Web3 in Africa started with cryptocurrencies, and blockchain technology has brought about a lot of transformations in terms of transparency and people’s control over their finances. Africa’s Web3 economy continues to gain traction through financial inclusion based on decentralized finance.
Fonbnk, the Web3 portal that allows Africans to acquire crypto assets by exchanging airtime credits, has partnered with Tanda, a business networking platform in East Africa, to launch an airtime trading marketplace within Tanda’s agent network. Partnerships between Tanda agents and East African suppliers can increase market liquidity by buying and selling prepaid airtime for profit. In turn, this can create income-earning opportunities for agents and allow them to store profits in dollarized stablecoins.
The partnership provides increased earning opportunities for African micro-entrepreneurs, creating a growth flywheel effect through improved liquidity and market efficiencies. This cycle builds trust and generates more liquidity. Additionally, this partnership enables more African users to participate in the Web3 economy - without a bank account or card - simply by using their airtime credits. Although Fonbnk operates across Africa, its work with Tanda is focused on East Africa. Fonbnk plans to expand earning opportunities for African micro-entrepreneurs and bring financial inclusion based on decentralized finance to the masses across Africa.
In the first episode of Cointelegraph's Hashing It Out podcast, the co-founder of Fonbnk argued that the rise in cryptocurrency adoption is due to a variety of factors, such as the opportunity to make money, inflation, currency debasement, and the desire to do business on cryptocurrencies. convenience. world scale. Web3 can open up the exchange economy within Africa, it can be used for procurement and transportation between African countries, because it can be used between borders. It will help Africans create more economic value in a wider market.
According to BitcoinAfrica.io, the top five African countries with community adoption of Web3 and cryptocurrencies are South Africa, Nigeria, Zimbabwe, Kenya, and Ghana. They have the greatest demand for digital currencies and the most active local cryptocurrency communities.
