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 