Presently, about 40 percent of the world’s population are without banking services. According to data, only 60 percent of the total number of persons across the globe, mostly in developed nations, can lay claim to banking services. Even with the volume of cash in circulation across the world in the last five years, it is rather left to the imagination what those who are unbanked go through every day. Just as the volume of cash circulation has gone up, the rate at which non-cash transactions are taking place, is still on the rising side. It is put at over 10 percent, globally. There have been efforts by some major financial institutions to bridge the gap in banking services in these developing nation.
ORBIS: ALTERING THE LANDSCAPE
That is why ORBIS is coming in to ensure that the large number of the unbanked across, mostly, the African continent, have access to banking services.
ORBIS has a mission of granting access to more than three million unbanked persons across developing nations of Africa, Asia and South America by the year 2020. It is collaborating with several banks in and outside these nations to provide banking services to the unbanked populace in these regions. With the ORBIS self-service platform, individuals in these developing nations can tap into the opportunities latent in banking.
REACHING THE UNBANKED WORLD VIA INNNOVATION
Banking services can now get to these unbanked folks with the ORBIS Worldwide Money Transfer. This is a novel idea coming into the market with the use of crypto currencies. There is a notion that these digital currencies are vague but ORBIS is coming to give physical meaning to them, banishing negative thoughts about them. Some of the ways through which ORBIS wants to achieve this is via the use of debit cards, and its ownership, mobile devices with the ORBIS payment applications as well as barcode scanning.
This is a much better alternative to the unbanked persons across the globe than what is presently being offered by traditional banking institutions which are susceptible to errors. This is just as the ORBIS platform will also trim the time and burdening nature of most of the services offered by these traditional banking firms.
In addition, playing catch-up would be a thing of the past for these unbanked persons as the ORBIS platform comes with the latest technological to give banking services. There is no reason for these unbanked persons to feel insecure as the system is built in a way that guarantees safe and limitless transfers. Fraud is also kept at the barest minimum as faster transactions are built into the system, whether it is from the ORBIS branches or VR chat robots. This access to mobile payments with little or no fees coming between, is seamless just as it is also more dependable than what is being offered by others rendering similar services. The ORBIS system with branches across the world, can override human mistakes and challenges with the self-service cash machines as well as the virtual reality chat robots.
Presently, the ORBIS team is working round the clock to unwrap new features before the release so that people will be able to make sense; grow their businesses and ultimately, have economic freedom – one of ORBIS’ core aims for the millions of people across the world who are unbanked.
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