Fiat payment channels

Fonbnk currently supports three fiat payment channels: Bank, Mobile Money, and Airtime.

Bank

Supported Flows: On-Ramp & Off-Ramp

Supported Transfer Types: manual, redirect

For both flows, a user must provide the following details to create an order:

• phone number

• user's bank name

• user's bank account number

For on-ramp, when a user creates an order, the system shows the bank details where a user should send funds to.

An example of the transfer instructions for bank on-ramp Nigeria:

A user must send funds to a specified bank account and set a provided bank transfer narration. When the system detects a transaction to a specified bank account from the bank account provided by a user with an appropriate transfer narration, the crypto funds are released to a user.

Nigeria bank on-ramp example:

Nigeria bank off-ramp example:

Mobile money

Supported Flows: On-Ramp & Off-Ramp

Supported Transfer Types: manual, STK push

Mobile Money is digital currency stored in an account linked to a mobile number. It is regulated like a bank account, meaning you can deposit cash, send it, and withdraw it back as physical cash. It differs from airtime, which stores credit purchased specifically to use telecommunication services (calls, SMS, data).

For both flows, a user must provide the following details to create an order:

• user's mobile carrier name

• user's phone number

For on-ramp, when a user creates an order, the system asks a user to verify his phone number by providing an OTP code and then sends an STK Push notification to initiate the transfer of mobile money funds. When the system detects a transfer from a user, it releases the crypto. * STK Push is a native mobile phone popup initiated by a mobile carrier. It asks a user to confirm a transfer of their mobile money funds by entering their PIN code.

An example of the transfer instructions for mobile money on-ramp in Kenya:

Kenya mobile money on-ramp example:

Kenya mobile money off-ramp example:

Airtime

Supported Flows: Off-Ramp

A user must provide the following details to create an order:

• user's mobile carrier name

• user's phone number

After the user completes the crypto payment, the equivalent value in airtime is automatically topped up to their mobile account.

An example of Nigeria Airtime off-ramp: