Cryptocurrency's Role In Financial Inclusion: Lessons From Africa
The small size of national markets, a lack of financial literacy, low-income levels, political instability and weak judicial systems have created a constrained African banking system. Existing banks continue to rely on traditional banking models of branch networks, expensive technology, inadequate systems and a limited pool of talented people.
Cryptocurrency can bridge the gap and play a vital role in the financial inclusion of people who are still unbanked. The global adoption rate of cryptocurrency is still remarkably low implying that there is still a lot more room for growth and as more tokens are created, they will need to be listed in exchanges. The demand and supply gap of cryptocurrency exchanges is still a major bone of contention.
The challenge is to develop a robust Exchange that will provide regular banking services through their financial service providers. This will lead to the exchange becoming one of the most diverse cryptocurrency marketplaces for buyers and sellers. It will deploy an “Ambassador Program” to spread awareness through education, leading to the adoption of blockchain technology and cryptocurrency.
Through adoption, the process of remittance will be simplified and it shall provide with the potential to target a large consumer base. The intention is to provide traders with various product offerings as this will further expand the pool of participants. It will also lead to an increase in the liquidity of the exchange contributing to its overall growth.
Embracing the future technology
The vision is to create a harmonious ecosystem within the exchange. The token will be used for fee payments within the exchange operation and will also be integrated into the banking processes. It will be able to provide a fiat exchange service in a short span of time. The ecosystem is effectively going to be one of the most comprehensive and compliant solutions for traders, partnering with the best trade engine experts having a broad industry experience. The platform is designed to promote simplicity and accessibility empowering and educating people from all walks of life to embrace the technological revolution of blockchain and invest in cryptocurrencies.
Endeavour to reach masses with a better standard of living
More education still needs to be imparted to achieve widespread awareness among people across the nation and globe. This endeavour is supposed to be done by having structures in place such as having Country Ambassadors in various African countries that will be responsible to educate and create awareness.
The aim is to target the untapped, high potential demographics for their inclusion in the cryptocurrency market and will begin their journey by reaching out to people in the flagship countries of South Africa, Nigeria, Zimbabwe, Kenya, Ghana, Angola and Uganda aiming to reach a market share of 1-10 million users in the first three years of operation. Achieving such levels of mass adoption, the aim is to provide access to financial services to a large section of the African population. Thus promoting the overall economic growth of the continent which would thus lead to a better quality of life.
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