Blockchain in Africa - The Unbanked
Have you ever thought of the concept of living in a rural area, whilst not having access to any means of transport except for walking where you want to be?
This is the fate of many Africans (and other developing countries), who live in the rural areas. No access to any means of financial services, no bank account, no means of saving money for later. A lot of the people in this situation, live on less than $2 dollars a day. This is however enough, for a large family to survive. Why? Because that is the way they are used to living and do not have any means of changing their future.
Worldwide, approximately 2.5 billion people do not have a formal account at a financial institution. Access to affordable financial services is linked to overcoming poverty, reducing income disparities, and increasing economic growth. The World Bank has created the Global Findex, a new global financial inclusion database to measure the use of financial services and identify those with the greatest barriers to access.
Why are people unbanked?
Who are the unbanked?
Going Mobile
Summary
I am busy with a series of articles to highlight problem areas in developing countries. The blockchain technology stack in conjunction with Crypto Currency can play a very specific role in solving these problems. Here is the articles which also highlight problem areas:
Blockchain WILL solve problems in Africa and other developing countries
Developing countries should embrace blockchain and cryptocurrency
Happy Steeming
If you enjoy my articles please follow me on my blog at @jacor
I always like when a see a news/documentary story in Africa were a village with no electricity and plumbing. But everyone has a smart phone and a solar cell on their roof. Digital cash will rule there.
Thanks for the comment @konelectric. The most amazing thing is that the two things that we have in abundance here in Africa, is Space and Sunlight :)
it is amazing what the blockchain is doing for helping these ppl/communities get online and make exchanges... what a time to be alive!
I fully agree ... best time to be alive ever :)
@jacor very interesting post...
Thank you very much @mokluc :) I am trying to write some more now again. Had a busy time here at the office the last few weeks :)
Good to see you back...
Great piece and thanks for sharing. Upvoted and shared on Twitter✔ for my followers to read. Following. Stephen
https://twitter.com/StephenPKendal/status/804291987729956864
Disclaimer: I am just a bot trying to be helpful.
A guy I've been talking to about Bitcoin for 18 months who has mostly just looked at me blankly, just came back from Zimbabwe and told me his sister is working for a cafe that not just accept BTC but also exchange Fiat for BTC. He is even paying his wages in BTC as there is do little cash liquidity.
Indeed @stephen-somers and in Senegal they started a new Crypto which is pegged to their Fiat currency. Check this out:http://techcabal.com/2016/11/30/african-tech-roundup-senegal-electronic-currency/ .Africa is starting to roll :)
Wonderful mini-essay in the unbanked world
I spend a lot of time in Africa and I really feel what you mean, but mobile phone penetration is already a very good infrastructure to start using the blockchain
Yes, we are already working on a African solution. Hopefully it will be based on the Steem blockchain. Watch this space ...
I can cooperate in creating a community to set up a global African coin, because the vortex to drive crypto in Africa is the trading between countries, to facilitate and overcame the limitations of local fiat currencies , because trading is almost zero
I'm ready to participate n a work group with the focus on African Speaking Countries in Africa
I'm in Lisbon, I speak Portuguese, but all my youth was in Maputo-Mozambique and I have a 20 year experience of training people in Angola and other Portuguese speaking countries like S. Tome, Guinea-Bissau, Mozambique and Timor
Thank you @charlie777pt We should definitely touch base. We are in the final stages with our business plans setting up in multiple African countries. We are aiming to do a crowd fund early in the new year.