The Small Business Backbone

Small and medium enterprises (SMEs) are not just the little guys; they make up 90% of all businesses and support 50% of the world’s workforce, according to the World Bank. That’s right! They are the unsung heroes of the economy, jugging subpar business strategies like caffeinated circus performers while keeping the global economic wheel turning.

The Financial Struggles of Emerging Economies

In regions like Sub-Saharan Africa, where 44 million SMEs thrive, the stakes are high. They support a staggering 80% of the population and are nothing short of economic superheroes. For instance, in Kenya, 98% of the economy is made up of small businesses, which proudly employ 80% of the workforce and contribute nearly 30% to the GDP.

However, the reality is harsher than a Monday morning meeting. According to a 2022 report, 80% of businesses in Africa face an early grave, thanks to daunting economic conditions, lack of access to capital, and poor practices. Simply getting a USD account for cross-border business transactions can feel like trying to find a needle in a haystack made of brick walls.

The Forex Fiasco: Why a Dollar Ain’t Just a Dollar

Imagine wanting to buy a ticket to the world stage but the box office is booked with a million restrictions. Many emerging economies enforce stringent forex controls that mean no foreign currency accounts for local businesses. Without that crucial lifeline, they can’t access yet another critical tool—the almighty dollar.

This lack of access leads to dependence on convoluted banking systems and intermediaries, thus showering SMEs with exorbitant fees and unfriendly exchange rates. The only thing floating above these sinking ships is the notion that they can somehow participate in global trade.

Blockchain and Stablecoins: The Financial Superheroes

Enter stablecoins, the nifty digital tokens tethered to traditional fiat currencies like the U.S. dollar. These little powerhouses promise to alleviate many financial woes faced by SMEs. The cool part? Stablecoins operate on blockchain tech, which means transactional freedom!

• Bypassing forex restrictions: Say goodbye to the bureaucratic nightmare. Stablecoins act as an alternative to traditional forex systems, enabling immediate access to international trade.
• Quick & cheap transactions: Enjoy direct dealings with overseas partners, slashing transaction fees and protocols like a ninja with a katana!
• Inclusive finance: A simple smartphone and internet connection is all you need to jump into the global marketplace.
• Absolute transparency: Transactions recorded on a public blockchain mean you can trust what you can see—nobody’s sneaking in fraudulent tomfoolery.
• Flexibility: Tap into decentralized finance (DeFi) solutions, lending and borrowing against crypto holdings for that much-needed capital wiggle.

DLTPAY: Your Friendly Neighborhood Payment Platform

While stablecoins shine bright, navigating the blockchain landscape can be like trying to read a map without a compass. Fear not, for DLTPAY is here to save the day, offering SMEs a smooth, user-friendly platform to engage with the world of Web3 and DeFi.

Built on the Ethereum Virtual Machine layer-2 ecosystem, DLTPAY simplifies stablecoin payments and offers services like payroll, invoicing, cross-chain swaps, and staking. With an all-star lineup of stablecoins including USDT, USDC, and BUSD, DLTPAY serves up a buffet of crypto joys.

As the CEO Kenneth Kumor eloquently puts it, “Emerging regions like Southeast Asia and Africa can tap into unprecedented growth in commerce.” And with a solid backing from Techstars and other reputable programs, DLTPAY is primed to help SMEs step out of the shadows and into the light of global trade.