Based on a survey of its clients, GajiGesa claims that over 80% of their employees have stopped using informal lenders because of its EWA feature and 40% are using other financial services through the platform like bill payments and data recharge - What is data recharge?
Data recharge typically refers to the process of adding credit or data to a mobile phone or other devices that require data connectivity, such as tablets or portable Wi-Fi devices. This can involve purchasing a specific amount of data in the form of a prepaid card, electronic top-up, or through an online transaction to keep mobile devices connected to the internet. It's a common service offered by mobile network operators, allowing users to continue using data services for internet browsing messaging, and other online activities.
ABA’s Igor Zimarev on bridging gap with unbanked population (Oct 2023) ABA boasts 85 branches and 43 round-the-clock self-service spots, even in rural regions. : ABA is committed to promoting financial literacy among the public, leveraging social media and community-based financial literacy programmes. Our ongoing FinLit programme in the rural areas of Ratanakkiri is an example of this. Through the initiative, we’ve educated hundreds in remote villages on managing family budgets, cultivating saving habits, making the most of bank accounts and sidestepping excessive debt. Our aim is to usher more Cambodians into formal banking, ensuring they benefit from the conveniences offere ABA’s substantial commitment to digital technology is evident in the consistent rise of Instant Accounts being set up. Since their launch in 2021, our customers have established approximately 1 million Instant Accounts. ABA is a staunch supporter of Bakong, the blockchain-based payment platform developed by the NBC, Based on these excerpt - how does blockchain helps?
Blockchain technology, such as Bakong, can help in several ways, including:
Secure and Transparent Transactions: Blockchain ensures secure and transparent transactions by creating a decentralized and distributed ledger that records all transactions. This can help to reduce fraud and provide greater trust in the financial system.
Reduced Transaction Costs: By using blockchain for payments, transaction costs can be reduced as intermediaries are minimized or eliminated, leading to more efficient and cost-effective financial services.
Financial Inclusion: Blockchain can help bridge the gap with unbanked populations by providing access to financial services through decentralized and digital platforms, enabling individuals in remote areas to participate in the formal financial system.
Faster Settlements: Blockchain technology enables faster settlement times for transactions, which can be especially beneficial for cross-border payments and remittances, improving the overall efficiency of the financial system.
In summary, blockchain technology, as exemplified by Bakong, can significantly contribute to promoting financial inclusion, reducing transaction costs, and enhancing the security and efficiency of financial transactions, particularly in regions with underbanked populations.
Can you further define how blockchain can support, please breakdown for me in table format
Certainly! Below is a breakdown showcasing how blockchain technology can support various aspects:
| Aspect | Support from Blockchain |
|---|---|
| Security | Provides a secure and tamper-resistant ledger for recording transactions, reducing the risk of fraud and unauthorized alterations. |
| Transparency | Offers a transparent and immutable record of transactions visible to all participants, promoting trust and accountability. |
| Cost Efficiency | Reduces transaction costs by eliminating intermediaries and streamlining the settlement process, leading to more cost-effective financial services. |
| Financial Inclusion | Enables access to financial services for unbanked populations through decentralized and digital platforms, fostering greater inclusion in the formal financial system. |
| Speed of Transactions | Accelerates the settlement of transactions, particularly cross-border payments and remittances, enhancing overall financial system efficiency. |
Blockchain technology embodies these qualities and can significantly impact financial services by addressing security concerns, promoting transparency, reducing costs, fostering financial inclusion, and enhancing transaction efficiency.