MoneyGram recently announced the rollout of an on/off ramp service for digital wallets to increase the utility of digital assets by creating a bridge between cash and cryptocurrencies.
The leading money transfer service, which employs an agent system where users can receive their cash transfers, said the service will be available, firstly in key remittance markets, including Kenya in Africa.
One of the things that you can do with the service include:
- Get $USDC for cash
- Get cash for $USDC
You get to do these without the need for any bank account or credit card, from a MoneyGram agent location.
Below are the steps on how to buy $USDC using Kenya Shillings (KES) in Kenya:
1. Open An Account on Stellar Wallet
We suggest you get yourself the Lobstr Wallet, which is the wallet introduced by the Stellar network.
It’s easily available on the Play Store.
Once you have the wallet, all you need is to simply create an account.
Login is straight forward – enter your email and a password. You will also get a seed phrase that you can use to recover your account if you lose your password.
Unlike most wallets, you also get a username that people can select when they are sending funds to you.
2. Select ‘Buy USDC‘ Option
Once you are on the home page, you can move the cursor to the top left part of the page and click on the 3 lines icon to reveal the menu.
Once the menu shows up, select Buy USDC. You will see it has a Moneygram icon.
3. Enter Amount
When you select the USDC option, the app will open a MoneyGram page where you get to enter the country and how much you wish to spend in USDC.
4. Choose a Moneygram Location
The app will prompt you to provide Location access permission.
Once you do so, this let’s the app find MoneyGram agents in your Location. From here, select the agent you want. You should then be able to exchange your cash for $USDC.
On the other hand, you can as well walk to a Moneygram location to exchange cash for your $USDC.
NB: Most MoneyGram agents are located within banks.