYC Requirements: Tiered verification based on transaction size
- Transaction Monitoring: Real-time screening against sanction lists
- Reporting: Compliance with FATF Travel Rule requirements
- Local Compliance: Adherence to individual African countries’ regulations
Consumer Protection
- Fund Segregation: Customer assets held in regulated custody
- Dispute Resolution: Formal process for transaction issues
- Transparency: Clear fee disclosure and exchange rate transparency
Partnership Ecosystem
Stablecoin Providers
- Circle: Primary USDC integration partner
- Stellar Development Foundation: Technical infrastructure support
- Local Central Banks: Collaboration on national digital currencies
African Financial Institutions
- Equity Bank (Kenya): Fiat on-ramp and off-ramp services
- GTBank (Nigeria): Local currency conversion partner
- Ecobank (Pan-Africa): Multi-country distribution network
Technology Partners
- Fireblocks: Digital asset custody infrastructure
- Checkout.com: Payment processing integration
- Twilio: Communication and verification services
Implementation Strategy
Phased Rollout Plan
- Phase 1 (Q4 2025): Kenya, Nigeria, Ghana with limited feature set
- Phase 2 (Q1 2026): Additional 5 African markets, expanded capabilities
- Phase 3 (Q2 2026): Full feature set across 15 African countries
User Acquisition Approach
- Existing Base: Migration of current SendWave/WorldRemit users
- Partnership Leverage: Integration with mobile money operator customer bases
- Incentive Programs: Fee waivers and bonus offers for early adopters
Educational Initiatives
- In-App Tutorials: Step-by-step guidance for new users
- Community Workshops: Local education programs in key markets
- Support Infrastructure: Multilingual customer service availability
Risk Assessment and Mitigation
Market Risks
- Volatility Exposure: Algorithmic stabilization during crypto market stress
- Liquidity Challenges: Relationships with multiple liquidity providers
- Adoption Barriers: User education and trust-building measures
Regulatory Risks
- Policy Changes: Active engagement with regulators across jurisdictions
- Licensing Requirements: Proactive pursuit of necessary approvals
- Cross-Border Compliance: Dedicated legal and compliance team
Operational Risks
- Technology Failures: Redundant systems and backup protocols
- Security Threats: Continuous security monitoring and testing
- Service Interruption: 24/7 operational support and incident response
Future Development Roadmap
2026 Enhancements
- Additional Stablecoins: Support for more currency-pegged tokens
- DeFi Integration: Yield-earning opportunities for stored assets
- Bill Payments: Direct payment of utilities and other services
- Savings Products: Interest-bearing stablecoin accounts
Long-term Vision
- Full Banking Alternative: Comprehensive financial services platform
- Regional Expansion: Coverage across all African markets
- Web3 Integration: Connection to broader decentralized ecosystem
- AI-Powered Services: Personalized financial management features
Industry Implications
Competitive Response
- Traditional Remittance: Expected price reductions and service improvements
- Mobile Money Operators: Potential stablecoin integrations of their own
- Crypto Native Players: Increased focus on user experience and accessibility
Market Evolution
- Price Compression: Accelerated reduction in remittance costs industry-wide
- Service Expectations: New standards for speed and convenience
- Innovation Cycle: Faster development of blockchain-based financial products
Regulatory Development
- Framework Acceleration: Hastened development of comprehensive crypto regulations
- International Standards: Increased coordination between African regulators
- Consumer Protection: Enhanced focus on digital asset user safeguards
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