Akoin, BitMinutes, and the Future of African Entrepreneurship
March 13, 2019 — 2 minute read
“Our relationship with BitMinutes provides the cornerstone for how we achieve our shared vision for bringing financial inclusion to rising economies such as Africa; starting with prepaid minutes as a medium of exchange was a clear pathway for us given the store of value people in Africa already recognize there, and is the first step in bringing more users into our blockchain-based economy we’re developing at Akoin.” -Lynn Liss, Chief Operating Officer for Akoin
Without a reliable currency, communities in Sub-Saharan Africa have turned to their local telecommunications companies for a strong way to store value. Many Sub-Saharans, hindered by economic corruption and fluctuating local currencies, use pre-paid cell phone minutes to pay for utilities, goods, and services because of their usable and immediate monetary worth.
BitMinutes is the first prepaid airtime token (BMT) to provide low-cost financial services to the world’s two billion unbanked consumers.
Through the integration of Bitminutes, Akoin users will have freely transfer money to 1.2 billion accounts and free mobile top-up for four billion mobile phones. Unlike traditional conversion of currencies via exchanges, multi-currency (prepaid minutes, crypto, fiat) transactions on the Akoin Platform happen instantly thanks to the integration of some world-changing technology by our friends at Stellar. Within seconds, an Akoin holder can top-up a mobile device and convert their Akoin to BMT to airtime for phone calls. Those who struggle to exist within the traditional fiat currency model will thrive using a model they’re familiar with: transacting with prepaid minutes.
BitMinutes has created and manages the Trusted Agent Network (TAN). The TAN empowers highly vetted individuals to become the financial centers of their communities, providing small loans for entrepreneurial development as well as cash in and cash-out services to those using the platform. BitMinutes and Akoin are facilitating crucial business funding where it’s needed most.
To the 2 billion unbanked individuals globally, we believe in your entrepreneurial spirit.
