Centbee (FinTech)

PROJECT OVERVIEW

• Product: Centbee Bitcoin (BSV) wallet service

• Company Name: Centbee

• Industry: Digital Payments / Fintech

• App URL: https://www.centbee.com/

• Geographic Reach: Global (with operational presence in South Africa, Nigeria, Switzerland, UK, and EU)

• BSV Integration Start Date: 2018

BUSINESS CHALLENGE

• Traditional digital wallets and banking apps were often complex, expensive, and ill-suited for users in developing markets.

• Barriers existed for cross-border remittances, especially in Africa, due to high fees and slow transaction speeds.

• A lack of regulatory-compliant blockchain solutions limited adoption in financial applications.

• Young users lacked engaging, mobile-first financial tools that mirrored the ease and functionality of social apps.

WHY BSV?

• BSV offers ultra-low transaction fees, crucial for microtransactions and remittances.

• Its protocol is stable and scalable, allowing high-speed payments without congestion.

• The BSV blockchain complies with global regulatory requirements, supporting KYC and traceability.

• Compared to other blockchains, BSV better aligns with the original Bitcoin white paper's vision of peer-to-peer digital cash.

SOLUTION ARCHITECTURE

• Overview: Centbee is a mobile wallet built on the BSV blockchain that facilitates sending, receiving, and spending digital cash.

• Key Features:

• Digital cash wallet with social media-style interface.

• Chat, notifications, and transaction history.

• Remittances to bank accounts (via IBAN), mobile wallets, or cash pickup.

• Top-up capabilities through EFT, cash, or virtual accounts in select countries.

• Payments for real-world goods like gift cards, mobile top-ups, and more.

• Partners/Vendors:

• FusePay (Nigeria): Enables wallet top-ups.

• Centi (Switzerland): Supports top-ups and remittances.

• Teranode Group Technology partner for blockchain stability and innovation.

IMPLEMENTATION PROCESS

Rollout:

• Initial launch in South Africa, followed by global expansion.

• Iterative app updates (latest version includes UI overhaul and new features).

Integration:

• Worked with banking and payment infrastructure to enable virtual accounts and EFT compatibility.

• Full KYC and regulatory compliance integrated from early stages.

Onboarding:

• Focused on young users and diaspora communities.

• Simple UX mimicking social media apps facilitated organic adoption.

OUTCOMES & BUSINESS IMPACT

Quantifiable Improvements:

• Reduced remittance costs and increased speed.

• Greater accessibility to digital cash via mobile-first interface.

• Increased adoption in underbanked regions.

Metrics:

• Enhanced ability to spend BSV across global brands.

• Active partnerships in multiple countries supporting wallet funding and remittances.

Feedback:

• Users find Centbee easy to use and affordable.

• Ecosystem partners appreciate seamless integration and compliance.

CHALLENGES & MITIGATIONS

Challenges:

• Expanding top-up infrastructure globally.

• Educating users unfamiliar with blockchain technology.

Mitigations:

• Strategic partnerships (e.g., FusePay, Centi) for infrastructure support.

• UI/UX designed to abstract blockchain complexity and focus on user experience.

FUTURE VISION

• Expand wallet funding options in more countries.

• Continue improving app experience to appeal to young users globally.

• Scale remittance services to more corridors.

• Explore additional BSV capabilities like micropayments and NFT integration.

TESTIMONIAL HIGHLIGHTS

"We’re creating an experience that mirrors popular social networking apps, but where money is the core medium of interaction." – Lorien Gamaroff, CEO and Co-founder, Centbee