Acquiring services in developing countries
After successfully addressing the infrastructure issue there are 2 major drawbacks for people in developing countries while acquiring broadband services:
- Means of identification
- Means of payment
There are over 1 billion people around the world without the means of identifying themselves (Desai, Diofasi, & Lu, 2018) and that is a potential problem in acquiring services that include connecting to the internet.
Over 31% of adults worldwide do not have access to proper banking (Felsenthal & Hahn, 2018) meaning they also have limited options of paying for goods and services and no means of building a credit line.
What is surprising is the level of blockchain adoption in such areas with Nigeria leading in global crypto currency adoption with 32% of its population. In comparison, probably the most crypto friendly developed country, Switzerland, is at a mere 11% with only 6% adoption in the US. (Oluwole, 2021)
Even with limited connection and hardware, it seems that global financial inclusion is possible without the need for banks. This means that people are ready and long for such opportunities, but their main drawback in regular and efficient use is still nonexistent or bad connectivity and hardware.
How Common Is Crpyto?
Share of respondents in selected countries who said that they used or owned crypto currencies (2020)
Figure 2 How Common Is Crypto?