Free Mobile Access for Micro-Task

Fonbnk provides free mobile access to unbanked and un-/underemployed subscribers globally in exchange for performing small jobs/micro-tasks using their existing mobile handsets; enabling financial inclusion via digital access (e.g., Google reCAPTCHA for mobile data).

The global banking rails or means by which value is exchanged is fundamentally broken for the vast majority of humans. While there may be nearly 1 billion bank accounts created, there is a need for billions more to address the inequity caused by digital exclusion. For example, if I make $1.00 per day and even manage to save a little it makes no sense to create a traditional bank account that may charge me anything to set-up and maintain an account; conversely, I am now locked out of the digital economy and the myriad of opportunities that it provides. **Fonbnk has created a unique solution to address the unprofitable micro (bank) account problem at a global scale.** 

Fonbnk provides basic financial security to vulnerable people using their mobile phones; the most owned asset by humans in the 21st century. We utilize the global network of 8 Billion activated SIM cards to enable unbanked and underutilized subscribers, women and other vulnerable populations in indigenous communities to unlock their potential, by performing micro tasks and get paid in local airtime without friction thus driving financial equity via digital inclusion; creating a sustainable economic model (i) access, (ii) earn, (iii) pay and (iv) save utilizing Fonbnk’s next-generation open-architecture platform. 

Fonbnk has extensive engagement experience with the entire Indigenous communities and is passionate about harnessing financial inclusion and the future of work opportunities to create positive social changes for the community of approximately 6.6 million Indigenous people in the US. 

As a mobile-first solution leverages the near-universal mobile telephony network, which enables underrepresented populations typically living in rural locations, Indigenous women and other vulnerable peoples in the community to unlock their potential, by performing small jobs using their mobile phones and get paid in local airtime without leaving their home or area of safety. 

With the global network, the Company has a key opportunity to provide uninterrupted access to the Internet in a transparent and user-centered way, ultimately creating a more inclusive model that will bring millions of Indigenous people, especially for women, rural populations, and people with limited income, online.

Fonbnk is committed to drawing together motivated Native individuals and throwing them in the mix with mobile access, micro-tasks opportunities, personal development programs, inspiring campaigns through our innovative platform. Addressing the community challenges of the high unemployment rate and lack of mobile/internet access, Fonbnk supports and champions a new generation of Native individuals, especially women, who are ready to grab their chances to access, earn, pay, and save easily with their own mobile devices.

Fonbnk provides free mobile access in exchange for microtask, targeting cash-strapped, un/underbanked mobile subscribers across indigenous communities. This application “payments for micro-tasking” drives a high usage velocity of the platform that drives additional service offerings; payments, lending, remittances. For example, the average mobile subscriber spends ~$50.00 annually on mobile access (GSMA). Participants in the Fonbnk microwork trials earned $5.00-10.00USD weekly thus resulting in an annualized surplus exceeding $400USD or up to 9 years of their current annual mobile expenditure.

Fonbnk is a Distributed Finance “(DeFi”) utilizing the Ethereum Blockchain for a distributed ledger, sub-accounting application for consumer airtime. The Company utilizes the blockchain  to tokenize prepaid airtime credits (billing units of mobile data) from over 600 mobile carriers spanning 200 counties globally. The cloud-based, product is architected as a suite of microservices that can easily integrate into any required application layer; app, web, SMS, bot, API, etc. Fonbnk commercial demonstration application is a conversational, Facebook Messenger Bot “Teller Bot” that interacts with subscribers as they interact with the Company’s mobile-first application.

Fonbnk has nearly 50,000 subscribers across all the states and generated nearly $50,000 in cumulative revenue to date. The number of subscribers has grown +100% month-over-month since 1Q2020. Furthermore, the Company is on track to generate $5+ million in revenue in the next twelve months and has key partnerships to execute every aspect of its current product and growth strategy; currently works with over 600 mobile network operators globally (200 countries covering nearly 5 billion people).

Fonbnk drives financial equity via digital inclusion, unlocking the human potential for billions globally. Our theory of change encompasses three components: 

1. Gender Equality: 

Fonbnk primarily focuses on addressing the challenges preventing women from access to mobile internet, narrowing gender inequality by driving +50% (+12% improvement) of the adoption of the Fonbnk service by women in our intended markets.

We plan to do this specifically by highlighting women’s participation in case studies, advertising, and outreach. Video tutorials and audio instructions could also be added to support women, especially anyone with lower literacy levels, to use our platform. These activities shall be orchestrated directly by Fonbnk and in conjunction with diversifying partner organizations; GSMA, MNOs, and select NGOs. 

1. Industry, Innovation, and Infrastructure:

Pursuing a virtuous cycle of success, Fonbnk focuses on infrastructure investments to achieve sustainable developments. Like many industries experiencing massive realignment as a result of new entrants. Specifically, the mobile wireless industry is being disrupted by Over-The-Top competitors/partners like Facebook (Messenger, WhatsApp, etc.) who forked the industry with their suite of “free” value-added communications services. Fonbnk opportunity is predicated on leveraging this disruption with a FinTech solution that utilizes installed infrastructure and enables more efficient mobile carrier network utilization. If we can create a sustainable model subsidizing mobile data access for emerging market customers, we ALL win big!

1. Partnerships:

Our partnership with mobile operators and other organizations is built upon values, a shared vision that places mobile access as a basic human right, and is needed at a global level. Fonbnk wants to utilize modern open source technology and Web 3.0 best practices (APIs and Distributed Ledger) to drive not just economic but also ethical collaboration among global partners. A successful working relationship brings free innovations to users, provides next-generation work for unemployed subscribers, enables mobile operators and remote employers to deliver their business, and generate economic value.

