DUBAI, United Arab Emirates, September 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 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 huge growth potential hinges on access to a stable internet connection, steady urban expansion, and a thriving startup ecosystem.
Barriers preventing Africa from benefiting from the digital economy
Low internet connectivity is one of the most obvious barriers to maximizing the potential of its digital economy for Africa. The absence of digital identities, digital financial services, and the attendant revenue streams are also affecting the continent’s ability to enter the global digital economy.
The relationship between Internet access and local well-being in Africa is strong. One Report from Senegal Link 3G network coverage to a 14% increase in consumption and a 10% decrease in poverty. Hence, African countries that do not address Internet access issues limit the financial opportunities available to their citizens.
3air Focuses on helping Africa extract more value from the digital economy through innovation and forward-thinking strategies.
3air’s scheme to help Africa monetize $700 billion from the internet economy by 2050
High speed internet, TV and VoIP phone
Africa needs to connect its citizens to the internet to monetize the internet economy. The growth of this sector is critical because broadband infrastructure on the continent is almost non-existent. 3air aims to provide high speed broadband internet through its narrative K3 Last Mile Technology while taking advantage of 3air mesh.
3air’s new connectivity solution promises stability, reliability and affordability. The platform uses innovative proprietary technology to deliver high speed wireless internet over the air. In addition to, 3air offers digital TV and VoIP telephony to facilitate business in Africa.
Using a high-speed broadband internet system, 3air aims to issue reliable and verifiable digital identities to African users. Digital Identity (DID) helps maintain your personal information in an environment that supports privacy and is easily verifiable. It will help develop a library of African digital identities that contains original educational, medical and financial records and also facilitates seamless access.
digital financial services
African financial systems are limited by fragmentation, which affects their affordability, availability and interoperability. To maximize Africa’s digital economy, 3air aims to provide digital financial services to stimulate digital development across the continent.
Once Africans, especially the unbanked, have easy access to digital identity facilities, they can take advantage of the financial services available. These digital financial services will also increase financing opportunities for tech entrepreneurs in Africa, leading to more local innovations with global impacts.
To drive Africa’s digital economy, people need access to online information, identification facilities, and revenue streams. Africa’s huge potential spurs revenue models, which are emerging rapidly and presenting new opportunities for integration into the global economy.
3air is introducing new revenue models to Africans through microcredit, hardware rewards, loyalty schemes and other ways to maximize their earning potential and spur the growth of its digital economy.