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Fonbnk, a fintech company, is addressing the lack of financial access in Africa by turning prepaid SIM cards into digital debit cards. With 350 million people in Africa unbanked and only 20% of families using official banks, Fonbnk’s solution is not only unique, but also relevant. With Stellar blockchain integration, Fonbnk allows users to take advantage of USDC airtime and access the world of financial services.
350 million people in Africa do not have access to bank accounts, and only 20% of families have official 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 penetration rate of prepaid SIM cards on the continent. Fonbnk, with more than 8 billion active prepaid SIM cards worldwide, connects these phone accounts into a financial interface so that users can join the digital economy.
CEO of Fonbank, Chris Duffus, emphasized the potential of their solution, stating,
“In many new markets where traditional financial services have been abandoned, solutions like ours, combined with Stellar, can help billions join the digital financial world.”
Fonbnk’s process is very simple and efficient. Users load their Fonbnk wallets with their own money or prepaid airtime, and the airtime is denominated in USDC on Stellar. Each airtime credit is equivalent to $0.01 USDC, making conversion easy. As a USDC holder, you can purchase goods and services, gain access to services, or buy cheap broadcast credits. To access cash, USDC can be exchanged back through Stellar anchors.
Integration with the Stellar network extends Fonbnk’s application. The company offers low-code, easy-to-use tools for non-technical users. This includes:
Stellar Lumens (XLM) has been on the back burner recently, losing almost half of its value since its peak in November. However, many technical signals and market conditions point to a potential revival of the cryptocurrency in the near future.
XLM/USD is in a falling wedge structure, which is considered a reversal pattern. This pattern started in December when Stellar was trading at $0.600. The upper trendline connects the highs of December 2nd, 17th, and 24th, while the lower trendline connects the lows of December 3rd, 9th, and 20th.
As these lines converge, the chances of a breakout increase. If a breakout occurs, analysts believe the initial target will be $0.500, about 50% above the current price.
Support for this prediction comes from Fibonacci retracement levels. The 61.8% level at $0.2970 is projected as a potential bottom for XLM, supported by the Relative Strength Index (RSI) approaching oversold territory. This convergence of technical signals indicates a possible recovery in January. As of this writing, XLM is trading at $0.33, down 1.45% in the last 24 hours.