Fonbnk, an African Web3 platform that facilitates the acquisition of cryptocurrency assets through airtime credit swaps, has partnered with Tanda, an East African merchant network platform, to create an airtime trading marketplace.
Fonbnk partners with @Tanda_HQ – one of the largest independent agent & merchant platforms in East Africa – to launch a first-of-its-kind airtime trading marketplace across Tanda’s network of 40,000 agents.
Read the full article here.https://t.co/e6KD98VOuy
— @fonbnk1 (@fonbnk1) April 13, 2023
This partnership will increase market liquidity by allowing Tanda’s agent network to buy and sell prepaid airtime, providing revenue opportunities for agents and enabling them to store their earnings in dollarized stablecoins.
The partnership between Tanda agents and sellers in East Africa will expand income options for African microbusiness owners, increase market efficiency, and promote trust. This partnership also enables more African users to participate in the Web3 economy using their airtime credits, eliminating the need for bank accounts or cards.
Fonbnk’s partnerships with Tanda are primarily focused in East Africa, although Fonbnk aims to expand income opportunities for microbusiness owners across the continent while promoting decentralized finance-based financial inclusion on a large scale.
Africa to promote financial inclusion on the continent. According to World Bank statistics, mobile money account ownership in sub-Saharan Africa has risen from 12% to 21%.
The emergence of cryptocurrencies was the catalyst for Web3 in Africa, and blockchain technology has brought about a revolution in transparency and individual financial control. The Web3 economy in Africa continues to expand with the growth of decentralized finance-based financial inclusion.
Web3 has the potential to establish an intra-African exchange market that can be utilized for trade and transit between African countries due to its ability to operate across borders. This can enable Africans to generate greater economic value within the larger market.
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