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already been a key driver in reducing the numbers of unbanked adults, and the World Bank says the continent is home to all eight countries where more than 1 in 5 adults solely rely on a mobile-only account. Given how many consumers are already open to using this technology, crypto exchanges and wallets that offer fully functional apps for mobile users are set to benefit immensely. Blockchain is also showing plenty of promise as stakeholders in the region say distributed ledger technology will be instrumental in solving long- standing developmental issues and unlocking much-needed economic growth.
Nigerian politicians believe that blockchain will drive the world’s fourth industrial revolution, and, for the first time, Africa has the opportunity to have a seat at the table. Fintech companies across the continent are growing substantially. Hotspots include Cape Town, where the number of startups being established has risen by 23%, and Nairobi, where there has been a 28% rise.
The latest invention in DeFi (Decentralised Financing) will absolutely revolutionise the world and those who don’t embrace it will become distinct and totally loose out because they will lose out on reality. There is also hope that blockchain technology can help bring around dramatic improvement to the infrastructure in Africa.
In Nigeria, companies are working together to see whether blockchain can be implemented in a push to make the nation’s roads safer. The West African nation of Sierra Leone has been working on the development of a blockchain-based ID system for its citizens amid hopes it could enable financial institutions to verify identities and build credit histories in a way that
wasn’t possible before.
Uganda has also teamed up with a blockchain start-up to clamp down on the supply of counterfeit drugs nationwide, with reports suggesting that up to 10% of prescriptions result in fake medicine. What’s left is for the rest of Africa to make the necessary strides towards embracing the future.
THE TIME IS NOW!
CBI MAGAZINE | August 2020
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