According to a new paper by South Africa's Competition Commission, mobile networks may soon become banks. That's right. MTN and CellC could soon be providing banking facilities for clients straight from their mobile phones.
- The goal is to, like crypto, aid in creating a digital banking platform for the everyday citizen, allowing individuals to go cashless and thus avoiding risks of contracting Covid-19 through physical contact with funds etc.
- According to the Competition Commission, these large companies tend to be veritably secure and prevent money-laundering and fraud.
- South Africa is extremely divided - many do not have access to the internet outside of their very cheap cellphones (note that these are not smartphones), and this is creating a "block" for them to access digital payments etc.
- Many still wait in long queues for entire days at a time to collect grant money etc., rather than just applying and receiving entirely online.
- By being registered with regulators, these networks could potentially clear a digital adoption roadblock for SA citizens that do not have access to the necessary tech/services just yet
Overall, I think this is a certain step in the right direction, as currency begins to see a trend towards becoming digital. Especially for a country like South Africa, open-mindedness towards digital fiat currency usage could aid the adoption of actual digital currencies. Then I believe we will really see SA as the leader in crypto adoption!
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