Albeit the world is aggressively progressing toward a digital economy, millions of people and communities lack even the most basic amenities. In Sub-Saharan Africa, for example, over 80 million adults remain unbanked and have to resort to cash for all transactions. Whereas the Middle East and North African region count for about 20 million adults with no bank accounts, including 10 million in the Arab Republic of Egypt, according to the Global Findex 2021 database.
Government policies promise to bring about financial inclusivity, but the results are null to disappointing. The vulnerable and underprivileged sections of society still have no access to financial services such as banking, insurance, equity products, etc. Bill Gates, the co-chair of the Bill and Melinda Gates Foundation, once said, “The world must build a more inclusive and resilient economy and provide a gateway to prosperity for billions of people.”
In the endeavour to elevate financial inclusion, blockchain technology sparks a new ray of hope for the underserved community.
How is blockchain revamping the game?
The question is ‘how?’ (i) Blockchain facilitates the account opening process. (ii) Blockchain is immutable and reinforces trust. (iii) It addresses the issue of high fees, etc. Listed below are some innovative blockchain projects aiming to accelerate the marginalised inclusion and socio-economic growth.
Fuse partners with ChromePay to bolster financial inclusivity in Sub-Saharan Africa
In Sub-Saharan Africa, the lack of an identity document—to date—remains a barrier against achieving financial inclusion, per the Global Findex 2021 database. Note that nearly 30% of adults lack identification documents. However, to cure the problem, WEB 3 has given impetus to a novel decentralised identity service, also known as DID. DID enables people to control their own digital identity without depending on any centralised or certified authority.
Fuse, a WEB 3 payments platform has partnered with ChromePay, an identity-based payment solution, to bolster financial inclusivity in Africa. The alliance centers around ChromePay’s decentralized identity service, or DID, which the companies claim will enable millions of Africans lacking identity documents to participate in the WEB 3 economy. Wielding the Fuse…
