Empowering the Poorest: Non-Custodial Wallets as an enabler for Financial Inclusion

Published on Aug 17, 2023
#social #sustainable #empowerment

In an increasingly digital world, access to financial services has become a critical aspect of economic empowerment and poverty alleviation. Non-custodial wallets, such as the Swiss Fortress wallet, offer a revolutionary development to significantly impact the lives of the world’s poorest populations. By providing financial independence, fostering inclusion, and aligning with the Sustainable Development Goals (SDGs), non-custodial wallets offer an unprecedented opportunity for socio-economic progress to those that need it the most.

The Swiss Fortress wallet, differs from traditional custodial wallets in that they give individuals full control over their digital assets, eliminating the need for intermediaries. This is particularly impactful for the poorest individuals, who often lack access to traditional banking services due to geographical, infrastructural, or financial barriers.

In addition, Swiss Fortress offer a pathway for the poorest populations to achieve financial inclusion. Many people in underserved regions are excluded from the formal financial system, leaving them vulnerable to exploitation (high interest rates) and unable to access credit, savings, or investment opportunities. Swiss Fortress empowers these individuals to securely manage their own finances, enabling them to participate in global economic activities, send and receive funds, carbon credits, and access financial services (such as insurance) that were once out of reach.

We at Swiss Fortress, recognise that significant challenges remain. Notably, the digital divide, where is rural areas the poorest populations have limited internet access, and technical literacy barriers which hinder the widespread adoption. To solve this, the Swiss Fortress has integrated a hardware and software solution that allows low cost and widespread adoption.

In practical application, the distinctive mobile soft wallet developed by Swiss Fortress has the capability to function seamlessly on affordable NFC-compatible Android devices strategically positioned in central locales, such as cooperative establishments or community-serving shops. Swiss Fortress will subsequently provide each individual with a distinctive, cost-effective NFC card, potentially customized by the cooperative itself. This card serves as the tangible element of their personal wallet setup. A mere swipe of this card across an NFC terminal, combined with the input of a secure password or a biometric identifier, would grant access to their individual wallet, facilitating transactions according to their needs.

The Swiss Fortress wallet has the potential to reshape the financial landscape for the world’s poorest populations. By enabling financial independence, fostering inclusion, and aligning with the SDGs, this technology offers an unprecedented opportunity to empower individuals who have long been excluded from the formal financial system. Please let us know how we at Swiss Fortress can work with you to make a more equitable and prosperous world.

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