INTRODUCTION

Base as a layer 2 Blockchain is the future, the security, low cost and fast experience it provides for users would always make Base stand out. Base covers numerous areas of expertise, art,content creation,photography, writing, animators, finance, Base has something for everyone. In this article we would focus on how Base can effectively replace traditional banking system.

AFRICANS PREFERRED BANKING SYSTEM

Traditional banking refers to banks offering conventional financial services, such as savings accounts, checking accounts, loans, and more. Traditional banking also refers to banks with a physical presence with a domestic banking license.

Through time, Africans has developed in their method of banking, improving from old methods of safe keeping money in the possession of specific individuals for specific durations(susu/osusu). The traditional brick and mortar banks, as we well know today, have been in existence since the 1900s,( although banking started way back in 2000 BC), following the need for a more improved system of safekeeping money and storing wealth. It is the most common form of banking. The traditional brick and mortar banks, as we well know today, have been in existence since the 1900s,( although banking started way back in 2000 BC), following the need for a more improved system of safekeeping money and storing wealth. It is the most common form of banking. 
 Since the introduction of traditional banking system, over 90% of Africans save, transact, receive loans through traditional banking system. Almost all business transactions are made through traditional banking system.

PRO’S OF TRADITIONAL BANKING SYSTEM

• FINANCIAL SECURITY: With traditional banking, you're always sure that your money is safe and insured, regardless of any casualty that the bank may suffer.

• ACCESS TO LOANS: Traditional banks have years of experience lending money and have strict regulations on interest rates and repayments durations to ensure you get a fair deal and that you are not taken advantage of.

• IN-PERSON VISIT: Traditional banks are the go-to guy for people who are skeptical about transactions over the internet. You can go there for diverse financial transactions, including cash deposits and withdrawals, ATM services, international transfers, account opening, etc. This offers the opportunity for face-to-face communication and human interaction.

BASE AND ITS FINANCIAL OPPORTUNITIES

Base is a new Layer 2 blockchain solution designed to enhance the Ethereum network by providing a scalable, efficient, and cost-effective environment for decentralized applications (dApps). Developed by Coinbase, Base is an Etherium Layer 2 (L2) chain that offers a safe, low cost,developer-friendly way to build on-chain.

The Layer 2 blockchain is designed to perform transaction-heavy work with speed, keeping costs lower for the main Ethereum blockchain (Layer 1).

Base offers fast, transparent, reliable means of transactions that are open and basically no one full monopoly over. As a business owner, cooperation or a single individual, Base offers low cost and transparent means to transact and save. Base is an optimistic rollup, utilizing the OP Stack. Rollups process transactions off-chain in batches, reducing transaction costs and putting less stress on the network.

REVOLUTION OF ONCHAIN BANKING

Base is already a fast growing L2 solution, that is rapidly gaining the attention of everyone with its low cost transactions rates, fast and seamless transactions, credibility and transparency. Base not only provides means for smooth transactions, as a L2 Blockchain solution, Base also provides means of paying people for their talents, bringing your skills (writing, photography, content creation, art) onchain also makes you eligible to earn a share of rewards (etheruim).

In Africa currently, over 85% of her population use traditional banking system, and though this means of banking has been reliable through the years, but with the ever evolving world, there is dire need to also evolve and move banking onchain. The benefits attached to moving banking onchain, are limitless and supper attractive, they include;

WHY MAKE BANKING ONCHAIN

While traditional banking system especially in context like Nigeria and Africa at large has been solid through the years, they also have several shortcomings which could be rectified if we evolve and move our banking onchain.

• LOWER COST: In traditional banking system, everyone can attest to the high level of incessant charges incurred daily, from electronic charges, to card maintenance and other unnecessary charges. Bringing banking onchain simply reduces these charges to the minimal, Base is known for its low charge rates.

• FASTER TRANSACTIONS: Bringing banking onchain would facilitate a faster means of transactions, with the high speed and effective transactions methods of fund transfers and bills payment.

• ENHANCED SECURITY: in an onchain ecosystem, there’s no single monopoly of handling these transactions, rather everything is as transparent as it can be and thus reducing the risks of any manipulation of funds. The transparency of Base cannot be overemphasized, and offers a guaranteed protection of user data as opposed to traditional banking system.

• 24/7 AVAILABILITY: Traditional banking system often operates within specific hours timeframe, but if banking is brought onchain, they’ll be no limitation to the duration of transactions, individuals can check balance, make transfers, pay bills at their convenience even during holidays or weekends.

• CONVENIENCE: Bringing banking onchain allows users conduct transactions anywhere and anytime, eliminating the need to visit a physical banking outlet.

• OPPORTUNITIES: with Base it’s more than just the banking aspect, Base offers more opportunities where you get paid directly to you registered wallets for showcasing your skills(writing, art, photography, content creation etc).

CONCLUSION

While traditional banking system has stood the stand of time, the need to brink banking fully onchain increases rapidly daily. The benefits are increasingly appealing to users looking out for speed, convenience, low cost effectiveness and reliable. Bringing banking onchain offers a whole new world of opportunities, which Africans are due to come across.