Adapay Africa - Seamless Cardano (ADA) Payments for Africa: Buy, Sell and Convert to Local Currency

[GENERAL] Name and surname of main applicant

Morakinyo Ibukunoluwa Dada

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Will

1. Develop a secure, scalable & user-friendly platform
2. Integrate Cardano's blockchain technology
3. Support multiple African currencies (NGN, KES etc)
4. Offer fiat on-ramp & off-ramp
5. Robust KYC/AML procedures

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

Dependencies and prerequisites for Adapay Africa:

External Dependencies:

1. Cardano Blockchain Infrastructure
2. Cardano API and SDKs
3. Third-party payment gateways (Currencycloud, Flutterwave) (for African currencies)
4. Regulatory bodies ( Central Banks, Financial Regulatory Authorities)

Third-party Software:

1. Cardano-serialization-lib (open-source)
2. Cardano-api (open-source)
3. Cardano-wallet (open-source)
4. Payment gateway software (licensed)
5. Encryption and security libraries (licensed)

Licenses and Permissions:

1. Open-source licenses for Cardano-related software
2. Commercial licenses for payment gateway software
3. Permissions from regulatory bodies
4. Compliance with AML/KYC regulations

Prerequisites:

1. Cardano blockchain mainnet availability
2. Regulatory approval and compliance
3. Adequate funding and resources

Risks and Mitigation Strategies:

• Dependency on Cardano blockchain development and updates
• Mitigation: Active engagement with Cardano community and foundation
• Payment gateway integration issues
• Mitigation: Collaboration with payment gateway providers (Flutterwave, Curencycloud)
• Regulatory changes or compliance issues
• Mitigation: Continuous monitoring and adaptation to regulatory requirements.

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

Because of security purpose, the platform will have confidential data related to user privacy, transactions carried out and KYC & AML, so the code will not be shared.

[METADATA] Horizons

Payments

[SOLUTION] Please describe your proposed solution

Perception of the Problem:

We perceive the low adoption of Cardano in Africa as a barrier to financial inclusion, stemming from technical complexity, limited access to local currency integration, and a lack of awareness about the benefits of cryptocurrency.

Approach:

Our approach focuses on creating a user-friendly platform that simplifies the buying, selling, and usage of ADA in local currencies. By prioritizing accessibility and integration with local financial systems, we aim to reduce barriers to entry and make Cardano more practical for everyday transactions.

Project Engagement:

Our project will engage various stakeholders, including unbanked and underbanked individuals seeking financial services, small and medium businesses needing affordable payment solutions, and developers interested in building a local ecosystem around Cardano.

Demonstrating Impact:

We will demonstrate our impact through key metrics such as user adoption rates, transaction volumes, merchant participation, and financial inclusion indicators. Regular feedback from users will help refine our platform and ensure it meets the needs of the community.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Increased Adoption: Greater user base and transaction volume for Cardano in Africa.

Financial Inclusion: Empowerment of unbanked and underbanked populations through access to decentralized financial services.

Local Currency Integration: Enhanced utility of Cardano for everyday transactions through seamless conversion with local currencies.

Strengthened Ecosystem: Growth of local businesses adopting Cardano, attracting developers and innovators.

Enhanced Community Engagement: Increased awareness and understanding of Cardano within local communities through education and outreach.

Global Recognition: Showcasing Cardano as a viable solution for real-world financial challenges in Africa, enhancing its global reputation.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Capability to Deliver with Trust and Accountability:

1. Expert Team: Our team comprises experienced professionals in blockchain technology, finance, and African markets, ensuring deep knowledge and skills for successful project execution.
2. Established Partnerships: We have strong relationships with local financial institutions and regulatory bodies, which will help us navigate compliance and operational challenges effectively.
3. Security Measures: We prioritize security with comprehensive protocols, including multi-factor authentication and data encryption, to safeguard user assets and information.
4. Transparency: We commit to financial transparency through regular reports on fund allocation and project progress, supplemented by third-party audits to ensure accountability.

Validation of Feasibility:

1. Pilot Testing: We will initiate pilot programs in select markets to gather data on user engagement and transaction success rates, allowing us to assess the effectiveness of our platform.
2. User Feedback: Implementing continuous feedback mechanisms will enable us to refine our solution based on real user experiences and needs.
3. Milestone-Based Evaluation: We will establish clear project milestones, with funds released in phases contingent on achieving these milestones, ensuring responsible use of resources and accountability at every stage.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Month 1: Project Planning, Setup and Platform Development (Weeks 1-4 , 20,000 ADA)

A. Milestone Outputs:

1. Project plan document
2. Team formation and roles definition
3. Develop platform architecture and UIUX Design
4. Start of Front-end programming
5. Start of Back-end integration
6. Integrate Cardano blockchain
7. Implement user authentication

B. Acceptance Criteria:

1. Comprehensive project plan
2. Clear team roles and responsibilities
3. UIUX Prototype
4. Successful Cardano blockchain integration research
5. Functional development environment (Front-end and Back-end)

C. Evidence of Milestone Completion:

1. Project plan document shared with stakeholders
2. Team formation and roles documentation
3. UIUX Prototype demo
4. Cardano blockchain integration report
5. Development environment setup confirmation

Month 2: Payment Gateway Integration (Weeks 5-8, 10,000 ADA)

