African Web3 company, Nestcoin has announced the expansion of its P2P exchange, Onboard Wallet to Kenya. According to a statement seen by Technext, the company said this was in furtherance of Onboard’s mission to provide world-class financial services, especially targeting those in frontier markets. It noted that its services were in recognition of the limitations posed by traditional finance.
Nestcoin is the company behind Onboard, a digital money app that provides modern, world-class financial services across borders. In other terms, the Onboard Wallet is a digital money app that gives anyone anywhere access to a USD account.
Speaking about the development, Co-Founder and CEO of Nestcoin, Yele Bademosi said the expansion is part of the company’s bid to ensure universal access to high-quality financial services.
“We firmly believe that access to high-quality financial services should be universally available, regardless of one’s geographical location.” – Yele Bademosi
In a conversation with Technext in October 2023, Yele Bademosi said what is unique about Onboard is that it provides an ultimate form of security because only users have access to the funds.
“You’re not trusting us to keep control of your money. You can send money to anyone anywhere as long as they have a similar digital wallet.” He said.
According to Yele, the product also supports virtual cards which allow users to spend dollars in over 160 countries, anywhere VisaCard is accepted.
“One of our core beliefs as a business is that your geographical location should not determine the quality of financial services you have access to. And this is the base/foundation of that vision.”
Nestcoin’s Onboard Expansion into Kenya
After a successful trial run in the Kenyan market, Onboard is now officially launching its P2P service in Kenya. This means users in Kenya can now fund their Onboard USD Card with Kenyan Shillings. Also, they can now convert Kenyan Shillings (KES), to stablecoins and back.
The company’s CEO and Co-founder, Yele Badamosi believe that access to high-quality financial services should be universally available, regardless of one’s geographical location.
Recall that Onboard initially launched its product with a P2P service catering to Nigerian users, allowing them to easily convert their naira to stablecoins and back within minutes. Users could also fund their Onboard USD cards directly with Naira.
Yele Bademosi insists blockchain is giving Africans access to global financial markets despite current realities
Onboard recently introduced USD virtual cards which enables users all over the world to spend cryptocurrency and also fund the cards using either crypto or their local currency (for users in Nigeria and Kenya). Additionally, the company recently launched Onboard Direct, which gives users a wallet address that’s tied to their bank account, helping them go from stablecoins (USDT and USDC) to cash once a deposit is made into the address.
What is Next?
According to the release seen by Technext, Onboard’s goal is now to expand across the African market and, as a broader objective, extend its services to Latin America and Southeast Asia.
Yele Bademosi emphasizes, “Our onchain P2P model is the key to our ability to scale rapidly, allowing us to bypass the need for direct local payment integration.”
