Blockchain To Help Banking Services In Africa

A large section of the African adult population is still unbanked, and that continues to be a growing concern in the region. However, the future looks hopeful due to the existence of technology.

The CEO and founder of Imani-Heidi Metz, has committed to helping out the banking sector in Africa. She has offered to help out the population by creating a blockchain-dependent, low-cost mobile banking stage where consumers can store fiat as well as digital currency easily.

The issue of people without banking services exists on a large scale. According to Global Findex data, more than one point seven billion (1.7 B) people across the globe have no access to banks or mobile banking practices. A technology like this could really turn it around for Africa.

Heidi has mentioned that her agenda behind the creation of this technology is to introduce this disruptive technology in the West African states. With her firm’s blockchain-based mobile wallet and payment system, she could create an environment of that would be conducive to the growth of various digital currencies.

With the services that Heidi is looking to offer the people, they would essentially possess a safe storage and transfer mechanism for their fiat and cryptocurrencies. A technology like this greatly increases the safety of the money that these people are earning and storing.

The situation in Africa is dismal in terms of financial security for those, who do not have access to bank services. Paydays in African states can be risky for those who face the possibility of being mugged on their way home. A technology like this could thus ensure that people’s hard earned money is safe in a bank storage, rather than lying unprotected and vulnerable in their homes.

More such social impact projects could and should be undertaken by various companies, to contribute positively to the society.