Blockchain finance has great potential, but the barrier to entry is an obstacle

How can a smartphone costing 3,000 New Taiwan Dollars become the key for African countries to enter the Web3 world?

This phone is called JamboPhone, founded by Alice Zhang and James Zhang, who are third-generation Chinese in Africa from Congo, whose family has been trading between Africa and China since early times.

They have long known that African countries face a serious issue: more than half of the population lacks bank accounts, making many financial services unfeasible. Another JamboPhone founder employee, Sam Sungmin Kang, stated: 'Africa has 1.4 billion people, with an average age of only 19, but 57% of the population does not have access to bank accounts or credit cards, making cross-border payments not only difficult but also expensive.'

The advantages of blockchain can be maximized in this situation, as cross-border remittances and lending do not have to be interfered with by intermediaries, nor do they require fees and processing time, allowing funds to quickly flow to where they are 'truly needed'.

However, even if everyone can recognize the advantages of blockchain, the most challenging thing is how to actually enable these countries and people to use it.

JamboPhone was born under this premise.

The term Jambo comes from Swahili, one of the three major African languages, meaning 'Hello'.

JamboPhone hopes to become the African blockchain version of 'WeChat', integrating communication, payment, and financial management functions, allowing African users to easily enter the world of crypto finance with just one phone.

Jambo Phone leads with an affordable strategy, built-in basic features for cryptocurrency trading

Looking at JamboPhone's latest model, it features the Android 14 system, 12GB RAM, 128GB storage, a 16-megapixel camera, and supports 4G networks. Such specifications may not match high-end phones, but the price of only $99 makes it extremely accessible.

In addition to hardware, the most critical aspect is that the phone also comes pre-installed with the Jambo application, which not only supports a cryptocurrency wallet for 9 blockchains but also includes many interactive game tasks. By completing daily tasks like check-ins, users can earn cryptocurrency rewards and withdraw through the wallet.

'Whether it's opening a wallet account, making the first transaction, or defeating opponents in games, these actions allow users to earn rewards and redeem them for local currency or USDT to pay for living necessities, achieving real Web3 daily applications,' Sam said.

Thus, the brand's most famous slogan is 'Having a JamboPhone means having a job' (You have a JamboPhone, you have a job). To earn money, many African users choose to embrace JamboPhone.

Sam stated that since its launch in January 2024, JamboPhone has sold 570,000 units in 128 countries and created over 2.2 million wallets.

The entire world is a market for Jambo Phone

The issue of lacking financial infrastructure certainly exists beyond Africa; JamboPhone is currently rapidly expanding into Southeast Asia and Latin America. Sam revealed that Latin America could become JamboPhone's largest market.

To deepen brand influence, the brand plans to open physical flagship stores in multiple locations worldwide; these stores will not only serve as phone sales points but also as spaces for users to communicate and experience crypto payments. JamboPhone plans to open stores mainly in São Paulo, Brazil, Indonesia, and Turkey.

Even though JamboPhone's main mission is to lower the barriers for emerging countries to access Web3 and financial services, the specifications and pricing strategy of the JamboPhone are equally suitable for global consumers, and it currently has considerable exposure in places like Korea, Japan, and Taiwan.

Although the use of cryptocurrency in the past was more speculative in nature, even being used for improper financial operations, this has led to many users misunderstanding cryptocurrency.

'However, JamboPhone's goal is to make cryptocurrency a solution, not a speculative tool, by providing affordable devices and applications needed in daily life,' Sam added. Through the power of technology, JamboPhone can extend the convenience of blockchain technology to corners of the world that lack comprehensive financial services.

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