Ramadan is here, and millions of Muslims worldwide are embarking on the sacred journey of Umrah. This year, Saudi Arabia is set to welcome 15 million pilgrims, many of whom will perform Umrah during this spiritually significant month - often compared to the rewards of Hajj.
At Adaverse, we’re proud to back UmrahCash, a fintech revolutionizing pilgrimage payments through blockchain and stablecoins. By making currency exchange seamless, UmrahCash empowers pilgrims, especially those from developing nations, to focus on their journey without financial stress.
In this conversation, William Phelps, CEO of UmrahCash, shares how the platform is transforming the Umrah experience, its mission to enhance financial literacy, and its expansion plans, including an upcoming launch in Indonesia.
Adaverse: How does UmrahCash plan to support pilgrims during Ramadan, especially considering the increased financial activities and charitable giving during this period?
William Phelps: During Ramadan, we're deeply committed to supporting pilgrims in every way possible. Our goal is to ensure that they can easily access Saudi Riyals through our app, avoiding informal financial channels and focusing on their spiritual journey.
We're also dedicated to charitable giving, partnering with organizations like JIBWIS in Nigeria to support Quranic education and Ramadan feeding programs for underserved communities. We are very happy to have been able to provide food to 500 fasting Muslims, primarily from underserved and underprivileged communities. By doing so, we aim to make a meaningful difference in the lives of those who need it most during this sacred time.
Adaverse: How does UmrahCash view financial literacy as part of its mission, especially considering the low financial literacy rates globally, and how does it plan to address this issue among pilgrims?
William Phelps: We often discuss the "Umrah divide," where the holy pilgrimage can be a vastly different experience for individuals from developed countries compared to those from the developing world, who face challenges like limited access to financial resources, apps, and foreign currency. Our goal is to bridge this gap.
In line with this mission, financial literacy is a crucial element in empowering pilgrims. With only about one-third of adults worldwide being financially literate, we see an opportunity to make a real difference. Our goal is not just to provide seamless financial transactions but also to educate pilgrims on managing their finances effectively.
For example, we're committed to offering user-friendly interfaces and educational resources that help pilgrims understand basic financial concepts, such as budgeting and currency exchange. This is particularly important for those from regions with lower financial literacy rates, like Africa and Asia, where our services can have a significant impact.
Adaverse: Can you elaborate on the strategic partnership between UmrahCash and Ashraqat? What specific benefits or services can pilgrims expect from this collaboration, especially during peak pilgrimage seasons like Ramadan?
William Phelps: Our partnership with Ashraqat is a significant milestone for us. By combining our financial expertise with Ashraqat's logistical capabilities, we're creating a comprehensive solution for pilgrims. This collaboration will enable us to offer seamless financial transactions, currency exchange, and other essential services that cater to the unique needs of pilgrims during Ramadan and other peak seasons. For instance, pilgrims will be able to manage their expenses more efficiently, access local currency easily, and even facilitate charitable donations through our platforms. We're excited about the potential of this partnership to enhance the overall pilgrimage experience, making it more accessible and enjoyable for pilgrims from around the world.
Adaverse: As Ramadan comes to a close, what are UmrahCash's plans for the next phase of growth and expansion? Are there any new markets or services that you're looking to introduce?
William Phelps: As we look beyond Ramadan, we're excited to announce our next major milestone: expanding our services to Asia, starting with Indonesia - home to the world's largest Muslim population - where we believe our financial solutions can make a real difference in facilitating their pilgrimage experiences.
We're working closely with local partners to ensure that our services meet the unique needs of Indonesian pilgrims, and we're looking forward to bringing our innovative financial tools to this important market. This expansion will not only enhance our global reach but also further our goal of bridging the financial divide for pilgrims from developing nations.
Комментарии