The pandemic stimulated 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 phenomenal growth potential is contingent on access to stable internet connectivity, steady urbanization, and a thriving startup ecosystem.
The barriers to Africa benefiting from the digital economy
One of the most conspicuous barriers to Africa maximizing its digital economy's potential is the low internet connectivity rate. The absence of digital identities, digital financial services, and accompanying revenue streams also affects the continent’s ability to enter the global digital economy.
The relationship between internet access and domestic welfare in Africa is strong. One report from Senegal linked 3G internet coverage with a 14% increase in consumption and a 10% decline in poverty. Hence, African nations that do not address internet access issues limit the financial opportunities available to their citizens.
3air focuses on helping Africa extract greater value from the digital economy through innovation and forward-thinking strategies.
3air’s blueprint to help Africa monetize its $700 billion internet economy by 2050
High-speed broadband internet, TV, and IP Telephony
Africa needs to connect its citizens to the internet to monetize the internet economy. The growth of this sector is critical as broadband infrastructure in the continent is almost non-existent. 3air aims to provide high-speed broadband internet through its novel K3 Last Mile technology while leveraging the 3air Mesh network.
3air’s new connectivity solution promises stability, reliability, and affordability. The platform uses innovative, proprietary technology to offer high-speed internet wirelessly through the air. In addition, 3air offers digital TV and IP telephony to facilitate businesses in Africa.
Digital identities
Using its high-speed broadband internet system, 3air aims to issue reliable and verifiable digital identities to African users. A digital identity (DID) helps keep your personal information in a privacy-enabled, easily verifiable environment. It will aid the development of a library of African digital identities that contains authentic education, medical and financial records and facilitate seamless access too.
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 offer digital financial services to spur digital development throughout the continent.
Once Africans, especially the unbanked, can easily access digital identity facilities, they can benefit from the available financial services. These digital financial services will also increase the funding opportunities for tech entrepreneurs in Africa, leading to more local innovations with global impacts.
Conclusion
To drive Africa’s digital economy, people need access to information through the internet, identification facilities, and revenue streams. Africa’s enormous potential motivates the revenue models, which are emerging rapidly and presenting new opportunities for inclusion in the global economy.
3air offers Africans new revenue models through microloans, hardware staking rewards, loyalty systems, and other methods to maximize their earning potential and spur the growth of its digital economy.
To find more about what 3air is doing, you can take a look at their website at 3air.io or follow the project on Twitter, Telegram and Youtube.
