There are plenty of African freelancers earning money from foreign clients, yet most of them still have one problem – their currencies’ volatility. It means that when they start receiving money in local currencies, which tend to change rates against US dollars, they will inevitably suffer from the loss of a large amount of money.
To solve such problems, many remote workers in Africa use digital wallets where it is possible to keep value in stable US dollar-denominated currencies.
Reasons Why Freelancers Prefer to Use Stable Dollars
Freelancers who work through platforms worldwide are paid in dollars but need to change them into local currencies. When countries have inflation or depreciation of their currency, then freelancers’ income will not be as valuable as it was previously.
USDC, USDT, and eUSD are called stablecoins as they do not change much in value and are usually equal to the US dollar, which makes them popular among people who want to store their money safely.
Digital Wallets for African Freelancers
Sentz
Sentz works with the help of eUSD, a stablecoin that corresponds 1:1 with the US dollar. This platform is aimed at providing affordable payments across borders and preserving the value of the money of its users.
Besides encrypted transactions, Sentz also gives the opportunity to earn interest for users who want to make more profit from storing funds in the wallet.
Hurupay
Hurupay allows you to have virtual accounts of USD with the help of stablecoins. With this platform, you can get your payment without the help of banks.
Also, Hurupay provides conversion and withdrawal of money to local bank accounts and mobile money.
OneDosh
OneDosh concentrates on the fast-growing African economy in terms of technologies and freelancing jobs, providing its customers with stable coin-based payment solutions.
With the help of OneDosh, freelancers can transfer money directly without any intermediaries using digital dollars, which saves them from extra charges and long-term money transfers.
Zengo
For those freelancers who are concerned about the safety of their money, there is a self-custodial wallet, Zengo, which can hold USDC and USDT stablecoins.
Unlike typical crypto wallets, where people need to take care of seed phrases themselves, Zengo makes use of a Multi-Party Computation (MPC) system that protects your money from loss.
Conclusion
Since the African freelance economy is developing, it becomes very crucial to save earnings from currency fluctuations. With the help of digital wallets like Sentz, Hurupay, OneDosh, and Zengo, it becomes possible to store money in stable US dollar coins and make fast international money transfers.
It is important to consider all security measures, money withdrawal options, regulatory requirements, and currencies supported by a wallet before making a choice.
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