Can crypto help bank the unbanked?

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Online banking isn’t just convenient; it connects to the global economy. Banks provide checking and savings accounts, mortgages and loans, online payment services, and the ability to interact with a wide range of services from around the globe. However, millions of people worldwide don’t have access to these services for various reasons, from a lack of connectivity to expensive barriers to entry. Blockchain can help connect these unbanked individuals to the global economy, providing necessary banking services without the costs or inaccessibility of banks in developing nations with high poverty rates.

There is already significant cryptocurrency adoption happening in Africa. Portions of Kenya’s (8.5%), South Africa’s (7.1%), and Nigeria’s (6.3%) population have begun adopting these currencies for regular use. Due to banks not being reliable due to inaccessibility and the fact that they’re expensive for low-income users due to high transaction fees, many Africans are making the switch to digital currencies. With blockchains, costs can be kept low, transfer fees quick, and accessibility equal to all with widespread internet access.

Cryptocurrencies and Web3 offer additional benefits than just banking. Onboarding users into the crypto sphere also empowers them to the level of the global economy. More and more online services have begun accepting cryptocurrency, giving Africans who use blockchains access to the world’s economy without needing a bank account. This is a powerful use case for crypto and one that is expected to see rapid expansion over the coming years thanks to a company called 3air.

3air uses wireless mesh technology to connect individuals to the global internet. It plans to launch NFT subscriptions to enable individuals to purchase access to that internet in a way that lets them own their data. Those in the crypto sphere can also make money by selling their data directly to advertisers, increasing transparency in how data is used and enabling individuals to monetize their data to make a passive income.

With crypto, users have complete privacy to who they are and can withhold information as they please. If desired, however, users can sell their data to companies themselves, giving impoverished individuals the power to make money for themselves, of themselves, of their own volition. This empowers all users, especially those just onboarding themselves onto the web3 sphere from Africa.

However, these ideas need internet access to be applied. 3air will provide internet service with proven K3 Last Mile wireless mesh technology, which has been proven to work in nine countries across three different continents. Using this technology, the company plans to onboard nearly a billion users onto the global economy. In addition, it will onboard these users to the crypto sphere, as the company plans to use NFT-based subscription services, paired with crypto learning courses on air and on the ground, to provide its services to a wide audience. As a consequence of providing this knowledge, users will be empowered to all of web3, giving Sub-Saharan Africans full power to make their future.

Banking and internet services are extremely important for any individual or business intending to work with the global economy. These services are far and few between in Sub-Saharan Africa, proving difficult for citizens in these developing countries to be connected globally. Through the use of crypto, users can receive banking services for less cost and more accessibility, work with web3 for personal benefit on a global scale, and maintain and sell their identity personally. 3air aims to provide these services for Africa through the use of proven wireless mesh technology, opportunities online and on the ground for users to learn, and the SKALE blockchain.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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