Every day, people require conducting financial transactions to live through their daily lives. Financial inclusion is a concept dictating the efforts to facilitate financial services and products for everyone. That includes the provision of proper banking services and other monetary exchange services. Moreover, financial inclusion aims to eliminate barriers between social classes. Today, many people suffer exclusions from the same due to their economic status, proving to be a major enemy of progress for all.
Nearly 2 million people globally lack banking services, even in a developed era. Now when economies are collapsing, governments should be implementing new infrastructure and forming policies that will diversify these services’ reach. However, most nations still face slow growth, especially in most developing countries.
Problems Facing Financial Inclusion
Developing countries face several obstacles in the struggle to bring banking and other financial services to people.
- Inadequate Financial Literacy and Accessibility
One of the significant issues to look at is the lack of literacy among many communities. In turn, people do not know how to maneuver these sectors. It eventually leads to poor decision making among such populations as far as the issue is concerned. Since the whole idea behind the financial services looks complicated, it is necessary to integrate better channels that such parties can utilize comfortably, hence, adoption.
- Identification Documents
Secondly, most countries demand proper identification documents for the opening of bank accounts or similar services. Proper identification removes threats of identity crimes while offering people a chance to access benefits and transaction opportunities. It is still an issue in developing countries leading to a considerable number of people lacking IDs.
- Security and Unaffordability Constraints
Third, unaffordability and security are two issues clouding trials into attaining extensive financial inclusion. The people lack trust in government currencies with more getting entangled into fraudulent webs, directly or indirectly. The introduction of mobile money transfer and digital currencies also promote adoption, but both have underlying security issues of swindles, hacking, and more.
On the other hand, rural and poor communities lack enough funds to sustain current avenues for exchange and trade. Merchants also face hurdles in both local and international trade and payments, making it hard to expand businesses and the private sector at large.
These are just but a few of the plethora of challenges hindering accessibility and usability of current financial systems. Fintech companies, such as Apollo Fintech, are on the frontline in an attempt to create an ecosystem suitable for everyone.
The Apollo National Payment Platform (NPP)
Apollo Fintech has a spectacular innovation that will solve governments’ problems accompanying financial inclusion. Through the national currency platform, they can circulate their digitized national currencies via central banks, and other commercial banks and agents. All accredited banks will further have the authority to introduce citizens and traders onto the platform for P2P transactions. Deposits, withdrawals, exchange, transfer, and payments are the services everyone onboard will enjoy.
How the NPP can Solve the Financial Inclusion Issue
According to Steve McCullah, the CEO of Apollo Fintech, eradicating accessibility and usability barriers is the primary mission of the NPP. Furthermore, he notes that interoperability with other platforms on the blockchain will aid the achievement of global adoption. Governments can utilize its resources to bestow every individual with invariable efficiency, stability, and control in their financial aspect of life. Besides, integration of the NPP will boost economies to higher limits that governments could not attain previously. The national currency platform solves the mentioned issues through:
The Apollo Blockchain
The Apollo blockchain is the world’s most feature-rich blockchain leveraging others’ useful features and incorporating them into it. The blockchain offers NPP smooth transactions with no downtime thanks to database sharding. Being the fastest blockchain is an additional advantage offering all users sub-second to 2-second speeds for transactions locally and internationally, using sovereign digital currencies, at low costs.
It ensures a secure environment for all to undertake their financial exchanges preventing dangers of hacks and other financial crimes. The ecosystem will render governments, central banks, and others transparent as every action records in a distributed ledger. Apollo targets implementing quantum resistance soon to prevent quantum computing attacks.
CBDCs and Apollo Cash
CBDCs will work hand in hand with Apollo Cash, which is consistent on all Apollo’s payment platforms. Anyone can transact using offline codes, online wallets, SMS, QR codes, bank cards, and others. Services, including withdrawals and top-ups using cards and wallets, access to physical banks, and payments across borders, will be available after NPP goes live.
Traders can sign up online to establish product catalogs and utilize the point of sale system to sell goods and services. Mobile SMS feature takes into account the people lacking bank accounts and smartphones, making NPP an all-inclusive platform.
National ID Registration System
The national ID registration system makes it easier for governments to control identity theft issues in many transactions. Furthermore, individuals with no identity cards or documents will have an avenue to acquire them instantly on the national currency system. Considerably, those who had no access to banking services and mobile payments can now register instantly.
Apollo National Currency Platform for Overall Inclusion
Apollo Fintech explores the limits of blockchain technology and the rise of an efficient system to support global economies. The national currency system is among the vast plans that the company has in store for the financial sector.
It further assesses the situations that prevent the accessibility and usability of national currencies and financial services. The platform offers all individuals seamless opportunities to improve their economic status despite their locations or capabilities. Comprehensively, this accessibility will open doors to untapped potential bringing growth to countries’ economic stands.