For the last four years, the single blockchain mantra that has been echoed more than most any is to “bank the unbanked.” Depending on how ambitious a given project is feeling, they may throw in the underbanked as well. This holy grail of crypto, an undertaking of great merit, to date, has become something of a meme. At its core, lies a massive, seemingly intractable problem—how to reach an audience that is overlooked to the point of relative exile and has gone on living their lives. Is there anything that can onboard these underserved masses by way of promotion or attraction? It is a problem of infrastructure, legacy, and to be candid, neglect.
Kamari is an endeavor that is here to tackle this problem. It is not short on scope but unlike its predecessors in the fray, has made inroads and accomplished more in its brief history than the Harridan chorus it can count among its competitive contemporaries. Has it narrowed the scope? No. Its target audience? Africa. Consider:
- Two-thirds of the population is under the age of 24.
- The world’s fastest-growing mobile market, with three-quarters of the population owning a mobile device.
- Over 350 million unbanked adults.
- 54 disparate currencies, some with high inflation and backed by unstable governments.
Their aim is to work with existing infrastructure, not reinvent it. Their goal is a standardized currency and it begins with a mobile phone and the blockchain. To quote a recent article:
“So, how does the blockchain empower the alliance of a continental payments giant and an organization set to rewrite the future of millions of lives in the next ten years?” Outlining Kamari’s partnership with Africa Grain & Seed: Smallholder and micro-farming communities in Africa are notoriously overlooked by financial institutions. Philanthropist Zandile Matiwaza-Denga says about this: “We need to address the financial aspect which has been an oversight that limits the access to credit and financing opportunities…Kamari, as global experts engaged us with solutions that provide Africa Grain & Seed liquidity in secure, risk-averse solutions like crypto payments, Kamari effectively allows the organization to access Africa’s mostly unbanked, mostly rural population directly.”
The partnership intends to distribute a personal stimulus payment to AGS’ beneficiaries through a Kamari wallet. All of this, of course, without incurring expenses for bank transactions, legal fees, financial red tape, or risking that funds get lost along the way.
This introduction is a bit longer than most but Kamari is a bold endeavor long on scope. Bonded is excited to announce our support for Kamari, as we believe this a project with genuinely global implications. As they are aiming to attract a genuinely massive audience, building out their application with tools that can empower and attract new users is essential. Having Bonded added to their ‘stack’ where users and their capital is aggregated represents a win for all parties.
This is the embodiment of DeFi; gathering marginalized parties who collectively represent an untapped economy in order to concentrate their collective power. This engagement and earning opportunities may serve to be the underpinnings of economic stability.
Creating a lending market for Kamari is a simple first step but there is the possibility that Kamari may be able to carve out its own products with the Bonded network.
To begin Bonded will endeavor to offer Kamari holders with:
- Access to our Ionic Loan protocol
- The opportunity to loan and borrow the Kamari coin
- Increased utility — earning potential in upcoming products
- An opportunity to earn as you HODL
- A drive towards demand by removing tokens from circulation
- The ability to earn liquidity incentives and BOND tokens
The building, streamlining, and scaling that is taking place today is laying a foundation across the board for alternative coins and revamping some of our most-guarded, longstanding industries. As impressive as this is, the technologies that can overhaul economies and create economic inclusion are perhaps the things that may most contribute to a better world.
Bonded’s desire to create earning power, provide holders with sustainable benefits and support the space will be the drivers of evolution for projects like Kamari. At Bonded, we are empowering altcoins to realize their value through our smart instruments but in the bigger picture, contributing to a better world is something we are proud to do.
Kamari is an African blockchain initiative focused on lottery and gaming use cases with the goal of building a unified mobile ecosystem for over one billion people. By integrating existing infrastructure and licensing with a standardized currency for gaming and payments, Kamari will instantly offer a better experience to users all across Africa.
About Bonded Finance
The Bonded platform was created to incubate and deploy experimental, high-yield, smart-contract driven financial instruments that push the bounds of open finance. Bonding is an algorithmic model that aims to unlock, aggregate, and de-risk ~50 billion in dormant value distributed amongst untapped digital assets by allowing supporters of qualifying altcoin projects the opportunity to borrow against these assets or pool them and start earning.