Stellar Partners with Fonbnk to Transform SIM Cards into Virtual Debit Cards—XLM to Drive Financial Inclusion in Africa
The post Stellar Partners with Fonbnk to Transform SIM Cards into Virtual Debit Cards—XLM to Drive Financial Inclusion in Africa appeared on BitcoinEthereumNews.com.
Fonbnk and Stellar partner to convert prepaid SIM cards into virtual debit cards, enabling financial inclusion for millions in Africa. The platform allows users to exchange airtime for USDC on Stellar, providing access to global financial services and cash conversion. Fonbnk, a fintech company, is addressing the financial accessibility gap in Africa by turning prepaid SIM cards into digital debit cards. With 350 million people being unbanked in Africa and only 20% of families using formal banks, Fonbnk’s solution is not only unique but also relevant. With the integration of the Stellar blockchain, Fonbnk allows users to redeem airtime for USDC and access the world of financial services. 350 million people in Africa don’t have access to bank accounts, and only 20% of families have formal bank accounts.@fonbnk1 provides a real-world solution to this problem by turning 8 billion active prepaid SIM cards globally into virtual debit cards with Stellar. Here’s how… — Stellar (@StellarOrg) December 30, 2024 The platform takes advantage of the high penetrance rate of prepaid SIM cards in the continent. Fonbnk, with over 8 billion active prepaid SIM cards worldwide, connects these phone accounts into a financial interface so that users can engage in the digital economy. Fonbnk’s CEO, Chris Duffus, emphasized the potential of their solution, stating, “In many new markets where traditional financial services have given up, solutions like ours, combined with Stellar, can help billions join the digital financial world.” Seamless Conversion of Airtime to USDC Fonbnk’s process is very straightforward and efficient. Customers load their Fonbnk wallets with their money or prepaid airtime, and the airtime is expressed in USDC on Stellar. Every airtime credit is equivalent to $0.01 of USDC, thus making the conversion easy. As a USDC holder, one can buy goods and services, gain access to services, or buy…
Filed under: News - @ January 1, 2025 2:24 am