Banking The Unbanked: The Rise Of Neobanks And Crypto In Sub-Saharan Africa

In regions like Sub-Saharan Africa, the traditional banking infrastructure that is used daily worldwide is often inaccessible to a vast population. However, as a result of this lack of access, there are many innovative financial services working hard to ensure significant strides in this area. 

Neobanks and cryptocurrency platforms are providing not just effective alternative banking options to conventional banking infrastructure — they’re helping bank the unbanked through essential service offerings. This financial empowerment of populations left behind by traditional banking services — otherwise considered a norm in society — has brought decades of progress to a region previously exposed to this security.

With platforms like Boxwind completely overturning the inaccessibility of financial services, educational sources, and unparalleled customer support, the world’s most underserved areas now have a light at the end of the tunnel.

The Financial Divide

The underserved region of Sub-Saharan Africa represents a wide population with a long-standing and unique challenge to access traditional financial services. According to the World Bank, a significant portion of this region’s population remains unbanked and lacks access to most basic services in finance otherwise available to the developed world.

This gap in finance has created a divide between those with and those without accessible, affordable, and reliable banking solutions. To fill this gap, Neobanks and crypto services are stepping up to offering high-efficiency low-cost alternatives to traditional banking solutions taken for granted worldwide.

Unlike the workings of traditional banks, Neobanks and crypto services usually require no more than a mobile phone for access. The significance of this is often overlooked globally due to the presence of physical bank institution branches available, however, in Sub-Saharan Africa these are scarce while internet access mainly remains mobile. 

Crypto Services: Empowering the Unbanked

Accompanying Neobanks, crypto platforms have a huge potential to completely overhaul banking in underserved regions through their tailored banking services made available just through a phone.

By bypassing the need for physical infrastructure and providing banking services affordably as opposed to conventional alternatives, crypto platform services provide accessibility options not previously available to the unbanked. 

For example, remittances, which constitute a substantial part of African country economies can be processed at merely a fraction of the cost and time through crypto — as opposed to traditional banking alternatives. Platforms like Boxwind, crafted from the Forex-built Exinity Group’s reputation and experience, works to empower this new wave of financial innovation.

Boxwind works hard to provide user-friendly services that are straightforward, efficient, low-cost and tailored to the needs of newcomers unaccustomed to the crypto space. With its wealth of educational resources and customer care excellence, it offers newcomers a safe platform to access and secure their finances.

Education and Customer Care

As newcomers enter the crypto space with minimal knowledge or technical know-how, education and customer care become vital for tackling the core challenges for previously unbanked regions like Sub-Saharan Africa. Neobanks and crypto services are working endlessly to tackle this issue head-on through educational programs and by establishing the highest standards of customer care.

Boxwind is a platform committed to these goals, providing the best-in-class customer support and educational resources for those new and familiar with the crypto space. By taking this approach, Boxwind ensures that customers feel confident and secure when carrying out financial management on the platform. 

With educational initiatives designed to dismantle the complexities of crypto and simplify the process in a safe space, platforms like Boxwind are building an inclusive financial option for those previously underserved.

Commercial Viability and Growth

The business models of Neobanks and crypto platforms services are not purely altruistic as they have to serve a purpose previously inaccessible and never before established. Commercial viability and growth are vital for these service offerings by ensure services reach the vast potential new users with participation in global economic activities, secure financial futures, and improved economic standing. 

Boxwind’s ethos and strategy testify to this approach ensuring mutual benefit by platform and user alike. To do this, the platform sets slightly above-market prices to afford the provision of high quality customer service infrastructure and the support and education of new users in the space. Through this model Boxwind reduces churn while building customer loyalty with long-term success on the horizon.

Financial Inclusion: Globally

As platforms like Boxwind continue to offer expansive service to the unbanked users in regions like Sub-Saharan Africa, they focus on overcoming the challenges ahead. From regulatory barriers, technical educational needs, and forward-thinking innovation, Boxwind’s strategic approach tailors itself to overcome and provide for those left behind.

This movement towards a bridging of the financial divide between the banked and the unbanked marks a promising future for Neobanks and crypto platforms like Boxwind. By delivering financial inclusion to historically underserved regions, these service offerings don’t just fill a gap in the market — they open the door to independence and a new future for millions of people. 

With user-centric services that are easy to navigate, educational resources to reduce the learning curve for newcomers, and secure banking solutions, platforms like Boxwind are set to drastically change the financial opportunities in Sub-Saharan Africa and beyond.