I am not going to claim to be an expert on cryptos and blockchain. I am a big fan of the technology and think it has a big part to play in the world evolving.
My only concern is that Africa will be left behind AGAIN! In my opinion cryptos and blockchain are the answer to many problems the African continent currently faces.
Let’s look at cryptos. Africa has a lack of financial infrastructure which makes transacting very difficult and expensive. According to The Economist, Africa has 1 billion cellphone subscriptions with a population of 1.2 billion people (article was written in 2016). 43% of these users get 3G data signal and 16% can get 4G. We do not need old school banks to achieve high financial inclusion numbers. We can all walk around with our own personal bank in the palm of our hands and the best thing is that transactions are cheaper and faster.
Let’s talk about the blockchain. This piece of technology has so many uses and I am sure we will discover more as the years go on because it is constantly being improved. How do we use this technology to improve poverty levels in Africa? How can we improve healthcare? These are just a few things we as Africans need to think about in order to take advantage of this technology. We need more organizations such as Fintech4Africa which focuses on financial technology in Africa.
As I mentioned earlier I am not an expert on these topics But these are the things I think about as an African and if we will be on the right side of this technological revaluation.