UmrahCash is building the “OPay for pilgrims” travelling to Saudi Arabia
- Since 2017, at least 10 million Muslims have traveled to Mecca yearly for Umrah, except during the pandemic.
- Pilgrims from West Africa face financial challenges due to currency restrictions and unreliable access to hard currency.
- UmrahCash allows pilgrims to deposit funds in local currency and withdraw Saudi riyals from vetted agents in Saudi Arabia.
UmrahCash addresses a critical gap in financial services for Muslim pilgrims, particularly in regions where traditional banking solutions are lacking. Its focus on Sharia compliance and user-friendly technology positions it well to capture a significant market share. However, the startup must navigate regulatory challenges and competition from established banks to fully realize its potential.
