Y9 announces strategic partnership with the Algorand Foundation during the Decipher 2022 conference in Dubai

Y9 announces strategic partnership with the Algorand Foundation during the Decipher 2022 conference in Dubai

DUBAI and DAR ES SALAAM, Tanzania /PRNewswire/ -- Y9 Bank today announced a strategic partnership with the Algorand Foundation to integrate the Algorand blockchain into part of its suite of mobile offerings. The Y9 mission is to bring meaningful financial services to unbanked and underbanked populations, focusing first within Tanzania with a roadmap to expand to other Eastern and Western African markets. The integration of the Algorand blockchain will bring unmatched efficiency, security, and transparency to value exchange processed within Y9's mobile applications.

Y9's current suite of services will include, among others, the Buy Now Pay Later short-term loans to finance everyday purchases. To date, they have reached a few thousand customers across Tanzania, working on a highly localized, community-to-community basis.

"The partnership between Y9 and Algorand is a perfect fit. With Y9 focused on driving financial and digital inclusion in line with the UN's Sustainable Development Goals, Algorand was the clear blockchain of choice" said Siddhi T, Director of Y9. "Algorand technology is scalable, affordable, and environmentally sustainable, bringing the best of blockchain technology."

"I have cared about issues of financial inclusion all of my professional life," said Algorand Foundation CEO Staci Warden. "I think that Y9's model will be a game