Finance
Jambo Expands to Solana with Tether to Bring Blockchain Mobile Technology to Emerging Markets
Jambo, the largest web3 mobile infrastructure bringing emerging markets on-chain, announced that it’s expanding to the Solana blockchain along with Tether to offer blockchain-enabled financial and educational technologies that cater to emerging markets.
Central to this is the JamboPhone, a $99 web3 smartphone that has been powerful in onboarding all types of users on-chain in a mobile-first way. Combined with the Solana blockchain’s high throughput capabilities and Tether’s dominant stablecoin, USDT, access to web3 financial and educational products will be democratized to those who need them most in Southeast Asia, Africa, and Latin America.
Introducing the JamboPhone
Priced at $99 and already sold in over 120 countries, the JamboPhone is targeted towards Gen Z consumers in emerging markets as their portal to the best digital products and opportunities globally.
Users can engage with the global economy by utilizing the preloaded Jambo Ecosystem applications featuring DeFi, gaming, and web3 infrastructure applications. The JamboPhone aims to address some of the most challenging issues faced by emerging markets, such as a large unbanked population and limited access to smartphones. Users can purchase the JamboPhone with Solana Pay on JamboPhone.xyz.
The Jambo App: Empowering Users
The smartphone is equipped with the JamboApp, a comprehensive web3 platform that offers users a range of services including decentralized finance, gaming, and educational content, all designed with the emerging market user in mind. The JamboApp includes the JamboWallet, a non-custodial multichain wallet which includes support for Solana tokens and USDT. Jambo will be giving out rewards primarily in
USDT, leveraging its broad acceptance and stability in emerging markets. Users will be able to complete quests sponsored by Jambo and Jambo ecosystem partners, ranging from educational initiatives to promotional tasks, with rewards now distributed primarily using SPL USDT. This initiative underscores Jambo, Solana, and Tether’s role as pioneers in bridging the digital divide, aiming to democratize access
to digital financial tools and providing users with earning opportunities in emerging markets.
Leveraging Local Solana Communities
Additionally, Jambo will engage local Superteams to accelerate web3 adoption. Superteam is a global community of web3 builders who are passionate about Solana. Their mission is to help web3 talent learn, earn and connect with the Solana ecosystem. These teams, composed of local experts and enthusiasts, will play a pivotal role in educating communities, fostering local development, and driving grassroots initiatives that ensure sustainable growth within the web3 ecosystem.
“Back when I was building earn.com in 2017, our vision was to build a product ‘where there’s a phone, there’s a job.’ Alice, James, and the Jambo team have realized that vision by developing web3 mobile infrastructure bringing financial access to emerging markets,” said Lily Liu, President of the Solana Foundation. “Jambo offers a gateway to web3 that is accessible to nearly anyone in the world, while Solana enables financial access for nearly anyone with an internet connection. Together, we are committed to making self-custody, financial opportunity, and educational resources accessible to millions.”
Why Emerging Markets, Emerging markets face their own unique set of economic challenges that Solana and Tether can address with their blockchain and stablecoin solutions. In emerging markets, the use of USDT (Tether) significantly surpasses that of other stablecoins, with over 34.2 million unique wallets utilizing USDT as of April 2024.
This broad user base highlights the widespread trust and adoption of Tether in these regions. With Jambo’s game-changing smartphone, Solana’s fast transaction processing, low transaction fees, and Tether’s robust and widely-used stablecoin, users now have access to stablecoin and crypto payment rails, alternative banking access, and global earnings opportunities.
“We want to bring emerging markets on-chain,” said James Zhang, Co-founder of Jambo. “Bringing Jambo to Solana and Tether allows us to provide a comprehensive solution that addresses the unique needs of these regions.”
“Emerging markets stand out as promising grounds for financial inclusion. Their demand for tools like USDT fuels our dedication to shaping a brighter financial future for users in these regions.” said Paolo Arodino, CEO, Tether. “By providing affordable access to web3 technologies through the Jambo Phone and leveraging the power of the Solana blockchain, Jambo is empowering users in these regions with the tools they need to participate in the global digital economy. The integration of SPL USDT as a reward mechanism further strengthens this initiative, offering users a stable and secure digital asset.”
Learn more about the latest from Jambo on X and purchase your JamboPhone.
