DUBAI, UAE, Sept. 21, 2022 (GLOBE NEWSWIRE) — The pandemic has spurred the growth of digitalization on the continent, encouraging more people living in Africa to embrace digital activities. As a result of these changes, more and more investors are paying attention to the potential of technology in Africa. Its digital economy is expected to be worth around $700 billion by 2050 as paperless retail transactions on the continent continue to rise in the post-pandemic era.
However, this phenomenal growth potential depends on access to stable internet connectivity, constant urbanization, and a thriving startup ecosystem.
Obstacles preventing Africa from benefiting from the digital economy
One of the most obvious barriers preventing Africa from maximizing the potential of its digital economy is low internet connectivity. The absence of digital identities, digital financial services and related revenue streams also affects the continent’s ability to enter the global digital economy.
The relationship between Internet access and household well-being in Africa is strong. A report from Senegal linked 3G Internet coverage to a 14% increase in consumption and a 10% drop in poverty. Consequently, African countries that do not address internet access issues limit the financial opportunities available to their citizens.
3air is dedicated to helping Africa extract greater value from the digital economy through innovation and forward-thinking strategies.
3air’s plan to help Africa monetize its $700 billion internet economy by 2050
Broadband Internet, TV and IP telephony
Africa needs to connect its citizens to the internet to monetize the internet economy. Growth in this sector is essential as broadband infrastructure on the continent is almost non-existent. 3air aims to provide high-speed broadband internet through its new K3 Last Mile technology while leveraging the 3air Mesh network.
3air’s new connectivity solution promises stability, reliability and affordability. The platform uses innovative and proprietary technology to deliver wireless high-speed Internet access in the air. Additionally, 3air offers digital television and IP telephony to facilitate business in Africa.
Through its high-speed broadband internet system, 3air aims to deliver trusted and verifiable digital identities to African users. A digital identity (DID) keeps your personal information in an environment that allows privacy and is easily verifiable. It will contribute to the development of a library of African digital identities containing authentic educational, medical and financial records and also facilitate seamless access.
Digital financial services
African financial systems are constrained by fragmentation, which affects their affordability, availability and interoperability. In order to maximize Africa’s digital economy, 3air aims to offer digital financial services to drive digital development across the continent.
Once Africans, especially the unbanked, can easily access digital identity facilities, they can benefit from the financial services available. These digital financial services will also increase funding opportunities for tech entrepreneurs in Africa, leading to more local innovations with global impacts.
To boost Africa’s digital economy, people need access to information through the internet, identification facilities and sources of income. Africa’s enormous potential is driving revenue models, which are rapidly emerging and presenting new opportunities for inclusion in the global economy.
3air offers new revenue models to Africans through microloans, hardware staking rewards, loyalty schemes and other methods to maximize their earning potential and drive the growth of its digital economy.
To learn more about what 3air does, you can check out their website at 3air.io or follow the project on Twitter, Telegram and Youtube.
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