Crypto Offers Africans Empowerment From Inflation and Corruption – Experts Assert
Blockchain technology is revolutionizing Africa by offering practical solutions to rampant inflation and corruption, according to crypto experts and executives. Cryptocurrencies provide Africans with an escape from the shortcomings of traditional financial systems, enabling freer transactions and greater financial inclusion. As the region grapples with high inflation rates and limited options, cryptocurrencies act as a lifeline, empowering individuals with control over their money and fostering trust through transparent systems.
By Anna B Kiwanuka
A growing number of crypto experts and executives are highlighting the transformative power of blockchain technology in Africa. According to them, contrary to Western investors’ focus on speculative trends, blockchain is proving to be a practical solution to pressing issues such as hyperinflation and corruption on the continent.
Chris Maurice, the founder, and CEO of Yellow Card, Africa’s largest cryptocurrency exchange, emphasized the rapid growth of crypto in Africa. He explained that crypto enables Africans to liberate themselves from the shortcomings of the traditional financial system and engage in freer transactions.
Maurice emphasized that crypto in Africa tackles tangible challenges related to banking, currencies, and inflation. Use cases in Africa predominantly involve international payments, remittances to friends and family, and protecting against inflation. He believes that Africa embodies the original mission of technology more closely than any other region.
Kevin Imani, the founder, and CEO of Sankore 2.0, an affiliate of Near Protocol, underscored the potential of blockchain-based payments as a tool for safeguarding human rights. In underdeveloped nations, where citizens face hyperinflation and corruption, cryptocurrencies offer a lifeline by providing financial inclusion and greater control over money.
Sub-Saharan Africa experienced an estimated inflation rate of 14.5% in 2022, marking the region’s highest annual change since the 2008 recession, according to Statistica. Imani stressed that cryptocurrencies offer an obvious solution for Africans, enabling them to counter weak national currencies, combat corruption, and enhance financial inclusion.
Okoye Kevin Chibuoyim, the founder and CEO of GIDA, a crypto education platform based in Nigeria, sees cryptocurrency as Africa’s opportunity to be part of something transformative. He highlighted the blockchain’s transparent nature, which instills trust in a region accustomed to unaccountable and opaque governance.
Maurice also highlighted Nigeria as a prime example of widespread cryptocurrency adoption in Africa, with 47% of Nigerians reportedly owning or transacting with crypto on a daily basis. While Botswana enjoys greater legal and regulatory clarity regarding cryptocurrencies, Investopedia reports that countries such as Cameroon, Gabon, Guyana, Lesotho, and Libya have declared cryptocurrency illegal.