The financial markets across the world are not uniformly distributed: some regions have access to 24 x 7 banking while other regions have millions of unbanked citizens. Electroneum, the popular cryptocurrency organization has decided that the asset will be sued to bring a better financial structure to the poor countries of Africa.
Electroneum has launched its own ‘AnyTask’ feature for developing countries to give the power back to the people. The selected countries include citizens who are not able to conduct basic tasks like paying bills because of the sheer effort required to do so.
The cryptocurrency company recently stated that ‘AnyTask’ wanted to solve conventional day-to-day problems faced by people. The main aim of ETN is to bring the burgeoning digital economy to those who are less fortunate.
AnyTask works as a freelance platform where people can post their skills which can be used to hire them. The buyer has the option to pay using a debit or credit card while the seller receives the payment in Electroneum. This is a big boon to the unbanked sectors within developing economies across the globe.
Payments are processed by the crypto company itself and converted into Electroneum (ETN) by one of their partners. This makes the entire process simple for both buyer and seller. To make the online process easier, Electroneum has ensured that they have Partnerships with third-party airtime and data providers.
Electroneum had taken significant strides to ensure that citizens in Africa can use their phone to conduct payments and that led its launch in Uganda, Tanzania and Nigeria. During the launch, Electroneum CEO Richard Ells had said:
“We are pleased to announce the launch in these three African nations, where we see a clear opportunity to enable Electroneum users to top-up mobile airtime through a third-party provider of the major mobile network operators.”
Out of the 25 million mobile subscribers in Uganda, 99 percent of them can top-up their phone using ETN now. This mobile reach allows them to access services such as TaskSchool. This service provided by Electroneum aims to educate people on various skills that they might need. Due to the steps taken by Electroneum and cell providers such as Africell and Airtel, millions of people are able to access such services.
Financial inclusion is the need of the hour and cryptocurrencies such as ETN are right in the thick of it. Electroneum officials are out to prove that the asset can provide real-time solutions and is not just a whitepaper. According to reports, companies such as Electroneum target large unbanked populations because they also tend to have the fastest-growing economies.
The untapped markets in developing regions are not just a social issue but also an economic one. Electroneum’s early entry into the African market is expected to earn them massive dividends soon because of projected growth rates. According to some estimates, the addition of developing countries into the digital fold will open up another $3.7 trillion in terms of Gross Domestic Product [GDP].
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