Case Study: Fonbnk enables frictionless mobile money on- and off-ramps with Stellar

Fonbnk Provides an On-Ramp for Mobile-First, Cash-Based Economies

Fonbnk, a fintech company, faced the challenge of providing financial access in Sub-Saharan Africa where traditional banking is limited and expensive prepaid mobile airtime often functions as a de facto currency. Their goal was to create a seamless on-ramp for users in these mobile-first, cash-based economies to enter the global digital economy. To address this, they partnered with the vendor, Stellar.

Stellar provided the foundational network for Fonbnk's solution, which converts prepaid airtime credits into USDC stablecoins at a fixed rate. This integration allows users to easily transition their airtime into digital currency for online transactions. The results for Fonbnk include supporting 90,000 Stellar wallet addresses for USDC, processing approximately $10 million in Gross Merchandise Value, and expanding their operations to 12 countries, effectively bridging the gap between airtime and the digital financial system.

Fonbnk

Chris Duffus

CEO and Founder