Empowering African Finance Using Stablecoins: Duo Wallet V2


Duo Wallet v1 was focused on user experience, bringing users the power of custody and web3 with the familiarity of web2, popularly known as Social login. Such a feel can be created by utilizing wallet services like Web3 Auth and Magic.link.

Apart from the smooth onboarding, users are relieved from the stress of keeping their private keys, as it relies on MPC technology for the recovery of the seed phrase.

This design was intended to help beginners seamlessly onboard to web3, while also enabling web3 experts to manage fewer seed phrases. To get a better understanding, go check out the Zengo wallet.

Product Description For Duo Wallet V2

Enabling millions of Africans to access better and more stable finances by leveraging blockchain technology.

Finance in Africa

Many people and businesses in Africa face numerous financial challenges, including limited access to traditional banking services, which disqualifies them from conducting business internationally or even competing with the rest of the world. 

This doesn’t just stop at receiving and sending money overseas; there are also issues such as high inflation, which reached double figures in 2024 alone, making it difficult for individuals and businesses to maintain purchasing power and plan for the future. 

Additionally, there is a lack of infrastructure for saving and investing, which helps businesses hedge against inflation, hindering wealth accumulation and economic growth.

The inflation rate of African countries

  • Nigeria: (Jan 2024): 29.9%1.
  • Ghana: (Jan 2024): 23.5%1.
  • Zimbabwe: (Feb 2024): 47.6%1.
  • Kenya: (Feb 2024): 6.3%1.
  • Egypt: (Feb 2024): 35.7%1.

Reference: Inflation Rate – Countries – List | Africa (tradingeconomics.com)

The devaluation of African currencies like the Nigerian Naira has made saving and investing in local currency a joke, thereby reducing the purchasing power for businesses to purchase international products or report to international investors without incurring net losses.

Source: LIST | Nigerian Naira the Worst Hit of Africa’s Devaluing Currencies in 2023 – BitKE (bitcoinke.io)

In Nigeria, the devaluation of the naira has significantly impacted the financial statements of several major companies. 

During the second quarter of 2023, 11 listed firms reported a staggering N716.8 billion in foreign exchange (FX) losses.

Such companies include:

MTN Nigeria, Nestle, and Dangote Cement—three of the largest firms—account for 51.5% of the total FX losses in the first half of 2023.

Reference: Guinness Nigeria posts half-year pre-tax loss of N4.43 billion in H1 2024 – Nairametrics

Financial Inclusion

Many Africans have been cut off from international servers and banking services. For example, In 2022, the governments of Kenya and Nigeria reduced the amount of foreign exchange citizens can purchase from banks, limiting Nigerians to spending only 20 USD monthly. Nigerian freelancers have been unable to receive payments using PayPal since 2014, putting them at a disadvantage. Unfortunately, there seem to be no plans for it to be fixed.


With the provision of stable currencies, Africans can accept international payments and also gain access to dollar-pegged cryptocurrencies to pay for international services, as well as a hedge against inflation.

Duo Wallet as A Solution

Duo wallet is an African financial product designed to empower Africans by providing tools to hedge against inflation, facilitate local transactions, and enable cross-border transactions, as well as investment in global markets through the utilization of blockchain technology. 

This platform serves as a comprehensive financial ecosystem, offering a range of services such as instant conversion of local currency to USDC, and various payment methods including bank deposits, mobile money, and card payments. Additionally, it provides opportunities for investment in stable currency yields.

  1. Instant conversion of fiat currency to stablecoins for preservation of value: 

Duo Wallet will provide each user with a virtual local currency account. Any funds deposited into the account are immediately converted into USDC at the current market rate.

Users can also deposit USDC into their wallets using their wallet addresses. 

  1. Reduced Transaction Costs and Fast Transactions: Speaking to over 50 Nigerians, 76% of them consider the cost of transaction fees, and 62% consider speed. 
Forms response chart. Question title: 
What are the main factors or criteria that influence your choice when choosing international payment platform 
. Number of responses: 50 responses.

With the introduction of stable currencies, blockchain technology has the potential to significantly reduce the costs associated with financial transactions, such as remittances or payments. 

This can make financial services more affordable and accessible to a larger portion of the population.

Duo Wallet will be used to make international payments. Users do not need to worry about obtaining local currencies in Africa because USDC withdrawals will be automatically converted to any currency of their choice.

  1. Access to Global Markets: Blockchain technology enables Africans to access global financial markets more easily, allowing them to invest in assets such as stable currency yields. These include Dai (which is exposed to US T-bill yields), USDT, or USDC yields on decentralized exchanges as well. This can provide opportunities for wealth creation and diversification beyond local markets.

With USDC in their Duo wallet, users can explore investment options to earn rewards on their funds. 

Duo Wallet’s Infrastructure

  1. User Authentications (Signup and Login)
  2. KYC provider(eg Metamap)
  3. Bank Virtual  account
  4. Wallet infrastructure: Circle, Safe and Pimlico, and Dynamic
    • Circle: Automated USDC payout
    • Safe and Pimlico: Account Abstraction (Smart Accounts Included)
    • Dynamic: Wallet address Creation
  5. Blockchain: Polygon or Base
  6. Liquidity provider (Local currency withdrawal and a payment provider. eg: yellow card)
  7. Investment (Staking pool. Pancake and Uniswap)

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