Soma

Overview

SOMA is a blockchain-powered remittance platform revolutionizing cross-border money transfers in Africa with offline-first USSD technology. Born from a moment of need stranded offline in Ghana without local currency, relying on a SIM’s USSD code SOMA enables instant, low-cost, and accessible transactions via simple dial codes, web, and mobile apps. Using USDC on the Arbitrum network, SOMA tackles high fees, slow settlements, internet dependency, complex processes, and poor blockchain UI/UX, empowering the diaspora and unbanked.

The Problem

The African remittance market faces critical barriers:

• High Fees: Traditional services charge exorbitant fees, reducing funds for families.

• Slow Transfers: Delays spanning days create anxiety and disrupt financial planning.

• Internet Dependency: Most unbanked Africans lack smartphones or reliable internet, excluding them from digital services.

• Complex Processes: Cumbersome procedures requiring bank accounts or apps alienate users with limited technical literacy.

• Poor Blockchain UI/UX: Confusing blockchain interfaces hinder secure transactions for non-technical users.

The Solution

SOMA uses USSD technology, accessible via dial codes on any mobile phone, to deliver blockchain-powered remittances without internet or smartphones. Built on the Arbitrum network with USDC, it offers secure, transparent, and instant transfers at low cost. Multi-channel access (USSD, web, mobile app) ensures flexibility, while integrations with MTN, Vodafone, and AirtelTigo make SOMA universally accessible across literacy levels and regions.

Key Features

• Offline-First USSD: Dial a code (e.g., *XXX#) on any phone for transactions, no internet or smartphone needed, ideal for remote areas.

• Low-Cost Transactions: Fees far below industry standards, with transparent pricing and real-time exchange rates.

• Instant Settlements: Real-time transfers to mobile money wallets, available 24/7, in under five minutes.

• Universal Access: Supports USSD, web, and mobile apps, with local language support and integrations with major mobile money providers.

• Simplified Blockchain Experience: USSD abstracts complex blockchain interactions into an intuitive menu for all users.

How It Works

• Sender Experience: Dial a USSD code, select "Send Money," enter recipient’s phone number and amount, confirm with PIN, and receive instant SMS confirmation.

• Recipient Experience: Get an SMS notification; funds are instantly available in mobile money wallets for withdrawal at any agent, no setup required.

• Backend Process: Smart contracts on Arbitrum handle secure escrow and settlement; APIs enable real-time currency conversion and delivery.

Technical Architecture

• Blockchain Infrastructure: USDC on Arbitrum ensures secure, transparent, and auditable transactions with automated escrow.

• USSD System: Manages offline flows with PIN authentication and multi-step session management.

• Mobile Money Integration: APIs connect with telecoms for real-time balance verification and conversion.

• Multi-Channel Support: USSD, web, and mobile apps provide seamless access for all users.

Why SOMA?

Inspired by a real-world challenge, SOMA combines blockchain’s power with USSD’s simplicity to make remittances instant, affordable, and accessible to all. By overcoming barriers of cost, speed, access, and usability, SOMA is set to transform the African remittance landscape, connecting families and driving economic growth.