FUNDING | Nigerian Web3 Startup, UmrahCash, Reportedly Secures $500,000 from Adaverse to Transform Fintech for Religious Pilgrims

UmrahCash, a fintech startup based in Kano, Nigeria, has successfully raised $500,000 in funding from Adaverse, a Cardano-focussed Web3 investments firm and accelerator in Africa.

The company aims to address a critical challenge faced by Nigerian pilgrims: securing Saudi Riyals for Hajj and Umrah with greater ease and security.

Founded by William Phelps, a former Investment Manager at Adaverse, UmrahCash is focused on bridging a significant market gap in West-East financial transactions, particularly within the Islamic market.

“While much of the attention has been on North-South financial flows, we’ve uncovered a significant opportunity in West-East transactions,” Phelps said.

Nigeria, which boasts West Africa’s largest Muslim population of approximately 90 million, sees tens of thousands of its citizens travel to Saudi Arabia for religious pilgrimages each year. In 2024 alone, around 65,000 Nigerians participated in Hajj, with Lagos State contributing nearly 1,900 pilgrims. However, many face substantial hurdles in obtaining Saudi Riyals.

Common challenges include:

• Black Market Exchanges: Many pilgrims turn to unofficial currency dealers, often paying inflated rates
• Hawala Networks: While informal money transfer systems are common, they lack transparency and accountability
• Carrying Cash: Many pilgrims transport large sums of cash, exposing them to security risks and potential legal issues

UmrahCash apparently offers an innovative solution by allowing pilgrims to pay in Nigerian Naira prior to their trip and receive Saudi Riyals upon arrival in Saudi Arabia. This process eliminates the need for risky currency exchanges.

“At its core, UmrahCash is a fintech app designed to promote Islamic financial inclusion, providing a safe, transparent, and efficient way for pilgrims to access their funds,” Phelps stated.

The UmrahCash app is designed to be user-friendly, mirroring familiar Nigerian banking applications.


Key features include:

• Simple Currency Exchange: Secure transactions between Naira and Saudi Riyals
• Vetted Agent Network: Trusted agents across Northern Nigeria provide local language support
• Accessibility: Designed for both banked and unbanked pilgrims to ensure broad financial inclusion

UmrahCash has ambitious plans for expansion, targeting other West African nations with significant Muslim populations, including Niger, Senegal, and Mali. The company is also exploring markets like Pakistan and Bangladesh, which experience similar financial challenges for pilgrims.

Vincent Li, Managing Founder of Adaverse, commented on the investment:

“There are no international fintech solutions that meet the financial needs of the 14 million migrant workers and 7 million religious visitors annually, especially from emerging markets. UmrahCash leverages stablecoins and Web3 technology to address these needs.”

As reported by BitKE in 2022, Adaverse set itself an ambitious target to make investments in 300 blockchain startups across the continent within the next 3 years.

Adaverse’s fund is open to all projects, even those not building on Cardano. The expectation however is that they would be supported to grow their project on Cardano if they receive investment.

The venture entity for the Cardano blockchain has since then invested in a number of startups, most notably:

• BoundlessPay
• BitMama
• Canza Finance
• Ejara
• Momint
• NestCoin
• Kotani Pay
• House Africa
• FonBnk
• Credable
• Pravica
• Afriex

among others.

With this approach, UmrahCash is poised to revolutionize the financial experiences of pilgrims from developing nations, making sacred journeys safer and more efficient.

For more information, visit UmrahCash.