Since 2019, Fonbnk has enabled 50,000+ subscribers across all the states, with more than 90%+ from underserved communities and 38% women users. The number of subscribers has grown +100% month-over-month since 1Q2020. 

In the next 12 months, we expect to be serving at least 100,000 subscribers at 60-70% participation by women, from underrepresented populations typically living in rural locations, women, and other vulnerable peoples by expanding partnerships to execute every aspect of its current product and growth strategy. We are currently working with over 600 mobile network operators globally (200 countries covering nearly 5 billion people).

Furthermore, in the next 5 years, the Company is on track to reach tens of millions of subscribers directly as well as via our partners using the Fonbnk the platform, specifically targeting underserved and culturally diverse communities across emerging markets. We aspire to serve the global network covering 5 billion people including all major prepaid mobile carriers across the United States.

Our vision is to transform Fonbnk into a Visa or MasterCard like a platform for mobile access (billing) authentication utilizing our unique distributed ledger solution; creating a seamless, ubiquitous quilt that drives a sustainable business model resulting in financial equity via digital inclusion for the most vulnerable of mankind. 

Key business milestones include developing marketing relationships with the leading alternative access providers like Google-Loon or Google-Fi, core card processors including both Visa and MasterCard across their emerging market footprints in addition to adding more revenue-generating channel partners; become what PayPal was to eBay (Auctions), Fonbnk wants to be for AI/ML Micro-tasking enabling airtime for jobs.

1) Competition - other digital or non-digital stakeholders who are offering a similar solution/services

2) Government regulations and policies

3) Business expansion

1) Competition:

Like many industries, it is experiencing massive realignment as a result of new entrants. Specifically, the mobile wireless industry is being disrupted by Over-The-Top (OTT) competitors/partners like Facebook (Messenger, WhatsApp, Skype, Telegram, etc.) who forked the industry with their suite of “free” value-added communications services (SMS, VOIP, Social Media). The Fonbnk opportunity is predicated on leveraging this disruption with a native FinTech solution that utilizes installed infrastructure and enables more efficient mobile carrier network utilization. In the future, we’re excited to work with MIT faculty to enhance product innovation to deliver better products and services to our subscribers.

2) Government regulations and policies: 

We're excited to meet organizations working on similar business areas globally to learn about different business environments. We want to be able to work with Solve’s organizations/programs that can work with us in addressing existing and potential issues relating to regulation and policy.

3) Business expansion: 

Fonbnk aspires to scale massively across all 50 united states and it would be great to explore this opportunity through Solve. We are excited to bring our unique technology-based solutions that level the playing field for women and underserved populations throughout their learning journey about the digital world and access to digital solutions that can improve their lives.

6 FTEs

Fonbnk has an experienced and global executive team with extensive experience and in-depth knowledge in FinTech and Telecommunication in Latin America, Europe, Middle East, Africa, South East Asia, and the United States markets.

The Founder & CEO Christian Duffus is a 3-X FinTech entrepreneur with nearly 20 years of experience in financial and wireless technology. The other co-founders have worked with Christian in a prior venture from inception to its sale. Finally, Christian started Fonbnk as part of a wager with his brother-in-law back in 2018 where he began trading Kenyan Prepaid, mobile  airtime credits from Washington, DC and has subsequently re-invested the proceeds into what is the current venture across all leading African markets.

As the Founder and CEO, I aspire to transform Fonbnk into a Visa or MasterCard like a platform for mobile access (billing) authentication utilizing our unique distributed ledger solution; creating a seamless, ubiquitous quilt that drives a sustainable business model resulting in financial equity via digital inclusion for the most vulnerable of mankind. I have demonstrated experience required to fully execute this venture;  built and sold 3 FinTech ventures (most recent exit to SoFi), developed leading wireless industry standards (investors included KPCB, Redpoint, CRV, True) in spectrum allocation including the sale of intellectual property to Qualcomm (US8290848B2). 

Fonbnk currently has two groups of partners for mobile carriers and micro-tasking:

• Mobile operators: Fonbnk currently works with over 600 mobile network operators globally (200 countries covering nearly 5 billion people) utilizing existing *wholesale* channels.

• Micro-tasking partners: Appen (APPEF) - Microtask AI/ML Partner, Evolving Systems (EVOL) - MNO Gateway 

Fonbnk company generates revenue from both consumers b2c and enterprises b2b. Small remittances are very expensive to process e.g., $1.00USD costs $0.50 to process utilizing traditional remittance platforms like PayPal or Western Union. The Fonbnk platform offers the ability to access free, micro remittances because the Company is paid by the mobile carrier as a reseller.

We’re excited about joining MIT-backed network and Solve's community of peers, funders, and experts to advance our innovative work. Fonbnk would principally like to gain MIT’s support in gaining mentorship, technical expertise, and exposure to media, conference relating to our business area. Additionally, through Solve’s global network, we want to obtain access to other potential partners, leading multinational for-profit and NGO organizations that complement our business model. We desire to expand our network of mobile operators, micro-tasking providers across 50 united nations. Given our ambitious goals to scaling in the next few years, Solve’s invaluable resources will be critical for us to achieve our strategic goals.

To reach strategic and financial goals, Fonbnk seeks partnerships with:

• Potential investors and capital venture to raise additional fundings in the next rounds

• MIT faculty to refine and innovate our products and services for our subscribers.

• 500 cross-sector leaders and entrepreneurs in SOLVE community to learn more about big data analytics and machine learning and AI testing services