Blockbonds, a Norwegian fintech company, has created a provision that will allow customers in Rwanda buy airtime from its SPENN, a Cellular Banking App that employs blockchain technology with no transaction charges.
SPENN has partnered with I&M Financial institution (Rwanda) PLC to make the service possible.
The app allows users to open a new bank account, send and receive money within the network, and now also to top up their phones.
All this is done without incurring any form of transactional fees.
On the App, users can choose to buy airtime for themselves or for a third-party.
The addition of an airtime feature to the SPENN App is another step the Norwegian fintech company is taking towards achieving its vision of creating a world where individuals can conduct financial transactions in a transparent, secure and trustless manner.
“We’re at all times striving to serve our customers’ desires and wishes. We actually imagine that by introducing airtime buy in SPENN, we are going to add worth to each new and present customers, whom will profit from our product much more,” Blockbonds CEO Jens Glaso is quoted saying.
The company has chosen to initiate its operation in Asia and Africa.
The attention and resources of Blockbonds are mostly focused on the highly unbanked population of these areas.
With its blockchain-based and mobile-focused technical infrastructure, the company is looking to capitalize on the levels of acceptance that mobile payments have received in these markets.