The META 1 project seeks to provide valuable access to financial tools for all users. The network was constructed in an open manner to help facilitate the onboarding of users who in the past have been excluded from the global financial system. Through a combination of helpful features and services, META1 has helped to provide the world’s unbanked and under banked populations with a viable alternative to their current situation.
Unbanked vs Under Banked
The first step into understanding how META1 helps the world’s population is to grasp the concepts of unbanked and under banked. Both of these terms are thrown around a lot when discussing blockchain financial options. Notably, an unbanked individual is someone that doesn’t have a checking or savings account with an insured (FDIC) institution. In comparison, an under banked family would possess a checking or savings account with FDIC insured institution, but mostly depends on alternative financial services (AFS).
Living without access to basic financial services can be difficult. For one, making simply payments can be a choir. Additionally, these users can find it nearly impossible to qualify for any type of investment support. Sadly, reports have shown that as much as 6% of U.S. households (14.1 million) Americans remain unbanked.
The numbers of unbanked people around internationally is at a staggering 1.7 billion. Sadly, the majority of these people live at or below the poverty line. They must pay more for basic services like cashing checks or bill payments which further exasperates their situations. Here are some of the main reasons why these individuals remain unbanked and how META1 plans to change the scenario.
Lack of Infrastructure
It’s not easy hosting a local bank branch. For one, you need to have reliable roadways and infrastructure to maintain the business. These requirements mean you need water, electricity, internet, and more. For many regions of the developing world, they are still decades away from these upgrades. Additionally, some are located in regions where they may never see this level of infrastructure developed.
META 1 provides a solution to these groups. The METANOMICs financial ecosystem is accessible from any smart device. This capability means that these regions don’t need to build roadways, sewers, and electrical infrastructure to support financial institutions. The only requirement to utilize META 1 is internet access.
Using today’s technology, anyone can gain access to the METANOMICs network via satellites or at the very least through the introduction of high powered cellular towers. Eliminating the costs of hosting a local branch makes it possible for more regions to participate in the global economy.
Notably, in built up areas, it can be a similar situation in that there are banks but just not a local branch close enough. For some people, a trip across the city can take hours due to traffic and other delays. These groups can also leverage META 1 to upgrade their financial situation.
Lack of Proper Documentation
A lack of proper documentation is another major reason why so many people remain unbanked. There is a large portion of people in the world who have lost access to or have never had the proper documentation to open a bank account. The current requirements for opening a bank account in the US are proper identification and credit history.
These requirements are easy enough for people from the area but refugees and those from other nations might find it impossible to produce these documents. There are also scenarios where a country changes leadership or even dissolves or is annexed by another region. This situation can lead to their paperwork becoming unrecognized on the global stage.
META 1 eliminates this issue via its open enrollment policies. Users from around the globe can access the METANOMICs network without the need to provide all of this information. The developers behind META 1 believe that access to basic financial services is a human right. As such, they structured their platform to service the needs of a global community. For example, you can convert +50 fiat currencies into META 1 coins using the on-Ramper portal.
Additionally, there are those that don’t understand the bank’s requirements due to language barriers. Those coming from other parts of the world are at a distinct disadvantage in terms of financial options. When you don’t speak the native language maintaining a bank account and comprehending the complex fee structure of a bank can be impossible.
META 1 provides support for an excellent selection of languages. Users can access the network from 150+ countries. Additionally, the platform supports a variety of languages to help educate the masses on the benefits of blockchain technology and the METANOMICs approach.
Lack of Financial Transparency
Another major reason why people choose to forgo the current financial system is a lack of transparency. These individuals believe that the centralized banking system is skewed against them. It doesn’t make sense to this group that a large centralized financial organization would payout so little in interest while at the same time lending out your savings for high returns.
This group of people gains the most from META 1. The network provides a transparent alternative through the use of blockchain technology. You can track every transaction on the META blockchain in real-time using the network’s blockchain explorers. You can also review the project’s coding to ensure there is no funny business going on behind the scenes.
META 1 – Banking for the World
The world isn’t what it was just 50 years ago. Today’s digital economy must cater to the needs of all people and not just the top economies of the world. Thankfully, platforms like META 1 enable anyone to gain access to valuable financial services to better their situation.