Finna protocol is a multi-purpose stablecoin project that aims to restructure payments, remittances and securities in Africa. As stated on the project’s official site, “Finna Protocol is a multi-utility ecosystem for stablecoins to bridge the gap between stable digital currencies and real-world transactions.”
To clarify, the project leverages the stability and efficiency of $US-backed crypto (stablecoins) to solve the financial challenges of Africans. It is tailored to the needs of African countries and addresses the challenges and opportunities presented by the continent’s unique economic landscape.
The Founders
Finna Protocol was founded by 2 Nigerian crypto gurus, Adebayo Juwon and Agbona Igwemoh (A.G).
Igwemoh was the former CEO of Glacier Network and former Marketing Officer and Chief of Operations at Kylin Network. Juwon previously served as the operations and business manager at FTX Africa and is the current CEO of Finna Protocol.
Key Features and Benefits of Finna Protocol
Foremost is that the project offers instant asset swaps with zero fees. Users can easily swap fiat currencies for stablecoins and vice versa without added fees or delays. Also, users can acquire USD as individuals or as an organization for business.
In addition, stablecoin-funded virtual debit cards are another key feature of the project. Users can conveniently use stablecoins or fiat for all transactions through Finna-issued cards.
Moreover, the platform also provides users with custodian services. Users can deposit and hold stablecoins in a secure wallet on the platform. Held stablecoins can be used as collateral to apply for loans in over 16 African local currencies.
It is noteworthy that such users enjoy a flexible interest rate, paying only when they spend the funds. Furthermore, the ease of access to the platform through Android or iOS mobile apps and an easy-to-use interface are added benefits of Finna Protocol.
How to Use the Protocol
Sign up with Finna to get an account and verify your identity. Then deposit stablecoins or fiat into your account. You can now swap assets with the built-in swap functionality, access loans and make payments with a Finna virtual card.
Finna Protocol Revolutionizing Crypto and Finance in Africa
Many African countries are battling currency depreciation amidst the worsening global economic conditions. Stablecoins offer a way to save $US and eliminate high bank fees.
Finna Protocol has the potential to shield Africans from the harsh effects of the economy by providing seamless stablecoin-to-fiat swap services. Meanwhile, the project also solves the lack of access to traditional banking services common in the continent.
As more users become aware of this project, Finna Protocol may contribute immensely to Web3 and crypto adoption in Africa.