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

NFL Backs New Jersey's Appeal on Sports Prediction Markets

The NFL has filed an amicus brief urging the Supreme Court to consider New Jersey's appeal regarding the classification of sports prediction markets, advocating for state regulation and enhanced consumer protections.

user avatarAisha Farooq

Binance Launches Meteora Spot Trading Competition with 400 BNB Prize Pool

Binance has launched a new spot trading competition for the MET token with a prize pool of 400 BNB, running from October 8 to October 15.

user avatarBayarjavkhlan Ganbaatar

The Graph Sets October 8 Deadline for Transition to Decentralized Network

On October 8, The Graph will transition from centralized Subgraph Studio endpoints to its decentralized network, impacting developers on Polygon and BNB Chain.

user avatarTenzin Dorje

Anyflo Launches as a New Player in Stablecoin Payments

Anyflo has emerged as a stablecoin payments orchestration company, simplifying stablecoin use for enterprises.

user avatarElias Mukuru

Sui's Hashi to Launch Mainnet with $500 Million Backing

Sui's Hashi is set to begin a phased mainnet rollout later this month, supported by over $500 million in capital commitments.

user avatarMohamed Farouk

Chainlink Introduces CCIP Vault Adapters to Streamline Cross-Chain DeFi Transactions

Chainlink has launched CCIP Vault Adapters, enabling DeFi vaults to accept deposits from over 80 blockchains without manual bridging.

user avatarDiego Alvarez

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.