A. Milestone Outputs:

1. Integrated payment gateway (Flutterwave)
2. Create African currencies wallet system
3. Develop fiat on-ramp and off-ramp solutions
4. Test currency conversions
5. Security audit and compliance review

B. Acceptance Criteria:

1. Successful payment gateway integration
2. Successful African Wallet System implementation
3. Fiat on-ramp and off-ramp solutions completion
4. Security audit and compliance review completion

C. Evidence of Milestone Completion:

1. Payment gateway integration demo
2. African Wallet System demo
3. Currency Conversion demo
4. Security audit and compliance review report

Month 3: Cardano ADA Integration (Weeks 9-12, 10,000 ADA)

A. Milestone Outputs:

1. Integrated Cardano ADA wallet
2. ADA payment processing implementation
3. Testing and debugging

B. Acceptance Criteria:

1. Functional Cardano ADA wallet integration
2. Successful ADA payment processing
3. Thorough testing and debugging

C. Evidence of Milestone Completion:

1. Cardano ADA wallet integration demo
2. ADA payment processing testing results
3. Debugging logs and issue resolution documentation

Month 4: Mobile and Web Applications Completion (Weeks 13-16, 10,000 ADA)

A. Milestone Outputs:

1. Complete web application
2. Complete mobile application (iOS and Android)
3. Conduct user testing
4. Deploy mobile app

B. Acceptance Criteria:

1. Functional mobile and web applications
2. Intuitive user interface and experience
3. Compliance with design specifications

C. Evidence of Milestone Completion:

1. Functional product test video
2. Mobile and web application demos
3. Testing and quality assurance reports

Month 5: Testing and Quality Assurance (Weeks 17-20)

A. Milestone Outputs:

1. Comprehensive testing plan
2. Conducted unit testing, integration testing, and UI testing
3. Quality assurance review

B. Acceptance Criteria:

1. Thorough testing plan
2. Successful testing and quality assurance
3. Identification and resolution of critical issues

C. Evidence of Milestone Completion:

1. Testing plan document
2. Testing and quality assurance reports
3. Issue resolution documentation

Month 6: Launch Preparation and Deployment (Weeks 21-24, 35,000 ADA)

A. Milestone Outputs:

1. Finalized launch plan
2. Deployment on Cardano mainnet
3. Develop marketing strategy
4. Execute social media campaign
5. Marketing and promotion materials

B. Acceptance Criteria:

1. Comprehensive launch plan
2. Successful deployment on Cardano mainnet
3. Effective marketing and promotion materials

C. Evidence of Milestone Completion:

1. Launch plan document
2. Deployment confirmation on Cardano mainnet
3. Marketing and promotion strategy and materials review

[RESOURCES] Who is in the project team and what are their roles?

Project Lead

Morakinyo Ibukunoluwa Dada

Linkedin Profile: https://www.linkedin.com/in/iamibukunoluwa/

I'm a Business strategist and a Product designer, with versatile experience in developing viable business models and market win products.

I also have web programing skill in Php, Html and Boostrap Css/js

I have other skills in graphic design, electronics engineering, Building Electric inverter and solar installation

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

• Project Planning, Setup and Platform Development 20,000 ADA
• Payment Gateway Integration: 10,000 ADA
• Cardano ADA Integration : 10,000 ADA
• Mobile and Web Applications Completion: 10,000 ADA
• Testing and Quality Assurance
• Marketing and Adoption: 35,000 ADA

Total: 85,000 ADA

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

We believe the project cost of 85,000 ADA is exceptionally affordable considering the significant adoption and utility benefits it will bring to ADA Cardano cryptocurrency users across Africa.

Value for Money:

Upon Success of Adapay Africa payment services, Cardano Ada adoption will increase by at least 20% over one(1) year of our operation.

With our buy, sell and option to convert Ada to local currency it will create ease of adoption, Trading and holding, more importantly African people will be able to do cross border transaction with Ada Currency across African countries

Adapay Africa offers:

1. Scalable Payment Solution: Enhancing Cardano's utility and adoption
2. Local Market Penetration: Expanding Cardano's presence in Africa
3. Community Benefits: Driving ADA usage and ecosystem growth
4. Strategic Partnerships: Fostering business opportunities and collaboration

Return on Investment (ROI):

Adapay Africa's success will:

1. Increase Cardano's market share in Africa by at least 20% over 1year of operation
2. Drive ADA adoption and usage we will expand our platform to provide Checkout gateway for ecommerce platforms allowing usage of Ada Currency to buy goods and service online
3. Enhance the overall Cardano ecosystem's value preposition

Justification:

1. Local Market Research: Costs reflect local market rates in Africa
2. Industry Benchmarks: Aligns with global industry standards for blockchain and fintech project
3. Expertise: Team's specialized Cardano expertise ensures high-quality deliver
4. Efficiency: Lean project management approach minimizes overhead cost

Supporting Evidence:

1. Cardano Foundation's funding priorities: Adapay Africa aligns with ecosystem growth goal
2. Industry reports: Blockchain and fintech projects in Africa require similar investment
3. Local market research: Costs reflect regional market rate

By investing 85,000 ADA, the Cardano ecosystem will benefit from:

1. Enhanced payment infrastructure
2. Increased adoption and usage with potential adoption by over 2 millions Crypto Enthusiast from Nigeria and others
3. Strategic partnership

This represents Adapay Africa value for money, driving growth and utility within the Cardano ecosystem.