ADD.XYZ partners with major Mobile Money Networks and banking providers in Africa. Through this collaboration ADD.XYZ will enable tens of millions of African Mobile Users to directly access DeFi lending protocols through mobile money. Partnership with the Nigeria Inter-Bank Settlement System Plc and MTN Nigeria and other top 10 MTN mobile money providers in Africa will allow Africans to send local currencies straight into the leading DeFi protocols such as Compound, Dydx, Curve, YFI and other protocols non-lending based DeFi protocols.
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What is Mobile Money?
Mobile money refers to the payment of money without the use of hard cash through mobile devices. Airtime payments, bill payments, and remittances are the leading contributors to mobile financial services. Mobile money systems serve a dual purpose of providing an engine for financial inclusion as well as an opportunity for service providers. More than two billion people in 2012 lacked a formal credit or a saving account. Mobile money systems can play a part in reaching such individuals and provide them the ability to manage their wealth with the help of financial inclusion.
The growing pervasiveness of mobile phones is a driving factor in increasing the number of mobile money users and changing the dynamic of digital financial solutions. Out of the 2.3 billion people who did not have access to formal financial services in 2015, 1.7 billion owned mobile phones.
How will ADD.XYZ bring DeFi to Mobile Money?
As part of sustained ongoing efforts by the ADD.XYZ team, ADD.XYZ is fulfilling its promise to create bridges between centralised and decentralised finance. In August 2020, ADD.XYZ secured a integration and logistical partnership with major MTN and banking providers in Kenya and Nigeria such as the Nigeria Inter-Bank Settlement System Plc and MTN Nigeria, giving our new DeFi Mobile Money technology the exposure to 195 million Nigerians and 51 million Kenyan’s. In the first phase of launch; ADD will be able to accept the Kenyan Shilling and Nigerian Naira.
Mobile Money has been one of the greatest leapfrog technologies of this century, allowing citizens across developing nations to have access to financial services without traditional banking as the infrastructure often doesn’t exist.
Through a partnership with the Nigeria Inter-Bank Settlement System Plc and MTN Nigeria and other top 10 MTN mobile money providers in Africa, ADD.XYZ will work in partnership to allow tens of millions of Africans to send local currencies straight into the leading DeFi protocols such as Compound, Dydx, Curve, YFI and other protocols non-lending based DeFi protocols such as Tornado.Cash, Insurance Protocols and NFT’s.
Simply open your Mobile Money App, send to ADD.XYZ’s local mobile money accounts, connect to ADD.XYZ’s platform using Fortmatic Mobile Sign on and our back-end database’s do the rest by assigning deposits APY using its own liquidity.
