The Versatility of Nano in Africa
The importance of the financial sector in the country and the world today cannot be overemphasized. It was and is still the foundation as it still plays a very cogent role in the economy.
Now cryptocurrencies, digital currencies, financial technology have been a huge advancement and improvement to the financial sector and served as a better preference to the fiat currency so it's no surprise it has gained mass adoption.
The African Economy
Africa is known to be the world's second-largest and second-most-populous continent, after Asia in both cases and it possesses the youngest population of all the continents. There are over 54 countries in Africa with eight territories and two de facto independent states with limited or no recognition. Algeria is Africa's largest country by area, and Nigeria is its largest by population.
Knowing fully well that the financial sector is the most dominant sector in the continent and as for the African financial sector. The commercial bank stands high in the financial sector in Africa amongst all others while the Nonbank financial institutions (NBFIs) and Microfinance (MFIs) follow the trend by developing, only a small group of countries has
Banks hold more than 80 percent of total financial assets, followed by insurance companies, pension funds, and other NBFIs. Interbank market transactions are very limited and largely confined to within branches of large foreign-owned banks. In some countries, postal offices play an important role in collecting deposits from remote areas.
Some complications in the financial sector and solutions offered by Nano.
Africa is a continent with countries of various diversities, different norms, and beliefs and also different governing bodies, rules, and regulations. We cannot begin to itemize the individual problems faced in the financial sector for each African country; rather we'll focus our attention on general challenges and problems faced in the financial sector in Africa.
There have been so many latencies in the financial sector of the African economy. These latencies have been duly noted by the diligent Nano Foundation team members dedicated to their course which have painstakingly brought about countermeasures and solutions to solving these setbacks.
Below are some problems faced and the solutions brought by Nano:
Cost of operating financial institutions and banks.
Operating costs are affected by the bank's size and economies of scale. The average African bank has estimated total assets of only about US$ 80 million compared with US$ 334 million for the rest of the world.
The banking system in African countries is beginning to fall out of favor to their customers as their customers are beginning to feel the charges removed and deducted from their money for maintenance and operating the financial system are getting outrageous daily thus, customers seek new means to save their money and make daily financial transactions one that wouldn't be more of a burden to them.
Like every bank in other continents across the globe, African banks and financial services to some extent are controlled and governed by the government. Therefore, liquidating a bank that is largely or partly owned by the government is still very problematic and recapitalization of these banks takes considerable time and resources.
Finally, while several countries (recently Nigeria) have restructured their banking sector and consolidated non-performing loans, there are still banks (largely government-owned) that carry large non-performing assets in their portfolio.
The payment system through banks and financial services has always been a topic of discussion and an issue to reason with. Africans hustle and bustle daily to make ends meet and this occurs by a series of transactions made to exchange goods for services. International transactions between two African countries have been burdensome due to the processes taken, cost, and extra charges required to complete successful transfers, and these have in some way lead to a breakdown in business.
Thankfully, improvements have been made in recent years as Africa has joined SWIFT’s global community. Based on the data collected in 2005 by SADC experts, some 720 users in 50 African countries virtually the entire continent were connected to Society for Worldwide Interbank Financial Telecommunication(SWIFT) and sent
approximately 55 million messages with an annual growth rate of about 15 percent.
Nano's Indispensability in the African Economy
Nano is digital money created for the sole purpose of convenience and efficiency. It is decentralized digital money that was brought into the limelight to give individuals control of their finances.
Nano is an eco-friendly cryptocurrency that doesn't rely on mining, printing, or minting, aims to address the current inabilities in today's existing financial systems, and limits fees while providing quick transactions speeds.
Nano's framework and designs make it the perfect digital currency to help proffer solutions to the aforementioned challenges faced in the financial sector above.
Nano offers a solution to the excessive charges from local banks and financial services deducted for transactions made and helps lift this burden by providing the Africans with the WeNano app which will allow them to make transactions without having to worry about the future charges to be deducted for every transaction made.
Moreso, unlike banks controlled by the government Nano's regulatory framework, is decentralized and the government does not influence the activities and codes of conduct from proper functioning. Therefore allowing Africans to trust the system better and feel safer.
Acknowledging the improvements made by African countries in joining SWIFT’s global community, with Nano serving as a transactional bridge in Africa the best is yet to come as it offers a fee less and lightning-fast transaction completion.
Finally, Africans can savor the taste of comfort in the daily activities by using Nano to run daily transactions by using the WeNano app to make both inter and intra payments easily without having to go through the rigor of following due process which can be quite stressful and time-wasting.
Charitable donations via WeNano App
The Nano Foundation continues to flourish and pull up surprises to gain more ground in the hearts of people. In Nano's selfless desire to make the world a better place a new partnership has been formed with SOSChildren WCNA so charitable donations are now possible via the WeNano App.
Several developing countries can't always depend on the government to meet all needs so Nano is keen on assisting individuals and charitable organizations by offering to donate spots to making donations using our favorite currency to "NANO" to support the objectives of impacting lives in Africa.
There are so many unemployed youths roaming the streets with nothing and no means of making ends. The pandemic has also worsened the situation by leading to the shutting down of companies and industries and also companies refusing to employ new staff for the time being.
Nano has decided to show huge support to the youths and also serve as a platform that solicits youth empowerment so donors can help assist the African youth and families by donating Nano through the WeNano app in pursuit of the project's success.
To do this all that is required is to get the latest version of the WeNano app on your preferred device either Android or iOS to use the existing features on it to get donating spots for as low as 0.1 Nano to make an impact in the African society.