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Home » Wicrypt is Transforming the Internet Subscription Narrative in Enugu State, Nigeria through its Unique Model

Wicrypt is Transforming the Internet Subscription Narrative in Enugu State, Nigeria through its Unique Model

Techeconomy by Techeconomy
September 25, 2023
in Business
1
Wicrypt is Transforming the Internet Subscription Narrative in Enugu State, Nigeria through its Unique Model

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The rate of Internet usage in Africa has seen an increase over the years. According to Statista, there were about 400 million Internet users in 2019 and  602 million Internet users in 2022. 

However, despite the increase in the rate of Internet usage in Africa when compared to other parts of the world, Africa is still below the global average, of 66 percent.

The impact of the Covid 19 pandemic led to the boom of the digital economy as there was an increase in e-commerce and social media usage. Before the pandemic, less than 140 million people shopped online; the figure rose to 340 million in 2022.

Over 100 million people have access to the internet in Nigeria. Nigeria ranks as the highest internet user in Africa, and according to data most of the web traffic comes from mobile phones, 82 percent is generated from smartphones, and about 16 percent is generated from PC devices. The reason for this could be said to be the cost difference in both options.

There is a constant search for cheap and very accessible internet options in Nigeria as the demand for internet on the continent increases, 1GB of data goes for 350 NGN.

According to the NBS report in 2022, the southeast of Nigeria which includes states like Enugu, Imo, Abia, Anambra, and Ebonyi ranked the lowest in internet usage in the whole country.

United BANK

The reasons for this are said to be lack of internet infrastructure, low broadband connectivity, and population size among others while internet penetration is low or at its minimum in the southeast it impacts negatively on the state’s digital economy that thrives off a good internet culture.

Lagos, Ibadan, Port Harcourt, and Abuja have been dominating the digital economy scene which can be attributed to access to infrastructural facilities.

United BANK

According to reports, Enugu state is recording an increase in the rate of internet usage as actions are taken to increase internet accessibility in the state, more internet-providing service companies are investing in the state, and the government has also installed fiber-optic cables and provided free hotspots at certain designated locations.

With increased internet accessibility businesses can operate digitally, reach more customers, and vice-versa. In 2023, Enugu ranked the 4th best startup ecosystem in Nigeria. The education sector is also impacted as both students and learners have access to a pool of resources.

The success of a digital economy impacts the general economy of the state. Wicrypyt, a decentralized smart Wi-Fi distribution network that allows users to get paid for sharing  Wi-Fi seems to be leading the charge in Enugu State, Nigeria.

Founded in 2018, the Enugu-based startup has established over 1,000 hotspot hubs. In February 2023, it won US$150,000 at the LEAP 2023 Rocket Fuel Pitch Startup Competition in Saudi Arabia.

Ugochukwu Aronu, CEO and co-founder of Wicrypt said “We started this company to solve a real internet access pain point for people in Africa and underrepresented regions”

The app allows users to bill whoever they’re sharing Wi-Fi with. It has an inbuilt wallet that vets a beneficiary if they have enough cryptocurrencies to proceed with the transaction.

Users are also mining WNT cryptocurrency when they are connected to the network. By downloading the Wicrypt mobile app or by purchasing a unique, custom-built Wicrypt Hotspot Creator device, users can share and connect to Wi-Fi.

The growing number of individuals who utilize the internet is excellent news for the state’s economy. Wicrypt’s model will encourage business activity in the state, increase digital inclusion, and grow startup activity.

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