Sirlibz
ADD.XYZ, a simple lending solution that allows its users to earn from lending their crypto assets has announced that it is partnering with major Mobile Money Networks and banking providers situated in Africa.
The collaboration would allow individuals in the African regions to directly access the lending platform through the mobile money system. Such partnerships would allow users to deposit local currencies from their accounts straight into the lending DeFi protocol such as Compound, Dydx,Curve, YFI and other non-lending protocols existing on the DeFi platform. Partnerships that would allow this to happen would include MTN Nigeria and other top 10 MTN mobile money providers in Africa, they also partnered with the Nigeria Inter-Bank Settlement System PLC.
ADD.xyz is built with the aim of creating bridges between centralized and decentralized finance, to do this they aim at partnering with centralized platforms with users who are very well interested in the decentralized finance (DeFi) space. They partnered with major banking providers in Kenya back in August ,2020 thereby exposing their product to over 5 million population in Kenya. The partnership with MTN Nigeria and Nigeria’s Inter-Bank Settlement System PLC also helps them expose their DeFi protocol to over 201 million Nigerians. The lending platform will be able to accept the Nigerian Naira and Kenyan shilling for the first phase of the launch.
“Financial inclusion in East Africa has been significantly impacted by the wide adoption of mobile money services — led by Kenya — but the uptake has been slow in Africa’s two largest economies, Nigeria and South Africa. While South Africa’s more advanced economy often treats mobile money as a “nice to have”, the situation in Nigeria is quite different. There, just 40% of people have bank accounts, so the economy would likely get a boost from the expansion of mobile money services.”
How To Do It
Users will be able to deposit local currencies into ADD.XYZ local MTN approved accounts through the main platform. They then get assigned to the protocol and the amount of currency they wish to deposit into the DeFi lending protocol. Interest will also be paid back to the users mobile money account in a fully decentralized and instant solution.
