MenaPay - A great project for Mena Region!

INTRODUCTION

Blockchain technology has managed to solve many problems since our lives. The most important of these is the removal of banks and the reduction of commission fees. Now we can make money exchange faster, safer and faster without needing any central authority. Blockchain so far entertainment, tourism, health, bank, game, gambling etc. succeeded in successfully entering many areas and began to feel its strength now. Blockchain technology has brought us a different perspective not only on money but in many areas. According to some, this technology, which is the rediscovery of money, has been described as the invention of the century. But Blockchain technology has a very long way to go because it has a 10-year history. Blockchain technology and, of course, the market is still dominated by Bitcoin, and the movements of Bitcoin should determine the future of other sub-coins. I think that Blockchain technology should no longer be able to get away from Bitcoin's dominance and monopoly but to have its own identity. Each altcoin should be considered in its own way. Like the domination of the dollar in other currencies in the same world, Bitcoin's dominance over other sub-coins is the monopoly. This means a central currency, depending on where you are looking.

Blockchain storm has not yet settled the course of Blockchain technology in countries such as Turkey and Arabia. As with many innovations, Blockchain technology also suffers from doubts, uncertainties and prejudices about entering the Middle East and North Africa region. One of the most important concerns is the fact that countries in this region are Muslim. What is the place of the cost of using the technology and the money earned from blockchain technology in religious law and how should it be positioned? These are issues that constantly confuse people in Muslim countries. But the Middle East and North Africa should not repeat the mistakes it has made in the Industrial Revolution and should meet with this technology sooner. Because the Mena region, which has been paying the price of this delay for almost 100 years as the exploitation of the powerful countries, should not miss the opportunity to Blockchain technology.

MenaPay Blockchain technology, as Muslim countries, wants to erase the question marks in our minds and to be born as a light to the Mena region with the innovations that will enable us to get rid of our prejudices. MenaPay project is a project that is managed completely according to Islamic legal rules. And from here we will get income, loss, partnership shares etc. is a system that is planned to be arranged according to Islamic customs and traditions. If you have religious prejudices about Blockchain technology, please read the full article and try to understand the importance of the project by learning more about this great project.

Now let's look at the details of this great project, what problems it has found, and how it wants to establish a payment network.

What Is Menapay?

MENA is a group of countries called me-na, which consists of the initials of the English Middle East(Middle East) and North Africa(North Africa). MENA region covers different countries by different experts. But in menapay Project, countries are determined and there are 18 of them. In the chart below, you can see MENA region countries of Menapay. Menapay is a project that seeks to function as a semi-European Union in the field of trade, money flow and lifting of borders between these 18 countries. Aware of the damage caused by political,geographical and economic turmoil in MENA region,the project strives to make trade in this region more robust and to put these practices on the basis of Islamic law. He wants to bring blockchain technology to the region and make a positive impact on the socio-economic situation of the region.

In this way, Menapay wants to improve the economic development of the MENA region as well as to create a society that is not lagging behind by increasing the welfare level of the people of the region and introducing blockchain technology to the region.

Currencies offered by Menapay: MenaPay token and MenaCash:

Before giving more detailed information about the menapay right, I would like to talk about a token and a coin that the community will use to fund and direct the market. The difference between them is actually very simple. Because menacash's coin is a coin that will be treated like Tether, which is fixed to$1. The price of this coin will always remain constant. It is essential that this coin, which will guide the trade in the community, is fixed because it is very important that a fixed coin, which is not affected by price fluctuations, is stable in the community. On the MENA platform,this coin will be used between buyers and sellers.

In addition, Menapay token is a stock market token, which is expected to produce 400 million units. This token is manufactured to meet the dividend to be distributed to users. 64 %of these tokens, which will be in the customers, want to distribute dividends to token holders who have MenaPay tokens in their wallets and distribute the profit fund we know as "dividend" to token holders.

Now that we have provided this information about menapay and MenaCash, we are ready to learn more about MenaPay.

Problems facing the region and Menapay solutions:

1. Counterfeit Money Problem:

Especially in the Middle East and North Africa regions, trade is disrupted by fake money and fake checks. Due to the general management of the trade in the MENA region in cash, the trade is realized as cash. In addition,payment tools such as checks and policies also lead to a large part of the trade. As financial institutions are not fully developed yet, the credibility of their products with such monetary equivalents may be misleading. Because of this, thousands of crooks emerge every year in the region and trade is disrupted. These events, which are one of the biggest obstacles to trade, should be concluded as soon as possible.

