Y9, an emerging market focused digital microfinance service, will integrate Algorand blockchain technology as part of its ecosystem aimed at driving meaningful financial and digital inclusion across Africa and beyond
DUBAI and DAR ES SALAAM, Tanzania: Y9 Bank today announced a strategic partnership with the Algorand Foundation to integrate the Algorand blockchain into part of its suite of mobile offerings. The Y9 mission is to bring meaningful financial services to unbanked and underbanked populations, focusing first within Tanzania with a roadmap to expand to other Eastern and Western African markets. The integration of the Algorand blockchain will bring unmatched efficiency, security, and transparency to value exchange processed within Y9’s mobile applications.
Y9’s current suite of services will include, among others, the Buy Now Pay Later short-term loans to finance everyday purchases. To date, they have reached a few thousand customers across Tanzania, working on a highly localized, community-to-community basis.
“The partnership between Y9 and Algorand is a perfect fit. With Y9 focused on driving financial and digital inclusion in line with the UN’s Sustainable Development Goals, Algorand was the clear blockchain of choice” said Siddhi T, Director of Y9. “Algorand technology is scalable, affordable, and environmentally sustainable, bringing the best of blockchain technology.”
“I have cared about issues of financial inclusion all of my professional life,” said Algorand Foundation CEO Staci Warden. “I think that Y9’s model will be a game changer for the African Continent, and I could not be more excited that Algorand technology will be part of the Y9 ecosystem.”
Y9 is a US registered company with presence so far in Tanzania and setting up in a few more African markets. The Company strongly believes that positive social impact in Africa and beyond can be achieved through meaningful financial & digital inclusion. Y9 integrates technology to provide innovative financial products and services delivered in a highly localised manner, one community at a time. Y9 has enduring relationships with the strategic go-to-market partners like mobile network operators, government institutions, and private sector businesses.
The Algorand blockchain — designed by MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem.