In 2008, the introduction of cryptocurrency promised new options for people who had lost jobs, homes and their financial future at the hands of faceless bankers and institutions.

Alternative Digital Currencies

Prepaid minutes are used in countries like Kenya as a form of digital currency. Mobile money services like M-Pesa by leading mobile operator Safaricom, allows subscribers to use their phones as a wallet. Revenue from M-Pesa stood at $741 million last year.

It’s already possible to top-up your mobile phone with Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. Services like Bitrefill let you recharge in 160 countries.

What if users can convert these digital minutes into fiat, local currencies or crypto? They gain the power to pay for goods and services in their local economies. They can send and transfer funds across mobile carriers. These consumers and business owners experience a new range of financial services.

In 2018, Telcoin saw an opportunity to tap into the global remittance market using cryptocurrency distributed by mobile operators. The company launched an ICO and reached its $25 million hard cap in just 20 days.

Tom Meredith, founder of BitMinutes created the company to provide affordable banking to the unbanked. He noticed that people in some developing countries were using prepaid minutes similar to a currency, but also that they were limited with what they could do with their minutes compared to fiat.

Akoin is a cryptocurrency being developed by the artist, entrepreneur and philanthropist, Akon. The American Senegalese visionary is building a platform where token holders can interact with various DApps in the “Akoin ecosystem”, marketplace and the local economy.

Africa, The Flash Point

Mobile money is booming in Africa. Over half of all mobile money services in the world are in Sub-Saharan Africa. According to Forbes, the region will have 500 million cellphone subscribers by 2020.

Mobile is also a vital tool in delivering digital and financial inclusion in Sub-Saharan Africa, said GSMA’s The Mobile Economy: Sub-Saharan Africa Report.

Akon Lighting Africa is a project that started with creating solar energy for rural areas and homes. It has evolved to 14 countries, solar street lamps all through countries and a system employing locals to maintain it.

Akon discusses business and projects

In an interview, Akon adds,

“We have 30,000 streetlamps, and it’s all solar. These are areas where you couldn’t even drive or even walk out at night. You wouldn’t even have a clue where you’re going. So all those areas and people in that path are actually affecting. And then we also have over a 100,000 home systems in selected villages in those areas, and we’re still expanding in those areas. And that’s just one country.”

Jon Karas is the President and Co-founder of Akoin. He’s excited about the Akoin ecosystem and the range of services available to people. They have the ability to trade prepaid minutes into the Akoin cryptocurrency or a number of fiat currencies.

The platform also provides a means to access agents for microloans, local goods, services, and entrepreneurial tools.

There are some people who hold at least 1 million in prepaid minutes. These “Minutaires” represent a growing market in Africa. This under-served segment can play a vital role in the gig economy and the success of the ecosystem.

BitMinutes will be the first DApp introduced to the Akoin ecosystem. Because people in Africa already hold prepaid minutes in large volumes they are uniquely positioned to participate.

The Crypto Eco-Solution

Tom Meredith recognizes the need for empowerment of the unbanked. He noticed problems in the traditional mobile arrangement.

“They couldn’t build credit, take out loans, safely store their minutes somewhere similar to a bank account, or send minutes to their friends and family if they used different mobile service providers.”

BitMinutes (BMTs) is holding an IEO with LATOKEN through the end of October. BMTs are prepaid mobile airtime used to enable telecommunications and financial services. Three key use cases underlie the BitMinutes model; prepaid mobile top-ups, micro-lending and value transfer.

Meredith feels the timing of the listing is perfect. We’ve partnered with 50 mobile carriers and 80 companies over the past four years to build that infrastructure.

The company now has more than 5,000 customers in Nigeria, where the unbanked are using their minutes to top up phones and as a unite of value for payments.

Summary

The focus of many in crypto is attracting big money. Institutional investors, Bakkt and government regulations dominate the headlines. Price volatility has investors torn between HODL and sells on a minute-by-minute basis. Its easy to forget the origin of crypto is found in response to the global financial crisis of 2008.

The more viable use cases that introduce crypto to the masses are where the real excitement is found. Being able to use technology and innovation to improve the quality of life for millions is true disruption. As I’ve learned more about these possibilities I’m happy to connect with visionaries making a difference.

With Akon’s relationships with African countries and governments, due to the wins he brought Africa with Akon Lighting Africa, integrating Akoin is positioned as a win for Africa government heads.

— Lynn Liss, Akoin COO & Co-Founder

Improving the quality of life is a long term event. It is a marathon.

Question:

Have you invested in a project focused on improving the quality of life?