Lucy Jane 
DeFi will improve Africa’s Web3 economy
Web3 in Africa began with cryptocurrencies, with blockchain technology providing a significant change in terms of financial transparency and individual control. The Web3 economy in Africa continues to gather momentum through decentralized financial inclusion.
Fonbnk has partnered with Tanda, an East African merchant network platform, to establish an airtime trading marketplace across Tanda’s network of agents.
The partnership between Tanda agents and sellers in East Africa can increase market liquidity through the purchase and sale of prepaid airtime at a profit. This, in turn, can create revenue-generating opportunities for agents and enable them to store their profits in dollarized stablecoins.
The partnership provides African micro-entrepreneurs with increased income opportunities, thereby generating a growth flywheel through enhanced liquidity and market efficacy. This cycle fosters confidence and increases liquidity.
Moreover, this partnership enables more African users to participate in the Web3 economy using only their airtime credits, without the need for bank accounts or credit cards.
Although Fonbnk operates across Africa, its partnership with Tanda is primarily concentrated in East Africa. Fonbnk intends to increase income opportunities for African microentrepreneurs and introduce decentralized finance-based financial inclusion to the populace throughout Africa.
The co-founder of Fonbnk attributed the rise in crypto adoption to several factors, including the opportunity to earn money, inflation, currency devaluation, and the convenience of conducting business internationally.
Web3 can facilitate an intra-African exchange economy and can be used for inter-African commerce and conveyance due to its ability to cross borders. It will aid Africans in generating greater economic value on a global scale.
South Africa, Nigeria, Zimbabwe, Kenya, and Ghana are the top five African nations whose communities are adopting Web3 and cryptocurrencies, per BitcoinAfrica.io.