CASE STUDY
How Shiga Helps Businesses and Individuals Transition from Physical Dollars to Digital Dollars
The Challenge
Many businesses and individuals across Africa are struggling with issues tied to holding physical US dollars or maintaining US dollar domiciliary accounts. Here’s what they commonly face:
COMMON ISSUSES
Limited access to funds: Some banks restrict how much money can be withdrawn from domiciliary accounts, making it hard to access their own money when needed.
Currency devaluation fears: People are holding onto US dollars to protect their wealth from local currency devaluation, but the process of obtaining and storing physical dollars is cumbersome.
High banking fees: Using debit cards tied to domiciliary accounts for international transactions comes with high fees, adding extra costs to spending their own money.
Risk of losing value: There is a risk that governments could mandate the conversion of foreign currency deposits into local currencies, as seen in other countries like Lebanon and Venezuela.
The Solution
Shiga provides an alternative to holding physical dollars by introducing stablecoins. The process is simple, and businesses or individuals can:
Convert local currencies to stablecoins: Shiga allows users to seamlessly convert their local currency to stablecoins (digital currencies pegged to the US dollar or other assets).
Store digital dollars: Instead of worrying about physically storing cash or managing a domiciliary account, users can keep their money in stablecoins through Shiga's platform.
Access funds anytime: There are no restrictions on how much they can access or when. Users have full control of their stablecoin balances, which can be converted back to fiat whenever needed.
Protection from currency devaluation: Stablecoins provide users with a safe way to store value, offering protection from the devaluation of local currencies.
The Results
Businesses and individuals using Shiga to convert and store digital dollars use and enjoy these benefits:
Unlimited access to funds: No more withdrawal restrictions or waiting for banks to approve transactions.
Safe wealth protection: Users protected their savings from currency devaluation by converting to stablecoins.
Lower fees: They avoided the high fees typically associated with using debit cards abroad or managing domiciliary accounts.
Simplified management: Stablecoins could be converted to and from local currencies with ease, giving users more flexibility with their finances.
HEAR FROM SHIGA CUSTOMERS
Preferred by
individuals
In a foreign exchange market (formerly) dominated by shady and untraceable dealers, Shiga has been a breath of fresh air. SUPER-quick, reliable and traceable payments from a single legitimate source.and
businesses
Shiga has been great at supporting our operational FX needs, including payroll, servicing our events, and more. The process is swift, reliable and smooth.that
care
about
their
finances and
Shiga has been a game-changer for managing our liquidity as a business, especially in the volatile FX market. Relying on a system that essentially automates monthly payments has given us peace of mind.their flexibility
Shiga has been a game-changer for managing our liquidity as a business, especially in the volatile FX market. Relying on a system that essentially automates monthly payments has given us peace of mind.
FAQ
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Shiga Digital is a FINTECH group that specialises in developing cutting-edge applications using blockchain and cloud technology. Shiga Digital offers its products and services in partnership with licensed transmitters in their respective jurisdictions. All trademarks and brand names belong to their respective owners. Use of these trademarks and brand names do not represent endorsement by or association with Shiga Digital.
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