How will the banking products market develop?
There are countries where only 50% of the population has access to banking products. We've discussed the development of the banking sector in previous posts and now want to focus on the distribution of financial products.
Let's try to understand why the remaining 50% of people worldwide can't use modern banking products!
According to a 2022 report, around 50% of Africa's population still lacks access to banking services. Products available in Europe, America, and Russia have only recently begun to be implemented in African countries - in 2021, the European Investment Bank (EIB) signed a €2 billion investment agreement for operations in African countries south of the Sahara.
However, Africa is one of the most active regions in cryptocurrency use. For instance, it ranks first globally in Bitcoin transaction volume. Cryptocurrency for these countries is a path to financial freedom and the only way to relatively securely store savings. This is because many countries are still grappling with rising inflation levels and suffer from high national debt.
In Indonesia, only 50% of the population uses banking products. But only 13% of rural and 13% of urban populations in Indonesia stated they had taken loans at least once in their lives. Like Africa, they actively adopt cryptocurrencies – ranking 7th among countries integrating it. Moreover, trading crypto assets as goods in Indonesia is legal and officially regulated.
In India, things aren't much better: yes, 80% of the population has bank accounts, but about 52% of them don't know how to use them and prefer keeping their savings at home. However, India ranks first globally in cryptocurrency adoption among all countries!
If we look at DigiU's audience, we can confidently state that we already have a significant volume of audience and client base in countries where our banking products could be in demand.
To avoid mere words, let's turn to the population statistics of these countries. Across the African continent, there are 1.216 billion people, 50% of whom make up 608 million people. Indonesia has a population of 273.8 million, where 50% accounts for 136.9 million people. And in India, there are 1.408 billion people, with 52% of this number accounting for 732 million people. Just imagine how many potential customers there are for the RWA Bank!
We will provide a vast number of people from around the world with the opportunity to use banking products and innovative financial instruments, such as RWA credits and RWA loans.
As Alexey Ognev said: «I think the evolution of the international trade banking sector, the integration of cryptocurrencies into the banking environment, will start precisely in countries like Africa, India, Indonesia, where there is this need!».
The first confident steps have already been taken: on 10.11.2023, the first stage of financing for RWA-Marketplace and RWA-Bank concluded. And this is just the beginning. From November 20, we are launching a new stage of financing – stay tuned for updates!
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