Free Mobile Access for Micro-Tasking

I’m Christian Duffus - Fonbnk’s Founder & CEO, a 3-X FinTech entrepreneur with nearly 20 years of experience in financial, wireless technology. 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: KPCB, Redpoint, CRV, True) in spectrum allocation including the sale of intellectual property to Qualcomm (US8290848B2). 

Fonbnk LLC (“Fonbnk” or the “Company”) provides free mobile access to un-/underemployed subscribers globally in exchange for performing small/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 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 wants to empower nearly 2.5 billion underbanked people globally, in which the majority of unserved adults live in Africa, Asia, Latin America, and the Middle East, and 800 million live on less than $5 a day. We offer an innovative range of high-quality, affordable, and simple financial products and services that leverage telecommunication as a basic human right to drive progress and change how subscribers live. With the right financial education and support to make good decisions, lower-income subscribers will benefit from the credit, savings, insurance, and payment products that help them invest in economic opportunities, better manage their money, reduce risks, and plan for the future.

 Our current primary targeted customer cohort is 18-25 tech-savvy Subsaharan Africans who have their own mobile devices, 3G or better, and have experience in participating in online revenue generation programs (e.g., marketing affiliate programs, micro-tasking, loyalty/rewards, games, etc.). Fonbnk users could experience frustration with these services/opportunities that are not originally designed for non-U.S. users. For example, the challenge of a limited payout option which Fonbnk addresses by making payments with prepaid airtime that can be instantly distributed globally in micro increments as small as $0.01USD anywhere.

Fonbnk is committed to drawing together motivated individuals all over the world 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 individuals, especially women, who are ready to grab their chances to access, earn, pay, and save easily with their own mobile devices.

I started Fonbnk as part of a wager with my brother-in-law in 2018 when I began trading Kenyan Prepaid, mobile airtime credits from Washington, DC, and has subsequently re-invested the proceeds into the current venture across all leading African markets. I realized through this experiment how important Internet Access was to vulnerable peoples and how providing solutions that drive free and subsidized Internet can be impactful to daily lives.

As Founder and CEO, I aspire to transform Fonbnk into a Visa/MasterCard like a platform for mobile access (billing) authentication utilizing our unique distributed ledger solution; creating a seamless, ubiquitous quilt that drives sustainable business model resulting in financial equity via digital inclusion for 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.

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.

As the Founder & CEO, I am a 3-X FinTech entrepreneur with nearly 20 years of experience in financial and wireless technology. The other co-founders have worked with me in a prior venture from inception to its sale. 

I highlight my refugee journey from Jamaica as our family fled political persecution to the United States where we sought safety and opportunity. Simply, my family encouraged education as the path to intellectual, economic, and social prosperity even despite our ethnic and cultural differences.  I have not only graduated my primary, college, and post-graduation with highest honors I also started a student organization that has not gone on to serve hundreds of thousands of disadvantaged children across my adopted community in South Florida graduate from High School but also matriculate to college and go on to have prosperous lives despite their circumstances. I see a similar opportunity utilizing Fonbnk to “sustainably” drive financial inclusion via digital access to the broadest group of humans possible. 

Demonstrating experience required to fully execute this venture, I 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). 

Many western payment providers e.g. PayPal or Stripe is not economically suitable for these applications. Furthermore, cryptocurrency trading and remittance platforms are too complicated for many mobile money users. It should also be noted many African and EM payment providers are not API accessible to many western eCommerce companies.  Fonbnk addresses this by creating a sustainable economy by providing free mobile access in exchange for micro-tasks, targeting un/underbanked mobile subscribers across emerging markets. 

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. The Fonbnk solution is Over-the-Top (OTT) so no need to ask permission of mobile carriers and is currently available to subscribers on every continent that has a mobile carrier.

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. 

2. 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!

3. 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 globally, 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 world.

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.

Government Regulations and Policies. While the Company is fully compliant with all known and generally accepted regulatory policies and requirements globally by either directly or indirectly via partners, this is still a challenge to address as some countries make it difficult to help their underserved and disadvantaged populations. As a result of political persecution and kleptocracy many emerging market countries create moving guidelines that make it difficult to do business directly. 

Our solution is unique and can work Over-the-Top (OTT) of incumbent regulators and utilities assuming there is basic internet penetration. We also see this as an area as we obtain more resources and partners from SOLVE community, we can proactively address on a continuing basis.

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 provides an ideal payment infrastructure for high volume, micropayment applications, such as Micro-Tasking, Gaming, eCommerce, Publishing, etc.  Furthermore, we provide a unique full-cycle financial solution, that enables subscribers’ work/earnings, remittance (as small as $0.01USD), payment, lending, and savings. Fonbnk accomplishes this by integrating with global existing banking/payment infrastructure (GooglePay, etc.) driving disruptive opportunities to enable new and differentiated ways banking services can be consumed in non-traditional (emerging) markets; for example, free mobile data for microtasks.

Fonbnk customers include both consumers b2c and enterprises b2b. The Company’s b2b customers in the A.I. Data Labeling and Non-Governmental Organization segments use Fonbnk as a 1-to-many airtime remittance platform for micro-payments to un/under-banked consumers who also utilize Fonbnk for a source of inexpensive airtime recharges. These B2B segments have become the predominant revenue-generating channels.

Fonbnk is a for-profit company, our primary business model is the resale of prepaid mobile access and financial solutions paid for by multinationals for the benefit of our subscribers; Free Airtime for Jobs. Our current business plan is profitable and seeks to grow with accretive partnerships like that proposed with MIT Solve. 

We raised funds from investors as follows:

Christian Duffus | 2019/20 | Equity | $50,000

BiTSR, Inc. | 2020 | Equity | $15,000

Protocol Investment LLC | 2020 | Equity | $10,000

GP Ventures | 2020 | Equity | $10,000

Javier Saade (Fenway Summer) | 2020 | Equity | $10,000

John Muleta (Atelum a/k/a DISH) | 2020 | Equity | $10,000

Jordan Nichols (Facebook) | 2020 | Equity | $10,000

Vanessa Maren (Visa) | 2020 | Equity | $1,000

Total: $116,000

No additional funds would be needed to execute this project. It is the hope that any prize provided by the MIT Elevate Prize would only lead to accelerate and increase the scale of our current profitable business activities. 

We anticipate reaching breakeven based on our trailing run-rate form FY 2020. As such our expenditures should not exceed $500 thousand USD in line with our expected revenues of $5million.

We’re excited about joining The Elevate Prize group, 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