Pesabase is a mobile app that enables users to send money to recipients in some of the most desolate and unreachable areas in South Sudan. Eric Alsop, co-Founder and CMO, tells us more.
SENDING MONEY TO SOUTH SUDAN
A staggeringly high percentage of Africans are unbanked and do not have access to mobile devices to easily receive payments.
To bridge this gap, the mission of Pesabase is to allow the unbanked to receive the same services, rates, and speeds that first-world countries experience.
“Through this, we can financially empower Africans by saving millions in fees every year and putting them back into the pockets of our users,” affirms Eric Alsop, co-Founder and CMO.
Alsop’s fellow co-Founder, Phil Somh, started plotting how to solve this major issue in South Sudan – where transaction rates average between 20 to 30 percent – years after he fled his home country due to war, famine, and extreme poverty.
Living in Melbourne, he achieved a Masters in Banking and Finance Law to understand the financial landscape and started piecing together the method that would impact his homeland – remittance.
Somh discovered a way to disrupt the monopolised market in South Sudan by developing a legal and compliant app that accomplishes money transfer penetration where almost every other payment solution has fallen short.
“He realised that to solve the problem, the roots need to be planted in South Sudan, instead of trying to solve the problem from the outside, which is why this issue hasn’t been resolved – until today,” Alsop tells us.
USER-FRIENDLY PLATFORM
Pesabase processes transactions instantly and at 90 percent reduced fees from what is currently being charged in unbanked areas.
“This is accomplished by our revolutionary app on one end, and a network of on-ground agents and mini banks that cover a wide area of users on the other end that are without bank accounts and mobile phones,” informs Alsop.
The company, which operates through a network of agents in Melbourne, Nairobi, Kampala, and Juba, will be launching a new mobile platform this year, allowing it to meet larger demand.
Pesabase’s user-friendly platform is among several reasons why it is considered one of the easiest ways to make payments and send money to South Sudan.
“We offer an intuitive interface, making it simple for users to navigate and complete transactions. Whether you’re using our website or mobile app, the process is streamlined to ensure convenience for both first-time users and those who send money regularly,” Alsop outlines.
“Best of all, users don’t even need to know what crypto is or how it is used as the process is very simple to follow.”
Pesabase also provides competitive and transparent pricing for money transfers, with lower fees compared to other traditional money transfer services, which makes sending money to South Sudan more affordable for individuals and businesses.
Moreover, it offers fast, almost instant processing times for transactions, ensuring that money is delivered to recipients in South Sudan without unnecessary delays.
“This can be especially important in emergencies or for people needing to support loved ones quickly,” emphasises Alsop.
CONVENIENT SOLUTION
Pesabase supports a range of payment methods for both sending and receiving funds. This includes mobile money, bank accounts, and possibly even cash pick-up via agents, making it convenient for recipients to access their funds.
It additionally leverages strong partnerships with local networks in South Sudan, ensuring users can reliably send money to both urban and remote areas without issue.
The platform equally ensures the security of users’ transactions by utilising encryption and other protective measures, giving peace of mind to users sending and receiving money, whilst transactions in South Sudanese pounds (SSP) are also supported.
“This makes it easier for people to send and receive money in their local currency without needing to worry about conversion rates or extra fees,” Alsop assures.
Pesabase’s deep understanding of the needs of South Sudanese people, meanwhile, enables it to cater specifically to their financial needs, providing services that fit the unique challenges of the country.
“These factors make Pesabase a convenient, affordable, and secure solution for anyone looking to make payments or send money to South Sudan,” he states.
BLOCKCHAIN TECHNOLOGY
Pesabase leverages the power of blockchain-based solutions to enhance the efficiency, security, and accessibility of sending money to South Sudan.
Blockchain technology ensures that all transactions on Pesabase are transparent, traceable, and secure. Each transaction is recorded on a decentralized ledger, making it virtually tamper-proof.
“This level of transparency builds trust with users and reduces the risk of fraud or corruption,” notes Alsop.
