Smartcash POS system providing automated liquidation for merchants


To create a universal Smartcash POS system with an automated liquidation to merchant’s local currency providing fast and smooth Smartcash payment for goods and services while safeguarding merchants from volatility. To empower 200 merchants in both Nigeria and Ghana with Smart on sale solution.

I’m Oluwatobi Akinpelu. An entrepreneur and reputable programmer with about 7 years of experience in web and mobile development. I lead the Phalanx team which won the first angelhack( hackathon in conjunction with Consensys in Nigeria. I have worked for Google Developers Groups and Andela programs here in Nigeria for over 3 years. I currently work as a software engineer with Farmcrowdy – the Africa’s best digital startup in Africa 2018, while also having vast experience in smart contract development, Machine learning with Firebase, Media players and livestreams SDKs.

I also currently lead the forloop’s developers community in Ogun state, Nigeria, while also being part of the Blockchain community in Nigeria lead organized by reputable companies like Paxful, Seso global and uPort.

I have a solid experience in managing teams and being part of product development from start to finish. You can know more about me here: Linkedin profile:

The primary reason why merchants are reluctant to accepting cryptocurrency generally is because of volatility of cryptocurrency. A buyer could buy a good/service in a minute, pays for it using Smartcash and the next day the value of Smartcash to fiat has either high depreciation or appreciation. Merchants may to lose valuable funds especially when liquidation is needed at a point when the value of Smartcash has depreciated.
We made a recent phone call survey to 50 merchants across Africa having clothing lines, restaurants, pizza shops, shopping malls and hair styling businesses to validate our hypothesis. 90% i.e 45 merchants out of 50 are willing to accept Smartcash, 42 merchants out of the 45 however raised the issue of volatility and how having to manually liquidate often could be strenuous and less efficient.
This shows that until we are able to solve the problem of crypto liquidity on behalf of the merchants, mass and genuine adoption might still be far way.
As of now

  2.   OTHER BLOCKCHAIN ECOSYSTEM OFFERS JUST POS, no liquidation assistance.


  1.  HOW

In other to solve the problems highlighted above, we’ve started working on a POS software which allows buyers in any country to pay for goods and services using Smartcash and merchants can choose either of the following
a. Merchants can receive Smartcash directly to their own wallet, and on that same be able to liquidate to fiat currency with just a click. A barcode will be generated which will be used to transfer the Smartcash to our address, on confirmation fiat currency will be released to the bank account provided by the merchant.
We will partner with exchange sites in both Nigeria and Ghana who will provide APIs for fast liquidation.
b. Merchants can choose to receive Smartcash directly to their own wallet at the point of sale and decides how it is being spent, liquidated or exchange at their own will. This works basically LIKE A NORMAL POS SYSTEM.

Merchants can choose to liquidate all funds, or store up Smartcash at the point of sale.

It also gives database integration of all transaction taking place, so that merchants can have a log of all transactions in their own customized database starting from the fiat value and Smartcash of the good/service to be paid for, Smartcash paid, and the fiat value that was disbursed after an automated liquidation. These is useful and important to keep track of all records and for analytics purposes.


We are building Smart on sale. Smart on sale is a Smartcash universal point of sale system able to safeguard merchants from volatility by providing automated liquidation. Smart on sale will be available on the web and android.

Smart on sale, is for all types of merchants. Starting from the big shopping malls to the mobile business owners. The POS system is usable by merchant in the world, while the liquidity enablement is supported for only Nigeria and Ghana at the moment.

Merchants can simply visit or download smart on sale app, register or login the business, enter business’s payment receiving details and start receiving payments using Smartcash. Custom integration will also be available for big companies who prefer a privatized integration of transactions database.

Nigeria and Ghana alone has over 200 million population and over 96% users of smart phone are on Android. Safeguarding volatility and liquidation for merchants in these areas can provide a massive adoption of Smartcash. The increased merchant acceptance of Smartcash will lead people worldwide or in accepted countries to buy and keep buying more of Smartcash on exchange so that they can now purchase goods and services using Smartcash therefore leading to a massive appreciation in Smartcash’s value.

Over 10 million of merchants and businesses globally will be empowered by Smart on sale. Smart on sale respects your privacy. No personal information is required to set up an account. No government tax IDs or hocus pocus paperwork need be submitted. No photographs of you standing with signed documents. Just email, password, and a payment receiving details. It’s really that simple.
Merchants can now easily receive payments using Smartcash cryptocurrency without the worry of volatility. Whether in the office, shop or public transit – Payment can be made using Smartcash while safeguarding volatility!

