Can crypto help bank the unbanked?

Online banking is not only convenient; link it to the world economy. The bank offers checking and savings accounts, mortgages and loans, online payment services and the ability to interact with services from around the world. However, millions of people around the world do not have access to these services for a variety of reasons, from lack of connectivity to expensive barriers to entry. Blockchain can help connect these unbanked individuals to the global economy by providing needed banking services without the cost or inaccessibility of banks in developing countries with high poverty rates.

There is already a significant adoption of cryptocurrencies in Africa. Some populations of Kenya (8.5%), South Africa (7.1%) and Nigeria (6.3%) have started to accept this currency for regular use. With banks being unreliable due to their inaccessibility and expensive for those on low incomes due to high transaction fees, many Africans are turning to digital currencies. With blockchain, fees can be low, transaction fees are fast, and accessibility is equal for anyone with extensive internet access.

Cryptocurrencies and Web3 offer additional benefits than just banking. Engaging users in the crypto space also empowers them to the level of the global economy. More and more online services are accepting cryptocurrencies, giving Africans using blockchain access to the global economy without the need for a bank account. This is a strong crypto use case that is expected to grow rapidly in the years to come thanks to a company called 3air.

3air uses wireless networking technology to connect people to the global Internet. There are plans to launch NFT subscriptions to allow people to purchase this access to the internet in a way that allows them to own their own data. People in the cryptosphere can also make money selling their data directly to advertisers, increasing transparency about how data is used and allowing people to monetize their data to generate passive income.

With crypto, users have complete privacy about who they are and can withhold information as they see fit. However, if they wish, users themselves can sell their data to companies, giving poor individuals the opportunity to make money on their own, of their own accord. It empowers all users especially those who are new to the Web3 space from Africa.

However, these ideas require internet access to implement. 3air will provide Internet services using the proven Last Mile K3 wireless network technology, proven to work in nine countries on three different continents. With this technology, the company plans to bring nearly one billion users into the global economy. Moreover, it will bring these users into the crypto space as the company plans to use an NFT based subscription service combined with crypto training in the air and on the ground to bring its services to a wide audience. As a result of delivering this knowledge, users will be empowered across the Web3, giving Sub-Saharan Africans the full power to shape their future.

Banking and internet services are essential for any individual or company that wants to operate with the global economy. These services are few and far between in sub-Saharan Africa, making it difficult for citizens of this developing country to connect globally. Using crypto, users can get banking services at lower costs and greater accessibility, work with web3 for personal gain on a global scale, and maintain and sell their personal identities. 3air aims to bring this service to Africa through the use of proven wireless networking technology, online and on-site user learning opportunities, and the SKALE blockchain.