Visa and Bantu Blockchain Foundation Partner to Promote Financial Inclusion in Africa
Visa, the leading company in digital payments, is teaming up with the Bantu Blockchain Foundation (Bantu), the guardians of the Bantu Blockchain Network infrastructure (Bantu Blockchain), to link its crypto-supporting Visa cards with the Bantu Network Utility Token (XBN) created by Bantu to enable quick and safe trades on the Bantu Blockchain. This connectivity is intended to promote Africa’s gig economy straightforwardly by decreasing inefficiencies and compatibility issues that now exist when transferring money inside the region.
This partnership, which will be backed by a main Pan-African bank and a renowned Visa Banking Identification Number (BIN) Sponsor, will unlock enormous ways of increasing economic activity throughout Africa, beginning with Zambia, Nigeria, Ghana, Kenya, South Africa, the Democratic Republic of the Congo, Rwanda, as well as at least six other nations. Deals involving all virtual currencies launched on the Bantu Blockchain utilizing Bantu’s XBN tokens get settled in 2-4 seconds with very minimal network charges.
Visa will issue virtual cards in collaboration with a BIN Sponsor Bank and a facilitator of the BantuPay wallet (the Bantu Blockchain network wallet) to make the transition from digital assets to fiat easier. This implies that any BantuPay user who has been validated will be able to utilize Visa cards that are supported by Bantu (XBN) tokens.
Along with the virtual card connectivity with the BantuPay wallet, Bantu plans to airdrop XBN tokens worth $1billion within the next five years to aid financial knowledge, new ventures, and career advancement opportunities using Web3, decentralized applications (dApps), and many other block chain technology based developments at African academic institutions, as well as HBCUs (Historically Black Colleges and Universities) in Latin America and the United States.
Visa has also reached a deal with Bantu to launch a Practical Money Skills initiative that will teach critical money managing abilities to a minimum of hundred thousand youngsters every quarter.
Commenting on this collaboration for social impact, COO of Bantu, Victor Akoma-Philips said, “We think that the proper technological tools and partnerships deployed to the right issue will have a sizable good social effect, which is why we founded Bantu. This partnership with Visa will aid in the development of a novel Web3 social benefit model.”
Head of Social Impact in CEMEA for Visa, Carl Manlan stated “Visa thinks that having a better understanding of finances may help individuals administer their finances more effectively and enhance their living quality. We’re excited to work with Bantu to teach youngsters about personal financial basics like budgeting, saving, and shopping responsibly.”
Bantu has also joined Visa’s Fast Track Program, which enables Visa’s fintech associates to innovate and deploy novel commerce solutions on Visa’s payments infrastructure more quickly and easily. Bantu will be the initial Blockchain Infrastructure driven by Africans to join this strategic collaboration.
The Bantu Blockchain was created in response to the demand for a Web3 framework that could serve to Africa’s as well as other developing countries’ unique requirements. The Bantu environment’s solutions are structured with clarity and pleasant consumer experience in mind. The Bantu blockchain is a chosen solution for financial inclusion and effectiveness because of its cheap costs, quickness, and large transactions per second potential.
Bantu has developed a range of tools that enable blockchain adoption simple for a range of consumers, from the traditional market vendor to the advanced company developing DeFi, GameFi, and other Web3 technologies. The BantuPay wallet is at the center of the network, and it can be utilized to retain and trade digital content produced on the Bantu Blockchain, as well as handle identity/KYC/AML.
The Bantu Blockchain Foundation has set this year as its target for global development, and it is striving hard to expand its network of builders (developers) and customers via instructional events, social gatherings, and coder hackathons. Bantu is also dedicated to collaborating with financial firms and authorities to help the technology become more popular.