The emergence of Bitcoin didn’t just mark a new technological innovation – it brought with it an implicit promise of creating a fairer, more inclusive
financial system. The new digital currency would surpass the restrictions associated with centralised fiat by transcending borders and eliminating intermediaries regardless of geography, class or creed.
Yet, over the years, that original vision has appeared to fade. The Web3 ecosystem, which once sought to inherit and expand upon Bitcoin’s promise, has
somewhat succumbed to the very presumptions it was meant to address. Rather than breaking down barriers to financial access, it has too often become a playground for speculative excess and insider trading.
As
The Atlantic
outlined in an article last year, this is the era of the so-called “bro-economy,” where the aspiration of financial empowerment has been eclipsed by day trading, sports betting and cryptocurrency
speculation. This insistence on short-term profit over long-term progress actively undermines the mission Web3 was once meant to pursue. Instead of building a financial system that is open, equitable and accessible, we find ourselves reinforcing exclusion
and volatility.
Unfinished Work
While it is true that global account ownership has risen, it is far too early to declare victory in the battle for financial inclusion on a global scale.
Entire swathes of the world, particularly in Africa, South America, and Southeast Asia, remain left out or restricted from the financial system.
Traditional banking institutions continue to operate as though financial services were a privilege to be rationed. Even the much-lauded advent of mobile
banking, for all its undeniable reach, has not been the panacea some imagined. The familiar barriers to entry of high remittance fees, nonexistent credit histories and the instability of local currencies persist, ensuring that millions remain at the mercy
of the traditional financial order.
This inequity is reflected in the observable flow of global capital. In 2024,
officially
recorded remittance flows to low- and middle-income countries were expected to reach $685 billion, with the true size likely higher due to informal channels. Despite the substantial volume,
the cost of sending remittances remains a significant barrier, often consuming a considerable portion of the funds intended for recipients.
This is precisely the problem Web3 was built to solve. Yet, rather than prioritising these fundamental issues, much of the space has shifted focus toward
financial instruments that primarily benefit those already well-served by traditional systems. The challenge now is to reclaim Web3’s original purpose and direct its innovations in a more positive direction.
The opportunity at hand
Despite these setbacks, Web3 remains one of the most powerful tools available for addressing financial exclusion. The technology has matured, with major
advancements in transaction throughput, scalability, and user experience. For example, Layer 2 solutions have dramatically improved efficiency, making transactions faster and cheaper without sacrificing security.
These developments create a window of opportunity to onboard new developers and entrepreneurs from the Global South, enabling them to build financial tools
tailored to their communities. Rather than merely replicating traditional financial structures, Web3 can foster genuinely inclusive alternatives, from decentralised lending platforms to remittance networks that reduce costs and improve accessibility.
Real-World impact
Encouragingly, some projects are already putting Web3’s potential into action. One standout example is
Chipi Pay,
a blockchain-powered payment platform that facilitates low-cost transactions, making financial services more accessible to those who need them most. By leveraging the enhanced capabilities of Web3, solutions like Chipi Pay prove that decentralised technology
can still be a force for good.
The task ahead is to support and amplify these efforts. It means shifting focus away from insular financial speculation and toward products and services
that solve real-world problems. Moreover, there needs to be a collective ecosystem-wide commitment to making web3 user-friendly and cost-effective.
The original spirit of Bitcoin, and by extension, Web3, was not about exclusivity, but about opportunity. It was about ensuring that anyone, anywhere,
could participate in a global financial system without unnecessary barriers. That vision has not disappeared, but it does need to be reclaimed.
With today’s technical advancements, we are better positioned than ever to make meaningful progress toward financial inclusion. The question is whether
we will take the necessary steps to turn this potential into reality.
