How can crypto solve Africa’s Unbanked problem?
Africa is one of the largest and most diverse continents on the planet, with a diverse multitude of countries, cultures, and economies. While some countries in Africa had the fortune of developing, keeping in pace with other continents, other countries are still at the low spectrum of development. This development is not just limited to the financial industry, as the majority of the population is still suffering from inadequate healthcare services, incomplete basic necessities, and famine.
A recent study declared that 57% of the African population remains unbanked, and the banking services that are available are subpar and cannot boost the country’s economy. While several traditional financial institutions have tried to bring a positive change, only a handful of them have succeeded in making a dent. One of the reasons for this staggering growth is that traditional banking systems have limited capabilities and cannot bring a quick change on such a large scale.
On the other hand, Blockchain technology and decentralized finance have been proven to be effective in bringing a disruptive change at a massive scale because of their boundaryless approach. Moreover, the underdeveloped infrastructure of Africa makes it a perfect host for cryptocurrencies as it requires just an internet-enabled device.
Crypto and Africa
According to the World Bank, Sub-Saharan Africa’s median GDP per capita is $1,483 as compared to $33,927 of the European Union, making Africa’s wealth output 22x lower. Cryptocurrencies create an alternate payment network that is not restricted by an institution or organization, making it the ideal payment network for countries like Africa.
Blockchain technology not only creates investment and job opportunities but also helps boost the economy by bringing in revenue from startups and blockchain projects. Moreover, the cryptocurrency ecosystem has the ability to revolutionize not just the financial industry but also additional verticals such as healthcare.
Immunify.Life is a transformative, highly secure, and self-sustaining healthcare ecosystem secured using blockchain technology. The project eliminates economic barriers to treatment and enables sustained healthcare services using its innovative token $IMM. The project has been making continuous efforts to develop healthcare services in growing economies such as Africa and Kenya.
Immunify.Life is a transformative and self-sustaining healthcare ecosystem secured by blockchain with the mission to transform the landscape of health management and data utilization. The project leverages the power of Big Health Data and Artificial Intelligence to ensure seamless movement of de-identified patient healthcare data.
Immunify.Life has established a strong presence in Africa with a team that has over 60 years of combined experience in the relevant industries. It is a world-first solution to solve global health management crises and data collection challenges.