Merits Of MenaPay Platform In The Mena Region.
MenaPay aims to be integrated into every possible business model both future and present industries, assist the areas in the Mena region to know what the blockchain technology offers become literates of this unique tool and also lift off the burden of always running all their financial dealings in cash and to also create a decentralized, secure and hassle-free payment method.
In the Mena region, which is more dominated by the islams there are three key financial based statements that are very important in the region and these statements are;
Generating money by means of money is allowed if and only if the people invest in a real working asset or business.
They are prohibited to generate profit via interest.
Atleast two witnesses must be present to approve any debt transaction between two parties.
These statements are taken very seriously in the Mena region and any financial service/institution that does not abide by these statements are not used by the people and because banks do not abide by these rules, the people do not make use of banks but instead make use of cash for every financial operations.
However, the Blockchain Technology does not completely meet up to these statements but it does meet up with the last one as on the blockchain structure, at least three bodies are required to verify the transaction and it cannot be deleted nor rearranged by any individual or by a central authority after confirmation of transaction.
In the early conception of MenaPay platform, the MenaPay Foundation saw that the blockchain is only compliant to just one of these Mena statements and thus designed the MenaPay governance model to fully comply with all aspects of Islamic finance and abide by these statements so that everyone would partake in this wonderful financial revolution.
Herein, I'll outline the payment problems in the Mena region and how it can be solved by MenaPay:-
Obligation of Carrying Cash;
As a result of the Islamic statements not being abided by banks, the people have to go through the traditional and highly risky method of moving around with cash no matter how bulky it may be and these medium have a high security issue as they may get robbed an lose funds.
With MenaPay platform, that issue will be completely eradicated as MenaPay is Blockchain based thereby offering the best security system to protect user funds in their wallet which they will carry around in their smartphones and they will use the stable currency MenaCash to execute financial payments. Aside security, they get to also enjoy fast transaction speed, transparency, reduced scam/fraud risk and a hassle-free financial environment.
Cross-border Money Transaction;
As a result of huge conversion rates of banks, it is very costly to make cross-border transactions or online payments in various currencies in the Mena region.
This will no longer be a problem as MenaPay aims to make this process a very simple and hassle-free one, all the users have to do is successfully complete the KYC process required by MenaPay and money transferred between countries would be as easy as sending messages on any online platform, it will only take as much as seconds to successfully complete a cross-border transaction.
This can be implemented in all level of finance in the country even up to national level, industries can also use it in their financial operations.
I will continue with these benefits in my next article, as it is very vast and still interesting. MenaPay has lots of things to offer to the Mena region population, so, stay tuned to know more ;)
For further information on MenaPay, kindly go to links below;
Website: http://www.menapay.io
Whitepaper: https://menapay.docsend.com/view/pwjr8rt
Bitcointalk Ann. Thread: https://bitcointalk.org/index.php?topic=4884588.0
Telegram: https://t.me/MenaPay
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