Cryptocurrency can help empower the billions of unbanked and living in poverty; find out what Electroneum is already doing
Currently, nearly half of the global population are unbanked, underbanked, or do not use their bank accounts, according to the World Bank. Many business and entrepreneurs have seen the positive impact of financial inclusion. “Studies have shown that mobile money services –which allow users to store and transfer funds through a mobile phone — can help improve people’s earning potential and thus reduce poverty,” the World Bank added.
In Kenya, a World Bank study found that access to mobile currency services delivered big benefits, especially for women. It enabled women-headed households to increase their savings by more than 20%; it allowed 185,000 to leave farming and develop their own businesses and helped reduce extreme poverty among women-lead homes by 22%.
Since inception in September 2017, Electroneum has rewarded people in developing countries with ETN equivalent to up to US$3 a month, which to many may not seem significant. However, it is for people in Venezuela where minimum wage is US$3 a month or in Africa where they earn as low as US$30 monthly.
Electroneum helps inject liquidity to local economies and businesses as ETN becomes more widely accepted for mobile top-ups, at shops for everyday items as well as for taxi rides and carwashes.
Electroneum is also currently focusing great resources to ensure launch of in Q4 2019 of the AnyTasks freelancer and TaskSchool eLearning platform aimed at connecting those billions of underserved people to the global digital economy sparking growth as it enables people to earn more and ultimately live better.
Understanding the unbanked
The numbers are staggering. Over 1.7 billion people do not have a bank account. Two billion more people who have a bank account, don’t…