CoinBridge: Banking the Unbanked

The Problem

According to research, 57% of Africans do not hold any kind of bank account. Millions of Africans therefore lack access to traditional banking services and smartphones, preventing them from participating in the digital economy.

Solution CoinBridge is an SMS-based blockchain wallet that connects users to EVM compatible blockchains without the use of the internet. The solution is tailored to facilitate peer-to-peer transactions for the millions of unbanked Africans without smartphones and an internet connection.

It offers the following key features:

-SMS-based interface: Users can access their wallets and perform transactions using simple text messages.

-Seamless integration with EVM Compatible blockchains: CoinBridge Wallet leverages the power of blockchain technology to provide secure and transparent transactions.

-User-friendly and intuitive design: The wallet interface is designed to be accessible and easy to use, ensuring a smooth experience for users.

-Financial Inclusion: CoinBridge Wallet enables P2P transactions, empowering unbanked individuals to send and receive stablecoins, pay utility bills and make airtime purchases securely, regardless of their location, with low fees.

How it works

1. User registration: Users can sign up for a CoinBridge Wallet account by dialing a short-code.

2. Wallet creation: Upon registration, a unique wallet address is generated for each user.

3. Transaction process: Users can send funds to other wallets using phone numbers by sending an SMS with the appropriate commands and recipient details. Users can also buy airtime for their phone numbers as well as other numbers using funds in their wallet.

4. Wallet users can also withdraw their stablecoins to mobile money seamlessly.

5. Security measures: PIN authentication and encryption to ensure the safety of user funds and transactions.