Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Wednesday, September 3
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Financial Inclusion»Visa partners with Bantu Blockchain Foundation to facilitate financial inclusion in Africa
    Visa Bantu

    Visa partners with Bantu Blockchain Foundation to facilitate financial inclusion in Africa

    0
    By Staff Writer on March 22, 2022 Financial Inclusion, Payments

    Payments and tech giant Visa, has entered into a collaboration agreement with Bantu Blockchain Foundation to facilitate fast and secure transactions on the Bantu Blockchain.

    This integration is expected to directly boost Africa’s gig economy by significantly reducing the current friction and interoperability challenges when making payments within the continent.

    This collaboration will be supported by a major Pan-African bank and leading Visa Banking Identification Number (BIN) Sponsor and will open up immense opportunities for increased economic activities across Africa starting with Zambia, Nigeria, Ghana, Kenya, South Africa, D.R.Congo, Rwanda, and at least 6 other countries. Transactions for all digital assets issued on the Bantu Blockchain using Bantu’s XBN tokens settle in 2-4 seconds for significantly low network fees.

    According to the statement issued by both parties, “Visa will be issuing virtual cards in conjunction with a BIN Sponsor Bank and an enabler to the BantuPay wallet (ecosystem wallet of the Bantu Blockchain), to help ease the digital asset-to-fiat on/off ramping process. This means that every verified BantuPay user will have access to visa cards powered by Bantu (XBN) tokens.”

    Both parties also stated that Bantu intends to airdrop $1 billion worth of its XBN utility token over the next 5 years to support financial education, startups, and career development opportunities leveraging Web3, decentralised applications (dApps) and other blockchain-based innovations across colleges and universities in Africa and at Historically Black Colleges and Universities (HBCUs) in Latin America and the US.

    Visa has also entered an agreement with Bantu to embark on a Practical Money Skills programme to educate at least a hundred thousand young people per quarter on key money skills.

    Commenting on this collaboration for social impact, COO of Bantu, Victor Akoma-Philips said, “At Bantu, we believe that the right technology tools and collaborations applied to the right problem will create large-scale positive social impact. This collaboration with Visa will help to create a new Web3 social impact framework”.

    Head of Social Impact in CEMEA for Visa, Carl Manlan also said “Visa believes that greater financial knowledge can empower people to better manage their money and improve their quality of life. We are delighted to partner with Bantu to help young people learn the fundamentals of personal finance, including budgeting, saving and responsible spending”

    Bantu is also joining Visa’s Fast Track Programme which makes it quicker and easier for Visa’s fintech partners to build and deliver new commerce experiences on Visa’s payments network. Bantu will be the first Africa-led Blockchain Infrastructure to enter this strategic partnership.

    The Bantu Blockchain was built as a result of the need to have a Web3 infrastructure that caters for the peculiar needs of Africa and other emerging economies. Products in the Bantu ecosystem are built with simplicity and smooth user experiences at the design core. The significantly low fees, speed and high transactions per second capability of the Bantu blockchain makes it a preferred technology for financial inclusion and impact.

    Bantu has built a suite of tools to make adoption of its blockchain easy for different categories of users ranging from the trader in a local market to the sophisticated enterprise building DeFi, GameFi and other Web3 innovations. At the heart of the ecosystem is the BantuPay wallet that is used to store and exchange digital assets created on the Bantu Blockchain, in addition to identity/KYC/AML management features.

    The Bantu Blockchain Foundation has earmarked the year 2022 for expansion across the globe and is working hard to grow its ecosystem of builders (developers) and consumers via programmes such as educational events, community hangouts and developer hackathons.

    Bantu is also committed to working with financial institutions, and regulators for greater mainstream adoption.

    Related

    Bantu blockchain Financial Inclusion Payments VISA
    Share. Facebook Twitter Pinterest LinkedIn Email
    Staff Writer
    • Website

    I am a staff at Innovation Village.

    Related Posts

    BankservAfrica rebrands as PayInc to align with evolving digital payments landscape

    SARB expands payment system access beyond banks

    Flutterwave Partners with iPaylinks to Simplify Africa–Asia Cross-Border Payments

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.