All business and merchants can use Smart on sale including
· Gas Stations
· Grocery Stores
· Farmers’ Markets
· Hotels
· Restaurants
· Rental Properties
· And More!
A painless on-ramp for merchants, including video and text-based user-guides, online FAQ, and ongoing customer support for Smart on sale merchants. Relevant guides will be cross-posted to Blogs and press. Real-world economic data showing and tracking Smartcash’s use as a currency. Including b
How many transactions did smart on sale process this month?
How much Smartcash?
How much USD?
How many businesses?

  1.  Marketing.
  2.  Trainings and events on Smartcash adoption across Africa.
  3.  Partnerships with SMEs.
  4.  Partnerships with Smartcash ambassadors to expand and execute adoption.

A. Product development stage:

  1.   Hiring of front-end developer (2 months) - $2800.
  2.   Hiring of Backend developer (2months) - $3150.
  3.   UI/UX wireframing for both web and mobile and will also handle graphics designs – $750
  4.   Android developer – $3200.
  5.   Quality assessment tests (1 month) - $800.
  6.   Domain registration and hosting plan for 1year on namecheap (, including Positive SSL - $39.43
  7.   Mailchimp email Pro (3 months) - $597.
  8.   3 Hardwares for testing(Android phones and tablets of different OS versions and screen sizes): $520

B. Product testing and release preparations stage

  1.   Team setup and contractual compensations for 3 months:

1 Platform developer and technical support - $400 per month for 3 months = $1200
2 adoption advocates - $350/month/advocate for 3 months = $2100
2 customer support - $350/month/person for 3 months = $2100

  1.   Transportation costs of adoption advocates: $350.
  2.   2 laptops, work desks and landlines for customer support – $415
  3.   Internet data subscription for customer support and calls credits for 3 months - $212
  4.    Merchants training/event for adoption - $700

TOTAL: $18,933.


I agree that for SmartCash adoption Merchants also will need liquidation options and these shall be addressed through partnerships for most countries individually. At some point merchants will want to liquidate less and rather keep smartcash (but this will take some time). I therefore like the proposal.
Current standard recommendation for Merchants to receive fiat instead of smartcash is (with their 0.5% fee) which might not be suitable for many of the countries smartcash merchant adoption is targeting.

However I believe the development of a payment&liquidation platform shall be driven & coordinated by the smartcash team and not be indivudually devoloped for each country. The platform shall then allow to integrate / plug in different partners depending on country/region and make it seamless for customers and merchants.

So I support this proposal if it is strongly synchronisiert with the SmartCash development Hive and done in a way that it can be re-used/extended. The hiring of local developers&testers might not be neccassy if the SmartHive dev team (or trusted dev vendors) have capacity and this initiative has a reasonable high priority. Also the domain shall be central (applicable to any country) in my view, and chosen by the SmartCash team.


Thank you @ThoBo, your suggestions are highly helpful. I have taken note of them and will take them into consideration during the design and development process. I would be glad to hear more from you on this project, and kindly refer your friends as a multi perspective will lead to clearer view.



I see costs listed for technology, but the the idea of a liquidity provider is financial based. That involves legal agreements, banking relationships, and a corporate presence. I don’t see how you intend to provide the automatic settlement without those features.



  1. A corporate presence will be necessary, to provide continual liquidation, which will require a continual working of the team members. We hope as we grow with adoption, we can settle team salary needs with liquidation transactional fees OR with the help of the community be supported with that.

  2. Banking relationships: Banking relationship may not necessarily be required, as in Nigeria and Ghana where we are starting with to providing liquidation, there are payment platforms which provide MASS DISBURSAL of funds. We just need to integrate with their API’s, and disburse. The payment platforms handles the rest. Hence, this feature is more on the technology side.

  3. Legal agreements: True, I will reach out to a lawyer and ask for procedures and costs which the result of the discussion I will effect in the final proposal.

Please, are there better ways you think I could tackle the issues raised here. I’m open to further opinions and strategic assistance.


Example of payment platform in Nigeria that does that is Flutterwave (, Paystack( in Nigeria.


Kindly let me know your thoughts so I can make necessary projection execution strategic plan adjustments , I will be dropping the final proposal soon.


Wow! This is cool.
It would really go a long way in terms of helping merchants. And anything that would increase merchant adoption is what we need right now especially in Africa.
Great stuff!


Thank you @crypto-fairy


Great! I believe this will do a lot for smartcash. Well outlined. Good luck!


The POS app is not really needed. We have SmartPay and other tools like Coinpayments that can accept SMART. How about you start with a bill pay service? Make is simple. SMART sent to x address gets converted and sent to x bank account. Then add a conversion API to anticipate the amount needed to send to receive an exact fiat amount. Then integrate a POS or the SmartPay app for accepting SmartCard paymetns.


Yeah, what SmartOnSale liquidity will be doing is just what you pointed out, but in more clear and explained way. I would adjust the proposal content.

Thank you @Solarminer


Thank you @Crypto_Squad