DUBAI, UAE, Sept. 21, 2022 (GLOBE NEWSWIRE) — The pandemic has stimulated the growth of digitalization on the continent and encouraged more people in Africa to embrace digital activities. As a result of these changes, more and more investors are paying attention to the potential of the technology in Africa. The digital economy is projected to be worth around $700 billion by 2050 as paperless retail transactions continue to grow across the continent in the post-pandemic era.
However, this phenomenal growth potential depends on access to a stable internet connection, steady urbanization and a thriving startup ecosystem.
The barriers to Africa benefiting from the digital economy
One of the most noticeable obstacles for Africa to maximize the potential of its digital economy is the low internet connection rate. The lack of digital identities, digital financial services and accompanying revenue streams are also impacting the continent’s ability to enter the global digital economy.
The relationship between internet access and domestic welfare in Africa is strong. A report from Senegal linked 3G internet coverage to a 14% increase in consumption and a 10% reduction in poverty. Therefore, African nations that do not address Internet access issues limit the financial opportunities available to their citizens.
3air is focused on helping Africa derive more value from the digital economy through innovation and forward-thinking strategies.
3air’s blueprint to help Africa monetize its $700 billion internet economy by 2050
High speed broadband internet, TV and IP telephony
Africa needs to connect its citizens to the internet to monetize the internet economy. The growth of this sector is crucial as there is almost no broadband infrastructure on the continent. 3air aims to provide high-speed broadband internet through its novel K3 Last Mile technology while leveraging the 3air mesh network.
3air’s new connectivity solution promises stability, reliability and affordability. The platform uses innovative, proprietary technology to deliver high-speed internet wirelessly over the air. In addition, 3air offers digital television and IP telephony to facilitate business in Africa.
With its high-speed broadband Internet system, 3air aims to provide African users with reliable and verifiable digital identities. A digital identity (DID) helps keep your personal information in a privacy-enabled, easily auditable environment. It will support the development of a library of African digital identities containing authentic educational, medical and financial records, and will also provide seamless access.
Digital Financial Services
African financial systems are limited by fragmentation, affecting their affordability, availability and interoperability. In order to maximize Africa’s digital economy, 3air aims to provide digital financial services to drive digital development across the continent.
Once Africans, particularly the unbanked, can easily access digital identity facilities, they can take advantage of the financial services available. These digital financial services will also improve funding opportunities for tech entrepreneurs in Africa and lead to more local innovation with global impact.
To fuel Africa’s digital economy, people need access to information via the internet, means of identification and sources of income. Africa’s enormous potential motivates income models, which are evolving rapidly and offering new opportunities for inclusion in the global economy.
3air offers Africans new revenue models through microcredit, hardware staking rewards, loyalty schemes and other methods to maximize their earning potential and fuel the growth of its digital economy.
To learn more about what 3air is doing you can take a look at their website at 3air.io or follow the project on Twitter, Telegram and Youtube.