Web3 in Africa started with cryptocurrency, and blockchain technology it brought a great transformation in terms of transparency and people’s control over their finances. The Web3 economy in Africa continues to gain traction with decentralized finance-based financial inclusion.
Fonbnk, the Web3 onramp that allows Africans to earn cryptocurrency assets by trading their airtime credits, has partnered with Tanda, a trading network platform in East Africa, to launch a airtime exchange marketplace through the network of Tanda agents.
The partnership between Tanda agents and East African sellers can increase liquidity in the market through buying and selling prepaid airtime for profit. This, in turn, can create opportunities for agents to earn income and also allow them to store their earnings in dollarized stablecoins.
The association offers African micro-entrepreneurs more income-earning opportunities, creating a growth effect by improving liquidity and market efficiency. This cycle fosters confidence and generates even more liquidity. In addition, this partnership allows more African users to participate in the Web3 economy – without the need for bank accounts or cards – using only their airtime credits.
Although Fonbnk operates throughout Africa, its partnership with Tanda is focused on East Africa. Fonbnk plans to expand income opportunities for African micro-entrepreneurs and bring decentralized finance-based financial inclusion to the masses across Africa.
During the first episode of the podcast Hashing It Out From Cointelegraph, the co-founder of Fonbnk pointed out that the increase in cryptocurrency adoption is due to several factors, such as the possibility of making money, inflation, currency devaluation and the ease of doing business on a global scale.
Web3 can open up an intra-African sharing economy, and can be used for shopping and transportation between African nations thanks to the ability to use it across borders. It will help Africans to generate more economic value in a broader market.
According to BitcoinAfrica.io, the top five African countries whose communities are embracing Web3 and cryptocurrency are South Africa, Nigeria, Zimbabwe, Kenya, and Ghana. These countries have the highest demand for digital currency and the most active local cryptocurrency communities.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.
