Global blockchain innovator brings the
power of its decentralized smartphone network to
financial inclusion pioneer to help drive mobility and
enhance prosperity
SAN
FRANCISCO and NAIROBI,
Kenya, May 1, 2024 /PRNewswire/ -- Watu, an
asset financing company enabling entrepreneurs across Africa, has entered into a strategic
partnership with Nodle (NODL), a global force in blockchain
innovation, to develop innovative Internet of Things (IoT) services
that leverage Nodle's Decentralized Physical
Infrastructure Network (DePIN). To start, Nodle will leverage its
DePIN made of hundreds of thousands of smartphones to enhance the
asset locations of Watu's fleet of two and three-wheeler motorbikes
(called boda boda in East
Africa).
"Demand for the Nodle app in emerging
markets is rapidly rising as users find new ways to leverage their
smartphones." -Micha
Benoliel, CEO and co-founder
The Nodle DePIN is energy-efficient, secure and cost-effective.
It does not require investment in expensive telecommunications
hardware and it provides wider coverage and more precise location
than other IoT solutions due to the ubiquity of smartphones and
their geolocation capabilities.
Watu helps to bridge the gap between people and access to
flexible financing, helping them build a better future. Boda bodas
are not only a vital last-mile means of transportation, but also a
major source of employment and economic independence.
The company's strategic partnership with Nodle will kick off
with an initiative to help Watu provide a real-time location for
the boda bodas it finances. This helps to protect owners in case of
theft and supports the Watu business model, which provides loans to
the unbanked and others who lack access to traditional credit.
The collaboration will start in Uganda this month and later expand to
Kenya, Tanzania, Nigeria, Sierra
Leone, DR Congo and other territories. With this
partnership, Watu can tap into Nodle's capabilities in
cryptography, mobility, device authentication and blockchain, while
Nodle can leverage Watu's expertise to deliver large-scale services
across Africa and in other
emerging markets.
"We are pleased to help Watu on its mission of empowering
entrepreneurs to improve their lives through asset financing," said
Micha Benoliel, CEO and co-founder
at Nodle. "Demand for the Nodle app in emerging markets is rapidly
rising as users find new ways to leverage their smartphones. Our
partnership will significantly boost the deployment of the Nodle
Network in Africa, where
smartphones are expected to account for 88% of mobile connections
by 2030, up from around 50% today."
Gunars Bidins, Head of GPS Tracking at Watu, added: "We're
thrilled to partner with Nodle. This collaboration allows us to
track our asset fleet more efficiently and cost-effectively,
ensuring the safety and security of our assets across our expanding
African operations. The scalability and flexibility of the Nodle
network are a perfect fit for our needs, and we believe this
partnership has the potential to revolutionize asset tracking in
Africa."
This partnership between Watu and Nodle is a milestone in
leveraging smartphones as an infrastructure to deliver innovative
IoT solutions. It is expected to inspire further innovation at Watu
and to encourage new partners to use the Nodle network to create
new solutions that leapfrog traditional network infrastructure and
benefit people and businesses across evolving Africa.
Solutions based on the Nodle network blockchain already in use
around the world include authenticating digital content, such as
photos and video, to fight misinformation; monitoring shipping
pallets and other high-value assets; locating vehicle fleets for
corporations; and locating stolen assets, like cars, for insurance
providers.
About Watu
Watu is an asset financing company revolutionizing financial
inclusion across Africa. The
company is building an ecosystem for unbanked and underserved
individuals by providing access to mobility and connectivity tools
that enhance digital literacy, economic growth, quality of life and
opportunity. So far, Watu has provided over 1 million loans across
7 countries and has positively impacted the lives of more than 4
million people. In addition, Watu actively promotes financial
literacy and independence, as well as increased regulatory and
safety compliance.
For more information, visit Watu's
website https://watuafrica.com/
About Nodle:
Nodle is a digital trust network for social good that connects
the world by using smartphones as nodes to create a DePIN for
real-world use cases. The network is decentralized,
private, secure and scalable, making it perfect for digital
witnesses, smart missions and micro-transactions. With its
proprietary ContentSign technology and global reach in 193
countries, Nodle empowers developers to build unique applications
for things like sourcing trusted digital content, locating assets
or accessing remote sensors. Nodle recently launched the
Click camera app to establish proof of provenance for media
and certify the authenticity of user-generated content. Anyone with
a smartphone can join the Nodle network today. Download Nodle on
iOS or Android and visit us at nodle.com.
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SOURCE Nodle