Stellar and Fonbnk: Access to the Global Digital Economy via SIM Cards

user avatar

by Giorgi Kostiuk

2 years ago

The Stellar Network and Fonbnk have partnered to provide prepaid SIM users in Africa with access to the global digital economy. This collaboration allows users to convert airtime credits into USDC stablecoins through the Stellar blockchain.

Partnership for Digital Economy Access

This partnership aims to address the financial exclusion issue in Africa, where 350 million people lack banking services. Fonbnk offers a solution by turning active prepaid SIM cards into virtual debit cards via the Stellar network.

How the Partnership Works

Users can deposit prepaid airtime credits into their wallets via Fonbnk’s platform. These credits are then converted into USDC on the Stellar blockchain, allowing users to participate in the global digital economy.

Global Outlook

This initiative leverages the widespread use of prepaid mobile SIM cards in Africa to provide seamless on- and off-ramps to the Stellar blockchain. The goal is to revolutionize how users access financial services.

The partnership between Stellar and Fonbnk represents a significant step in providing financial access to millions of unbanked individuals in Africa, utilizing innovations in digital currency.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.