The evolution of blockchain technology in Africa

Dr. Edward Obasi, COO at DafriGroup discusses the evolution of blockchain technology in Africa, the emerging trends on the continent, and the importance of an open view in this digital world.

Blockchain technology is increasingly advancing socio-economic growth for ecommerce and entrepreneurship in Africa and the rest of the globe.

The adoption of blockchain and cryptocurrency technologies are offering users multiple options and scalability towards ease of doing business transactions across the African continent. This has made the African continent progressively embrace mobile cash and virtual currencies.

However, there is still some hesitation within African governments towards fully embracing and adopting blockchain technologies due to seeming loss of control, absence of clear-cut regulatory frameworks, poor understanding of the use cases of these technologies and fear of money laundering activities being facilitated through virtual money.

Crypto adoption in Africa

Be that as it may, these technologies have gained widespread acceptance globally due to their tremendous use cases, speed of facilitating cross-border transactions and payments and some of them have recently been adopted by some traditional banking Institutions and Institutional Investors. Through the use of Peer to Peer (P2P) Network and Payment Agents which DafriXchange and DafriBank are pioneering, fiat to crypto transaction is being facilitated daily. A recent study shows that Nigeria alone has the highest rate of crypto adoption in Africa, with over USD 3 billion of transactions recorded in June 2021 alone. There are several fintech companies growing by the day, offering employment to teeming population of the youths as well as facilitating cross-border transactions using blockchain technology.

The massive adoption can only get better irrespective of government and traditional banks’ restrictions on crypto transactions. There is urgent need for governments across Africa to embrace the technology and come up with regulatory framework to regulate this emerging industry. The GDP of these […]

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