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has reaffirmed its dominance by emerging as the Overall Winner at the just-concluded Nigeria Bankers Game (NBG) 2024 Grand Finale. This remarkable achievement marks the bank’s third consecutive win at the prestigious sporting event.
With an impressive tally of 10 gold medals. Wema Bank clinched victories across various categories, including Table Tennis (Female Singles, Doubles, and Mixed Doubles), Volleyball, Scrabble, Video games, 100m Female, 200m Female, and the 4x100m Female Relay.
This year’s NBG also celebrated individual brilliance, with Bukky Olorunmaye, one of Wema Bank’s standout athletes, earning the title of Nigeria Bankers Game 2024 Female Athlete of the Year. Her outstanding performance across multiple disciplines underscores her dedication and resilience, making her a shining example of excellence.
The Nigeria Bankers Game serves as a platform to foster camaraderie, teamwork, and a spirit of healthy competition among Nigeria’s leading banks. It brings together athletes and staff across the financial sector to compete in various sports, showcasing the resilience, talent, and unity that define the industry.
For Wema Bank, this year’s stellar performance further solidifies its reputation as a champion both on and off the field. Through its success in sports, the bank highlights its commitment to promoting teamwork, discipline, and resilience—qualities that also define its daily operations and customer-first approach.
Moruf Oseni, Managing Director/CEO of Wema Bank, expressed his pride in the achievement, stating:
“Winning the Nigeria Bankers Game for the third time in a row is a remarkable accomplishment that reflects the resilience, teamwork, and dedication of our staff. At Wema Bank, we are not just about financial innovation; we are enablers of dreams and champions of holistic development. This victory underscores our belief in empowering our people to excel in every aspect of life. Congratulations to all our athletes for their exceptional performance. We remain committed to fostering excellence in every endeavor.”
Reacting to her recognition as the Female Athlete of the Year, Bukky Olorunmaye shared:
“I am incredibly honored to receive this recognition. Competing alongside so many talented individuals and representing Wema Bank has been a humbling and fulfilling experience. This award is not just mine—it belongs to my teammates and everyone who supported us. Together, we demonstrated the power of teamwork, and I am grateful to Wema Bank for giving us this platform to shine.”
- Receives Best SME Bank in Nigeria and Excellence in Digital Innovation Awards*
Wema Bank, recognized as Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has been awarded Best SME Bank in Nigeria and Excellence in Digital Innovation at the recently held 2024 Global Retail Banking Innovation Awards. These awards underscore the Bank’s commitment to empowering businesses and delivering transformative digital solutions that cater to evolving customer needs.
The Global Retail Banking Innovation Awards celebrate institutions that are reshaping the financial services landscape through impactful innovations and customer-centric approaches. Wema Bank’s Best SME Bank in Nigeria award highlights its exceptional support for small and medium-sized enterprises (SMEs), while the Excellence in Digital Innovation award recognizes the bank’s success in pioneering digital experiences that redefine convenience and accessibility.
Commenting on the awards, Moruf Oseni, MD/CEO Wema Bank, expressed pride in the recognition. According to him, “receiving these awards is a testament to Wema Bank’s dedication to innovation and our unwavering support for Nigerian SMEs. We are committed to delivering world-class banking solutions that empower our customers. These recognitions inspire us to keep leading the way in digital transformation, helping Nigerian businesses thrive in a competitive world.”
Through initiatives like accessible SME loans and tailored training programs, Wema Bank strengthens the backbone of Nigeria’s economy by providing SMEs with essential resources to grow and compete effectively. These efforts affirm Wema Bank’s role as a leader in SME support, enabling businesses to contribute meaningfully to national development.
On the digital innovation front, Wema Bank has transformed the banking experience through ALAT, Africa’s first fully digital bank, bringing seamless banking solutions to the fingertips of Nigerians. Coop Hub – First digital solutions for Corporative Societies in Nigeria to manage their operations and recently, the launch of ALAT Xplore—Nigeria’s first licensed mobile banking app designed for teenagers—introduced financial literacy and secure banking to young Nigerians, equipping the next generation with essential skills for a financially responsible future.
As Wema Bank celebrates this achievement, the Bank remains focused on its mission to support sustainable growth for all customers. With a vision centered on progress and innovation, Wema Bank continues to set new benchmarks in Nigeria’s financial landscape, dedicated to fostering prosperity and enhancing the banking experience for every user.
- ……Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth
Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX).
The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.
Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.
The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).
Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.
The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.
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