Quebec, QC, Canada, January 23rd, 2018 – NuRAN Wireless Inc. (CSE: NUR) (OTC: NRRWF) is pleased to announce that it enabled blockchain mobile transactions through its LiteCell 1.5 base station for those without bank accounts, empowering them to access the digital economy and all the social and economic benefits that comes with it.
The first such transaction was performed over the weekend in a remote Nigerian village recently connected to the digital world using NuRAN Wireless mobile infrastructure equipment. This site was installed and is operated by Raeanna Nigeria Limited in collaboration with a tier-one operator. This type of transaction can be replicated anywhere else in the world where a NuRAN base station is installed.
Approximately 2 billion people worldwide and roughly 59% of adults in the developing world don’t have a bank account. In some countries, cash transactions represent up to 95% of all transactions. However, a large number of these unbanked people possess a cell phone which provides them with the perfect solution to the lack of security and convenience of cash transactions. The absence of mobile infrastructure remains the major issue with over 1 Billion people with no cellular connectivity.
Blockchain transactions allow the transfer of cryptocurrency such as bitcoin from one person or business to another without any intermediary like a bank. These transactions are done in real-time on a decentralized network to ensure the security and reliability of the whole system. The use of blockchain for money transactions has been identified by many as a potential solution to reduce poverty by democratizing the access to the economy. The Level One Project by the Bill & Melinda Gates Foundation, as an example, is contributing to the blockchain world by creating digital financial services aiming to expand the access to financial transactions and encourage people to widely adopt the technology. Blockchain is breaking the traditional financial service setup which ends up benefitting a greater number of people.
By bringing mobile connectivity through its LiteCell 1.5 to areas yet unconnected to a radio access network, NuRAN not only solves basic communication issues and increases the inhabitants quality of life, access to e-government services, information and education, it also enables the communities to access the digital trading system, thus dramatically expanding the world in which they can trade, invest, sell, borrow money, develop and expand their businesses and the level of security in which the money is held. NuRAN solves this basic need for communication and trade with the world’s lowest cost (CAPEX) and lowest power consuming (OPEX) base station. With its industry-leading satellite bandwidth optimization features, the base station transports voice and data traffic very efficiently and manages quality-of-service (QoS) such as the over-the-top (OTT) services, like mobile payments on the blockchain, may be facilitated over satellite backhaul without affecting the subscriber experience and while minimizing satellite OPEX.
“NuRAN’s mission to connect everyone, everywhere becomes even more crucial due to the essential social impact and need for mobile banking. This need is addressed through the deployment of our low-cost, solar-powered LiteCell base station which opens up an entire world of opportunity to the communities. We provide these countries, regions and communities through the advent of a network, the essential tools for economic growth and prosperity. This further adds to the increased opportunity for NuRAN in the coming years as mobile banking will further drive the need for connectivity.” explained Martin Bedard, CEO and President of NuRAN Wireless.
“At Raeanna we are exceptionally pleased that NuRAN decided to run this process with us in Nigeria. Showing the usefulness of blockchain in rural communities is directly in line with our need to provide rural communities with technologies that can transform communities and improve lives. Secure financial services are one of those essential services.” stated Tunji Alabi, Executive Director Raeanna Group.
About Raeanna Nigeria Ltd
Raeanna is a telecoms infrastructure company that creates affordable voice and data solutions, so you can connect and grow. We deploy innovative wireless solutions that connect people and businesses especially in remote communities. Our services enhance the quality of life of the people and communities we serve.
No regulatory authority has approved or reviewed the contents of the information contained in this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
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