For decades, money moved at the pace of institutions. Banks, governments, and middlemen pulled the strings, deciding who could send what, where, and when. Borders mattered. Fees piled up. Innovation crawled.
But nowadays, these rules are changing. Quietly at first, then all at once, a new financial era is emerging — one built not on legacy systems but on code.
It’s time to enter blockchain and DeFi. These technologies aren’t just upgrades but a complete reimagining of how money works. Just like the internet shattered the old media empires, decentralized finance is breaking down the walls of traditional banking. The future of finance is borderless, permissionless, and radically open.
Blockchain and decentralized finance (DeFi) didn’t ask for permission. They simply started building a new system from the ground up — one where access is open, borders don’t matter, and control returns to the individual. It’s a rewrite of the financial script, and Daffi One team is leading the charge here. Welcome to the second part of our latest article series!
Fixing the Payments for the Unbanked
Blockchain-powered payments have the potential to revolutionize the way the unbanked interact with money. Let’s take a closer look at how these systems work and the benefits they provide:
- Low-Cost International Transfers
International money transfers have historically been a significant barrier for the unbanked, with high fees and delays making it difficult for people to send money to family or friends abroad. Blockchain-based payment systems are changing this by enabling instant transfers at a fraction of the cost.
For instance, instead of paying the 6 or 8% fee that banks or services like Western Union charge, blockchain-based payments can cost less than 1% in fees or even a fraction of it (developing on the blockchain).
According to the World Bank, remittances constitute a significant portion of the Gross Domestic Product (GDP) in several countries across Africa, Southeast Asia, and Latin America. For instance, in Latin America and the Caribbean, remittances exceed 20% of GDP in countries such as El Salvador, Honduras, Jamaica, and Haiti. Similarly, in Sub-Saharan Africa, nations like the Gambia, Lesotho, and Comoros have remittance inflows accounting for 28%, 21%, and 20% of their GDP, respectively. These figures underscore the vital role that remittances play in the economies of these regions.
Services like DaffiOne Pay are already offering these services, reducing transaction costs and allowing for instantaneous cross-border payments, bypassing traditional financial systems entirely.
2. Mobile Payments: No Bank Account Needed
For those without access to a bank, mobile payment systems offer a way to participate in the global and local financial system. With mobile wallets, individuals can store digital currencies or stablecoins, which can be used for everyday transactions like paying for goods and services or even sending money to family members.
In countries like Kenya, M-Pesa has already demonstrated the power of mobile money, allowing millions of people to store and transfer money without needing a bank account. Now, blockchain technology is expanding on this by offering digital wallets that allow for a greater range of transactions, including international payments and even decentralized lending or savings accounts. Blockchain-powered mobile wallets are fast becoming a game-changer for the unbanked.
3. Stablecoins: A Bridge Between Crypto and Fiat
One of the challenges with cryptocurrency is its volatility. The price of Bitcoin, for example, can fluctuate wildly, making it unreliable as a medium of exchange. However, stablecoins — cryptocurrencies pegged to a stable asset like the US dollar — offer a solution to this problem. Stablecoins are backed by real-world assets, which helps keep their value relatively stable, making them ideal for day-to-day transactions.
For the unbanked, stablecoins offer a way to store value and make payments without worrying about the volatility often associated with traditional cryptocurrencies. This gives people more confidence in using digital currencies as a tool for financial inclusion.
4. Financial Services for the Unbanked
With the help of blockchain, the unbanked can access a variety of financial services that were previously unavailable to them. Decentralized finance (DeFi) platforms allow users to access lending, savings, and insurance products without the need for a bank account. For example, a person in a developing country can use a crypto-backed loan service to access funds without relying on traditional credit checks or banks.
DeFi platforms are democratizing access to financial products, giving people in underserved areas the opportunity to save, borrow, and invest their money securely. As of late 2024, the total value locked in DeFi protocols surpassed $140 billion in mid-December 2024, showing the growing demand for these services in both developed and developing markets.
Forging A New Financial System for All
The future of payments is pretty clear for now and is not a riddle: it’s decentralized, fast, and secure system, accessible to everyone, everywhere. Blockchain technology has the potential to completely change the way we send and receive money, making cross-border payments easier and more affordable for the unbanked.
As blockchain technology continues to evolve and adoption spreads globally, the dream of a world where everyone has access to financial services — no matter their location or income level — could soon become a reality.
The old matrix of legacy finance may have excluded billions of people from the global economy, but blockchain-powered payments are breaking down those barriers, giving power back to individuals. With decentralized, low-cost, and mobile payment systems, we’re entering a new era where financial freedom is available to anyone, anywhere, at any time.
Are you ready to escape the old financial matrix? It’s time for you to join the Daffi One community and try out our services!
Take control of your finances with DaffiOne Wallet and experience the change firsthand. The journey has just begun, and being part of the revolution is easier than ever. Learn more by visiting the website, and following the project on Twitter and LinkedIn.
