Fonbnk partners Tanda as Web3 economy in Africa continues gaining traction
The Web3 economy in Africa initially began with the adoption of cryptocurrency and the use of blockchain technology to improve financial transparency and control. With the rise of decentralized finance (DeFi), the Web3 economy in Africa is gaining more traction, especially through DeFi-based financial inclusion.
To further promote DeFi-based financial inclusion, Fonbnk, a Web3 on-ramp that enables Africans to acquire cryptocurrency assets using airtime credits, has partnered with Tanda, a merchant network platform in East Africa. The partnership seeks to launch an airtime trading marketplace across Tanda’s network of agents, creating more liquidity in the marketplace by allowing agents to buy and sell prepaid airtime for profit. This move will enable African micro-entrepreneurs to earn revenue and store their profits in dollarized stablecoins, thereby increasing their earning opportunities.
The partnership between Fonbnk and Tanda can also promote growth in the Web3 economy, particularly in East Africa, by improving liquidity and marketplace efficiency. It will enable more African users to participate in the Web3 economy, without requiring bank accounts or cards, but only their airtime credits. Although Fonbnk operates throughout Africa, this partnership with Tanda is focused on East Africa. Fonbnk plans to expand its earning opportunities for African micro-entrepreneurs and extend DeFi-based financial inclusion to the masses across Africa.