By using stablecoins, Pesabase ensures transactions are not subject to the volatility typically associated with cryptocurrencies like Bitcoin or Ethereum.
Stablecoins are pegged to a stable asset, like the US dollar, so users can send money without worrying about fluctuations in value.
“For countries like South Sudan, where the local currency can be unstable, this is especially beneficial,” Alsop says.
Pesabase can use cryptocurrencies for faster and cheaper cross-border transactions. Since blockchain-based cryptocurrencies bypass traditional banking systems, they often have lower fees and faster settlement times, which is crucial when sending money to regions where banking infrastructure might be limited or slow.
With mobile money solutions like M-Pesa or other mobile wallets integrated into the Pesabase platform, users can also send funds directly to the recipient’s mobile phone number, making it easy for people in South Sudan, even in remote areas, to access their funds quickly.
“This eliminates the need for traditional banking infrastructure, making financial services more accessible to unbanked populations,” shares Alsop.
Blockchain’s decentralized nature allows Pesabase to operate with fewer intermediaries, leading to cost savings.
This is particularly important in regions where financial infrastructure is not fully developed, and traditional remittance services can be expensive, as lower transaction costs translate to more money reaching the recipient.
By embracing these technologies, Pesabase is able to offer financial services to people who may not have access to traditional banks or remittance options.
In areas such as South Sudan, where access to reliable financial institutions is limited, mobile money and blockchain-based solutions create more inclusive financial opportunities.
“We leverage blockchain, stablecoins, cryptocurrencies, and mobile money to create a seamless, cost-effective, secure, and fast way for people to send and receive money, particularly in underserved regions like South Sudan,” Alsop gushes.
CRYPTO-FRIENDLY BANK
Pesabase is currently building a physical bank in the South Sudanese capital of Juba for several strategic regions.
South Sudan faces significant financial infrastructure challenges, and a crypto-friendly bank would help address these whilst also creating business opportunities.
The country has one of the highest unbanked populations in the world, with the majority of people relying on informal financial systems and cash transactions.
A crypto-friendly bank will provide a gateway to digital finance, allowing locals to access banking services with fewer barriers.
The existing banking system is also underdeveloped, with few branches outside Juba, whilst traditional banks often require extensive documentation, making it difficult for many citizens to open accounts.
“A new bank, especially one that leverages crypto and digital wallets, will offer easier and more inclusive financial services,” Alsop insights.
Remittances from South Sudanese diaspora communities, especially in East Africa, the US, and Australia, are a crucial source of income.
Unlike traditional remittance services such as Western Union and MoneyGram, Pesabase’s crypto-enabled bank will offer near-instant and cheaper cross-border transfers using blockchain technology.
South Sudan also struggles with corruption in its banking system, where government interference and mismanagement are common, and a highly unstable SSP, making crypto an attractive alternative for people seeking to store value.
“A crypto-friendly bank could offer stablecoin solutions, allowing citizens to hold digital assets pegged to stronger currencies like the US dollar,” explains Alsop.
BRIDGING THE GAP
Many African governments have strict regulations on crypto, but South Sudan’s stance is still developing.
By entering early, Pesabase can help shape regulatory frameworks in its favour, whilst establishing a licensed bank provides legitimacy and could attract partnerships with global FinTech firms.
Meanwhile, as mobile money adoption grows, the bank will integrate with Pesabase’s mobile money services and allow for seamless crypto-to-cash conversions.
As South Sudan rebuilds its economy after years of conflict, new financial solutions can also help attract foreign investment.
“A well-structured bank could facilitate trade, provide credit access, and support economic development,” Alsop concludes.
Pesabase’s bank will therefore be strategically positioned to bridge the gap between traditional finance and blockchain technology.
It could provide solutions to banking limitations, corruption, remittance inefficiencies, and financial exclusion, whilst taking advantage of South Sudan’s growing mobile connectivity and need for stable financial services.
Similarly, the business centre will be the most modern building in the city, allowing for businesses to establish themselves in a thriving location, offering a modern presence and adding value to Pesabase in terms of revenue and earnings.
