Powering
Financial Inclusion
Bitcoin is more than just a globally accessible currency; it provides access to financial services for the unbanked and underbanked, helping to bridge the global financial inclusion gap. From empowering women in Afghanistan to challenging monetary colonialism in Africa, Bitcoin is proving its potential to create a more inclusive and equitable financial system.
Financial inclusion remains a pressing challenge, with over a billion people lacking access to basic banking services. Traditional financial systems often exclude marginalized communities, impose high fees, or fail to provide security in times of crisis.
Bitcoin, as a decentralised and borderless digital currency, offers an global monetary framework that is free from permissions. By removing barriers and democratising access to financial tools, Bitcoin transforms lives, reduces inequality, and paves the way for a more inclusive financial future.
Why Bitcoin Matters for Financial Inclusion
Bitcoin’s unique properties make it a powerful tool for financial inclusion:
Accessibility: Bitcoin requires no bank account, only a smartphone and internet connection.
Low Fees: Transactions on Bitcoin’s Lightning Network cost fractions of a cent, making it ideal for micropayments and remittances.
Censorship Resistance: Bitcoin operates independently of governments and financial institutions, ensuring access even in restrictive environments.
Global Reach: Bitcoin enables instant cross-border transactions without intermediaries, reducing delays and costs.
Is Bitcoin Useless? Addressing Financial Privilege
To claim that Bitcoin is useless is to disregard the lived experiences of those for whom traditional systems have failed. Bitcoin’s decentralised and permissionless nature offers a lifeline to individuals in precarious circumstances.
It empowers them with tools for self-sovereignty, enabling access to a global financial system where none existed before. Whether it is protecting savings from hyperinflation, enabling cross-border transactions free from authoritarian oversight, or providing economic opportunities for the unbanked, Bitcoin’s utility is most evident where conventional systems fall short.
This is not merely about technology; it is about equity, access, and the ability to thrive despite barriers of geography, governance, or circumstance. By acknowledging our financial privilege, we can better appreciate how Bitcoin represents hope and freedom to millions worldwide—an idea far too significant to dismiss.
A short video by the Human Rights Foundation (HRF) on bitcoin's utility.
The Global Financial Inclusion Gap
Financial inclusion remains a significant challenge worldwide, with over 1.4 billion adults lacking access to formal financial services, according to the World Bank. This exclusion disproportionately affects women, rural populations, and those in developing nations. Traditional financial systems often fail to serve these groups due to barriers such as high fees, lack of infrastructure, and restrictive policies.
Bitcoin offers a decentralized, borderless, and censorship-resistant alternative, enabling individuals to access financial abilities without reliance on traditional banking systems. With just a smartphone and internet access, anyone can participate in the global economy, store value securely, and transact instantly.
Remittances Reducing Costs and Increasing Efficiency
Remittances are a critical source of income for millions in the developing world, yet traditional remittance systems are plagued by high fees and slow processing times. According to the World Bank, the global average cost of sending $200 is approximately 6.3%, with fees often exceeding 10% in some regions. These fees disproportionately impact low-income families who rely on remittances for basic needs.
By leveraging Bitcoin’s settlement layer, remittances can be sent instantly and at a fraction of the cost. For example, in Nigeria, individuals are using Bitcoin to send and receive remittances without the exorbitant fees charged by traditional services. This not only saves money but also ensures faster and more reliable transactions.
Global Perspectives How Bitcoin Fixes the Money
Empowering Women in Afghanistan
In Afghanistan, where cultural and systemic barriers often prevent women from accessing financial services, Bitcoin has emerged as a lifeline. Women like Roya Mahboob, an entrepreneur and advocate for women’s rights, have used Bitcoin to pay female employees who otherwise would not have access to bank accounts. This has allowed Afghan women to participate in the economy, save money, and gain financial independence despite societal restrictions.
Nigeria: A Global Leader in Bitcoin Adoption
Nigeria has emerged as a global leader in Bitcoin adoption, with a significant portion of its population embracing Bitcoin. According to a 2020 survey by Statista, 32% of Nigerians who participated in the survey reported using cryptocurrencies, the highest proportion of any country in the world (BBC Report). Furthermore, a 2022 report by Business Insider Africa revealed that 45% of Nigerians either use or own cryptocurrency, making Nigeria the top country globally for cryptocurrency usage and ownership (Business Insider Africa). This trend is further supported by a Chainalysis report, which ranked Nigeria second globally in cryptocurrency adoption in 2024 (Legit.ng).
This widespread adoption of Bitcoin in Nigeria is driven by several factors, including economic instability, currency devaluation, and the need for alternative financial systems. For instance, the Central Bank of Nigeria’s restrictions on cryptocurrency transactions have not deterred Nigerians; instead, they have turned to peer-to-peer platforms to continue trading and investing in Bitcoin. This resilience underscores the importance of Bitcoin as a ability for financial empowerment in the country.
Fighting Monetary Colonialism in Africa
In Africa the CFA franc system, used by 14 nations, is a stark example of monetary colonialism. These countries, divided into two currency zones (the West African CFA franc and the Central African CFA franc), are required to settle trade through France, even when trading with neighboring nations. This system, as detailed in Alex Gladstein’s Check Your Financial Privilege, restricts economic growth and perpetuates dependency on former colonial powers.
Bitcoin offers a way to bypass these restrictions. By enabling direct, peer-to-peer transactions, Bitcoin allows individuals and businesses in these nations to trade freely without relying on intermediaries. Activists like Farida Nabourema in Togo and Fodé Diop in Senegal are championing Bitcoin as a ability for financial sovereignty, empowering citizens to escape the constraints of the CFA franc system.
Farida Nabourema
Farida Nabourema, a Togolese human rights activist, has been a vocal advocate for Bitcoin as a ability for financial freedom. In her interviews, she highlights how Bitcoin can help individuals escape the constraints of the CFA Franc system, which she describes as a form of monetary colonialism. For more insights, watch her interviews: Bitcoin as a Ability for Human Rights and Is Bitcoin a Lifeline for Africa?.
Fodé Diop
Fodé Diop, a Senegalese Bitcoiner, shares his journey of using Bitcoin to combat monetary colonialism in Senegal. His story is a testament to the transformative power of Bitcoin in empowering individuals and communities. Learn more from this interview: Bitcoin: ‘A Weapon for Us To Fight Oppression’.
Bitcoin and Financial Sovereignty in Palestine
Palestinians face significant financial challenges, including reliance on the Israeli shekel, restricted access to global financial systems, and economic control by external powers. The Palestinian Monetary Authority has highlighted the economic strain caused by surplus shekels that cannot be returned to Israel, which impacts trade and the broader economy (Times of Israel). Bitcoin offers a potential solution by enabling financial independence and bypassing restrictive systems. Platforms like Paxful and LocalBitcoins already facilitate peer-to-peer Bitcoin transactions in Palestine, providing a glimpse of how Bitcoin could empower individuals.
More than 70% of Palestinians have internet access, and the younger generation is increasingly open to technological solutions (World Bank). Bitcoin could enable Palestinians to save, transact, and build a circular economy outside the control of the Israeli government, the Palestinian Authority, or international financial institutions. As Alex Gladstein notes (Human Rights Foundation), Bitcoin represents a peaceful protest and a digital shield, offering Palestinians a way to secure their wealth and connect with the global economy.
Despite challenges, such as potential crackdowns and limited awareness, Bitcoin adoption in Palestine could foster economic resilience and reduce dependence on foreign aid. This aligns with broader global trends, where vulnerable populations in countries like Turkey, Argentina, and Nigeria are turning to Bitcoin for financial empowerment.