Cryptocurrency and the Unbanked–a “Lifeline,” says one Entrepreneur
by Alan Goodman
While many in the financial community look ahead to a day when digital currencies bring security and convenience to everyday transactions, in other communities switching to digital can bring much more — a genuine lifeline.
“The whole foundation of Satoshi Nakamoto’s concept behind Bitcoin was to bring power to people,” said Nicholus Andrews, CEO of Aeryus, Inc. “For the unbanked populations in the world, we are close to seeing that dream become a reality.”
The Unbanked Are Everywhere
The stereotype of an unbanked consumer is that he or she lives in a rural area, in a country with little industrial development. In fact, millions of Americans also live without bank accounts because of the cost. Just keeping your money in the bank could cost an average of $150 dollars a year.
With fees and minimum balance requirements, a lot of low-wage earners can’t foot the bill of maintaining a bank account. On payday, they turn instead to check cashing services or load up their pre-paid debit cards. Those options, as well as money orders used to send funds to others or pay financial obligations, add significant fees that are unavoidable for people who live paycheck to paycheck.
Nearly Two Billion Need a Solution
Add those U.S.-based adults to world totals of people who don’t have access to banks, and the number comes to 1.7 billion adults, worldwide.
That includes countries like Zimbabwe, where the currency is virtually unusable, and where the result of instability has been crushing inflation, empty shelves, and rationing.
South Africa’s currency has been subject to political flights. In the Philippines, 80 percent of families qualify as unbanked or underbanked.
“A much better solution for those people, wherever they live, is digital currency and a smart phone wallet engineered to keep their transactions safe and to help them spend easily,” said Andrews.
A Bank In Your Pocket
Andrews points out that of those 1.7 billion people, more than two-thirds own smart phones. Thanks to digital currency, that means they are carrying banks in their pockets.
Andrews’ company, Aeryus Inc., is preparing to release Aeryus ChainPayments, the first complete transaction service designed to facilitate use of any viable digital currency as well as storage and trade of virtually any digital asset. Launching soon in Ghana, it allows borderless transactions with low-to-zero fees compared to banks and credit card companies. Both peer-to-peer payments and purchases at retail or on the web are supported. The unique two-coin system Aeryus employs encapsulates the transaction and provides a smart receipt that lives forever on the blockchain.
Addressing Real Need
Aeryus’ ambassador in Ghana sees it as a positive advancement for people in his country who are desperate for an alternative to banks.
“Last year, 23 banks in Ghana either failed or were forced to merge,” says Sulemana Abdul Rauf, whose team of representatives has been travelling the country training people how to use the app. “When you think about it, most people don’t even need a bank. They need to buy rice. They need to pay a worker. They can do that through the app.”
Not having a checking account can make it difficult even to receive governmental aid. That problem goes away when the government is paying, and users are receiving, digital funds.
Throughout Africa, digital currency has already seen wide adoption. Even when Bitcoin was at its lowest ebb in value in 2018, trading the currency in Africa surged. The need for a safe and secure financial system was enough to overcome concern over the currency’s diminishing buying power.
With so much attention on the need to send funds fast and effortlessly into and around Africa, it is no wonder the continent has been the scene of many innovations.
A number of options exist — some requiring some banking interaction to transfer funds to and from the local currency. But once funds are on the digital platform, everything gets easier.
One solution requires only facial recognition and a voiceprint to activate a transaction. The smartphone camera is used to accept and receive payment.
Another platform allows users to earn funds by encouraging others to join, sending chats, and making transactions. Still another allows users to load PayPal accounts, crowd-funded money, and gift cards onto their system.
As adoption grows, platforms are beginning to introduce other services, such as borrowing against your digital currency, or insurance services, including health care insurance.
The Opportunity For Women
Local representatives point to the significant impact digital currency usage will have on women. In regions where banking is inaccessible, 55% of women don’t have bank accounts. Aeryus is making a concerted effort to empower women in their communities by pointing out a simple fact of economics: when they use Aeryus ChainPayments for their everyday purchases, they take advantage of the opportunity to build and maintain a credit history. That record of obligations assumed and obligations met is frequently the ticket to obtaining loans and getting business insurance.
Back in the U.S., that opportunity exists as well for consumers who today are forced to wait until the window at the check cashing service opens.
“When you aren’t paying an arm and a leg just to use your own money, and you aren’t wasting time on a line to cash your paycheck, you can devote those dollars and hours to making your work more profitable,” said Andrews. “Power to the people. Satoshi got it right.”
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