CALL FOR APPLICATIONS | Fuse Unveils $10 Million Grants Program to Power Web3 In...

East African payments company, NALA, has been granted approval by the National Bank of Rwanda for a payment service provider (PSP) license.

Last week, we celebrated receiving our Payment Service Provider License from the National Bank of Rwanda

This new license unlocks new payment capabilities that bring us closer to achieving our mission to increase economic opportunity for African people across the globe.… pic.twitter.com/Jl1t5uk1eJ

— NALA (@NALAmoney) November 24, 2023

The approval of the license grants NALA access to a range of new payment capabilities which include:

• Direct integration with banks and mobile money operators
• Facilitating disbursements for purposes such as bills or school fees, and
• Streamlining payment collections

The license also enables NALA to enhance the affordability and reliability of international payments to Rwanda.

Since its establishment in Rwanda in 2021, NALA has collaborated with local entities to facilitate remittance payments to both bank accounts and mobile money wallets. In the past two years, the company has processed over 10,000 transactions, assisting numerous Rwandan diaspora members in sending money to their home country.

This has led to the transfer of over one billion Rwandan Francs ($811,729) from overseas to support local families and businesses. With the newly obtained PSP license, NALA will have the capability to manage disbursements and collections internally thereby lowering costs and enhancing reliability for both senders and recipients.

“Enabling direct integration to banks and telcos allows us to address some of the most pressing and sticky challenges that individuals and businesses face when moving money across Rwanda’s borders,” said Nicolai Eddy, group COO at NALA.

“Our new PSP licence enables us to build these capabilities under our own roof, which means we can improve quality of service and reduce cost. We have worked closely with the Bank of Rwanda to complete the appropriate steps to become licensed as a payment service provider. With this new licence, NALA commits to supporting and collaborating with the Rwandan regulator and the relevant government agencies to accomplish our shared ambitions.”

With the PSP license, NALA can now provide an array of enhanced services, including payment gateway solutions that enable merchants to accept payments through local channels like mobile money or cards.

In 2022, NALA raised $10 million to expand to 12 African countries.

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Fuse Network, a trailblazer in Web3 payment infrastructure, recently unveiled its pioneering $10 million Web3 Business Grant Program, designed to support global businesses by providing essential funding and infrastructure for streamlined access to Web3 payment systems.

This initiative aims to empower businesses worldwide, simplifying the complexities associated with Web3 payment infrastructure development. Fuse Network aims to facilitate innovation by eliminating barriers and facilitating easier access to streamlined Web3 payment solutions.

Fuse Web3 Business Grant Program is now live!

Get ready to accelerate your journey with funding, mentorship, and tech support. Are you the next blockchain innovator?

Apply now: https://t.co/WIM1Fo8Z99#Fusebusiness #Web3Startuphttps://t.co/UQhvqU3oaF

— Fuse (@Fuse_network) November 27, 2023

Fuse’s $10 million grant initiative aims to drive the evolution of Web3 technology and meet global business needs. Focused on powering Web3 and advancing mainstream adoption, this program simplifies non-custodial consumer fintech applications, ensuring efficiency and reliability. 

The Web3 Business Grant Program invites applicants from various sectors, including:

• Businesses seeking to bolster user acquisition strategies through Web3 communities
• Fintech firms aiming to implement non-custodial mobile solutions
• Companies looking to digitize their consumer clubs or create digitized loyalty
• Fintech addressing various payment-related pain-points such as unbanked communities and digital identities or currency volatility
• CEXs exploring non-custodial wallet solutions
• Web3 startups requiring a resilient EMV-compatible network with fee sponsorship (gasless transactions)
• Business apps interested in crafting branded stablecoins for enhanced brand visibility
• Local payment solutions eyeing global expansion,

and many other creative use cases that can benefit from the Web3 technology.

“Fuse is committed to fostering a thriving ecosystem for Web3 innovation,” said Mark Smargon, CEO and Co-Founder at Fuse.

“Our grant program is a testament to our dedication to providing essential resources for businesses to flourish in the Web3 landscape.”

With a tailored ecosystem and infrastructure, the Web3 Business Grant Program offers a stablecoin-focused payment system, enabling businesses to navigate the intricacies of blockchain effortlessly. This system ensures rapid, cost-effective, and global transactions while liberating businesses from vendor lock-in through open-source API/SDKs and a standard EVM blockchain environment.

Participants in the Web3 Business Grant Program will gain exclusive access to Fuse Network’s tailored ecosystem and robust infrastructure. Successful applicants will receive grants designed to facilitate the development of pioneering payment systems.

Also commenting on this landmark initiative, Ira Lakhman, Chief Operations Officer at Fuse, enthused,

“I believe that the future of payments lies within Web3, and Fuse is driving that future. Our grant program reflects our commitment to supporting projects that harness decentralized blockchain technology’s potential.”

Fuse’s Web3 Business Grant Program encourages businesses worldwide to apply by reviewing the criteria outlined on the Fuse Web3 Business Grant website and submitting their applications. Successful applicants can expect a final decision within two weeks after submission. 

Fuse Network remains committed to revolutionizing Web3 payments, as showcased through its innovative solutions and grant initiatives, positioning the company as a leader in simplifying blockchain-based payments for businesses worldwide.

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About Fuse Network

Fuse Network is an EVM-compatible, decentralized public blockchain founded in 2019, dedicated to enabling seamless and affordable crypto payments in daily life. Lightning-fast transactions, with confirmations in just five seconds at an average cost of less than a cent, set it apart as an ideal solution for the modern financial ecosystem.

Versatile in its applications, the network supports various projects in DeFi, NFTs, and gaming sectors, driving mainstream adoption of Web3 payments. In addition, with Fuse Labs’ blockchain payments API platform and middleware launch, businesses and developers can access advanced payment capabilities beyond traditional banking systems, further revolutionizing the financial landscape. 

To test your knowledge of Web3 payments and for more information on Fuse Network, please visit:

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