• Here is one of the most important solutions that Menapay has to offer to shed light on these fake money and unrequited cheque problems. MenaPay, who works with blockchain technology, wants to produce solutions to avoid these problems. Because the money will be MenaCash in our wallets, and control will be kept in blocks of blockchain rather than central authority. This solution proposal will not be a problem of theft, it will store the value of money digitally and increase reliability to a maximum level. However, trade in the MENA region will increase the level of prosperity in the region by making it much more stable and secure.

2 Central Authority Pressure and Economic Fluctuations

Political instability is one of the main causes of economic and trade in the MENA region. Because of the use of repressive regimes by political authorities, political turbulence is formed and hence economic problems are experienced. As a result, inflation, unemployment figures are growing and growth is decreasing in gross domestic product. Another reason for these economic problems is the inflation caused by excessive domestic demand. The excess domestic demand is the failures in domestic production. The reason for this is that there are problems in trade.

• Menapay wants to keep the price constant thanks to the MenaCash it will use and aims to continue its system in an abstract way from political and economic problems. In this way, trade unions will not be adversely affected by any problems in the region and will have the opportunity to continue trade in a much more stable way.

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3 Excessive Commission Fees for Overseas Payments

For many countries in the Mena region, it is a big problem to buy abroad or to buy money from abroad. Banks demand commissions up to 20% for these transfer fees. In addition, it may take days for the transfers to arrive at the buyer. Such problems, which are disruptive to trade, are a challenging process for those who want to trade. In addition, third-party companies such as PayPal are banned in most Mena Region countries. Even if it is not prohibited, the commission fees of such companies are very high. When these two situations are considered together, traders have to think twice when they trade. The deterioration of trade causes serious damage to the general economy and, in particular, the welfare of individuals by creating a domino effect. Traders, who face many obstacles, leave the Mena region and migrate to other countries. These developments, which may be considered as brain drain, cause serious damage to the region's economy.

• MenaPay will only charge 1% commission for each MenaCash transaction and this charge is fixed. The quality of the services offered by MenaPay will be better understood if it is compared with the commission fees of the Bank and other third parties. In addition, if you want to make a transfer using Menapay, you will be able to transfer your money to a Menapay account in any country in the world after performing the KYC transaction. This service will function perfectly efficiently 7 days a week and 24 hours a week. In this way, you will be able to make more profitable trading by saving time and paying much smaller commission fees. Please continue to read the article for the chance to perform your money transfer fees safely, according to Islamic procedures, completely free of charge, without the need of any bank, third company using the Internet.

4 The opportunity to perform your online currency transactions through a single platform

We mentioned that trade in the Mena region countries is weak due to some conditions. However, the Mena region is still underdeveloped in the online trade sector, which has influenced the whole world. One of the biggest reasons for this is that the existing online trading transactions are not in accordance with Islamic rules and are unsafe. However, with MenaPay, you can make your online shopping through MenaCash in a system frame which is formed according to the religious rules that you believe much safer and completely.

Menapay Ecosystem

Sellers

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Sellers and individual users are the clones that form the menapay eco system. Sellers must first confirm their accounts in order to sell. According to Islamic law, they can sell all appropriate products to individual users as they wish. Vendors like the same users can access the application via the Internet Browser and mobile application. Menapay MENA region takes measures to protect both buyers and sellers for a secure online trade.

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Individual Buyers

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Individual users can use the MenaPay application after completing the KYC operations. In this way, individual users will have the opportunity to purchase the products online from the vendors on the platform. This application, which gives priority to the MENA region, will expand to include other countries.

Users can access this platform both on mobile phones and via the Internet Browser. They can buy their products instantly and quickly using menacash.

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CONCLUSION

The Menapay Project wants to create a new ecosystem, especially in the MENA region, using Blockchain technology. Political instability in this region has been causing serious damage to the region and its people. The economy is most affected by this. These problems in the economy reduce the welfare levels of people in the region and prevent them from living a good life.

Menapay is aware of all the problems experienced in MENA region and wants to produce a solution to them. The ecosystem that it has established first wants to influence the MENA region and then the world. If you live in one of these places, you should definitely look at the MenaPay project.

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For Further Information

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