Last updated 2 years ago
African Digital Banks Network
Problem
How do we on-board the unbanked without offering financial services?
How much would it take to incorporate and expand a crypto-first financial institution in Africa?
How can DAOs raise this capital?
Total to date
This is the total amount allocated to African Digital Banks Network.
About this idea
The adoption of Cardano is hindered by the lack of easy on-off ramps in Africa. Users are charged 3% or more to send funds to an Exchange.
Catalyst funds the operating capital while DAOs allow the Cardano community to fund the required central bank deposit for this institution
- Detailed plan for the establishment of a financial institution in targeted region
- Detailed financial projections
- Focus on the unbanked (rural, farmers, etc.)
- Promote adoption of Cardano
- Sound African banking experience.
Financial services can be compared to charging stations in the crypto ecosystems. Adoption relies on easy on-off crypto-fiat ramps until crypto currencies are used as means of payment.
This challenge will allocate 1/4 of the funds are working capital to the winning proposal and 3/4 as the required deposit for obtaining Electronic Money Institution licensing in targeted countries.
The successful proposal would obtain 500,000 Ada as grant and the remaining 1,500,000 will be reimbursed to the treasury after a period of 5 years through funding rounds within the Cardano community.
