Akoin Card Powered By Baanx First Rollout In Mwale Medical Technology City, Kenya, Africa

February 17, 2021

Akoin pilots Baanx powered debit card in MMTC ahead of Africa-wide rollout

Akoin—the digital asset and blockchain platform developed by artist, entrepreneur and philanthropist Akon—has partnered with Baanx to provide a fully integrated debit card that enables users to spend Akoin (AKN) directly from their digital wallets.

Using the Akoin card, people can pay for goods and services across 40 million global merchants. The card is connected directly to the user’s Akoin wallet, which enables users to spend AKN anywhere in the world. The Baanx platform operates behind the scenes to settle with merchants in their national fiat currency.

Furthermore, Akoin users can immediately convert their digital assets to fiat (USD, EUR, GBP etc.) and vice versa. A user’s Akoin wallet is topped up via the Baanx payment gateway in a platform that effectively bridges traditional fiat and digital asset financial services.

Akoin Card rollout in Mwale Medical Technology City 

The Stellar-powered AKN digital asset has been successfully launched in western Kenya’s Mwale Medical Technology City (MMTC), where residents can receive their salaries in AKN to spend on goods and services. The Akoin Card launch will provide these residents with access to payments in the global economy which is critical.  

The Akoin Card will be rolled out to MMTC residents and simultaneously be part of the Akoin Wallet broader launch throughout Africa.  Anyone who enrolls in the Akoin Wallet will be able to activate their Akoin Card to spend AKN anywhere in the world. 

The MMTC is a ground-breaking $2bn sustainable metropolis centred around a 5,000-bed medical and technology complex located in Kenya’s Kakamega county, is expected to be fully completed before the year-end. The creation of technology entrepreneur and investor Julius Mwale, the city is a medical and technology hub for East Africa. 

Lynn Liss, Chief Operations Officer and Akoin Co-Founder, explains that: “Akoin and Baanx are working in partnership to deliver the future in digital assets payments. The Baanx platform will enable Akoin users to spend AKN in the global economy. Within MMTC, we’re currently focused on utility, bill and other online payments and we want to scale the ecosystem up to 1.5 million transactions per month. We expect the city-wide rollout to be complete by the end of the year.”

Bringing financial services and positive social impact to Africa

During the initial rollout of the Akoin Card, Akoin and Baanx will monitor Akoin Card transactions and AKN usage throughout MMTC, which is expected to service 20,000 workers by the end of year, and work swiftly to roll the Akoin Card out together across Africa into 2021.

Akoin is committed to bringing a more trusted, less volatile and universal digital asset to Africa. Many African countries have weak national currencies that struggle with hyperinflation and cause barriers to entry to financial services for many people.

Akoin commented on their Facebook page: “This partnership [with Baanx] is special because, not only are we lowering the barriers to entry for digital assets as a whole, we’re also creating a set of tools to bring the unbanked into the future.”

The Akoin ecosystem aims to deliver a positive social impact to local communities by opening up a range of financial services including decentralised apps (dApps) and tools for entrepreneurs to scale and grow their businesses.

The rollout of the Akoin ecosystem in MMTC will provide a significant boost to digital asset recognition, trust and widespread adoption. The Akoin Card is a key component of the ecosystem and will help to drive global uptake and usage.

Looking ahead to Africa-wide rollout and into Akon City, Senegal

Once the ecosystem is established in MMTC, Akoin plans to scale up and launch throughout Africa and ultimately as the central currency of Akon City: the $6 billion futuristic city named after its founder Akon’s namesake which is currently being built in Senegal.

While Baanx provides support for the Akoin Card with compliance, KYC/AML, global payment gateway infrastructure and operations, Akoin can concentrate on rapidly expanding their innovative services to their digital asset holders.

If you want to learn how a tailor-made financial services platform can benefit your business and community, contact the Baanx team.