What African firms must consider to navigate the blockchain boom
Our news digest is back after two weeks of curating the most relevant news from the African crypto bubble. The KamPay team is dedicated to keeping you informed and fully equipped to understand what is happening in the African market and how these highlights can impact crypto users worldwide. In this week’s news digest, Nigeria is the most valuable player. Scroll down to understand why!?
Nigeria is, one more time, among the names we mention that are under the spotlight of crypto-related news from the African continent. A study conducted by the experts of Coingecko, a platform dedicated to analysing the fluctuations of the worldwide crypto market, pointed out that Nigeria is the English-speaking country most interested in cryptocurrencies. Even after the downturn in the market in April, Nigeria made it to the top of the list after experts examined the online searches of Nigerian users, who had the highest search levels for keywords such as ‘crypto investment,’ ‘buying crypto,’ and ‘cryptocurrency.’ Within the African scope, the next African country in the rank of top crypto-curious countries is Kenya. If a worldwide ranking is considered, Nigeria surpasses the scores of the United Arab Emirates and Singapore. Bobby Ong, who co-founded Coingecko, reveals that Nigeria’s top position in the rank and high “crypto interest” score is likely explained by the behavior of Nigerian investors, who tend to think long-term and have a wider outlook of the future possibilities inside the crypto market.
We have mentioned in our past news digest that in July, Changpeng Zhao, CEO of Binance, met with the presidents of Ivory Coast and Senegal to discuss the crypto market and possibilities. Recently, Faustin-Archange Touadera also welcomed CEO Zhao to the Central African Republican, shortly after CAR made the news for being the first African nation to adopt bitcoin as legal tender. During their meeting, Zhao and President Touadera discussed the market of investments, new projects in the field of education, and crypto adoption and regulation inside CAR’s economic context. In his personal account on Twitter, the CEO called his encounter with CAR’s leader “a truly remarkable moment,” and President Touadera shared that this moment of exchange was “an incredibly important step for the country.” The Central African Republic has been mentioned often in our rounds of news, and more highlights from the region are likely to come.?
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And since we are talking about Nigeria, it is worth mentioning that a recent article published by Bitcoin Magazine shed light on the promising possibilities for Nigerian bitcoin miners. The article mentions the undeniable challenges miners in the country have to overcome, including the lack of reliable power sources, unclear crypto regulations, and scarcity of funding possibilities. On the other hand, it also takes time to discuss the confident personality traits that most Nigerians are known for, which is pointed out in the article as something that can “inspire them to thrive.” The author also remembers that Nigeria has already overcome extremely tough conditions in its past and this background made citizens fully equipped with the necessary skills to adapt to harsh conditions and sudden changes. It is no secret that Nigeria is the African country with the fastest crypto adoption rate, which proves that, despite the enfeebling odds, Nigerians are delving into crypto possibilities (and mining) and surprising us all.?
The next news highlight on our list confirms what the article mentioned above suggests: Nigeria keeps a fearless attitude towards crypto, challenging all the factors that might keep it away from it. A crypto-driven service called Manilla Finance has just announced that it is looking to implement a system in Nigeria, followed by Ghana and Uganda, that will allow users to use cryptocurrencies to pay their utility bills. In Nigeria, the integrated system will work with a blockchain payment gateway linked to the PHCN of Nigeria (Power Holding Company of Nigeria), facilitating the transactions. Rutherford Atayobo, CEO of Manilla Finance, explains that the company does not rely on traditional banking frameworks to operate and that, regardless of the use of blockchain technology to change how citizens handle utility bills, all the payments will be traced back to the energy providers through fiat currency. He clarifies that the national authorities should not worry about this new solution erasing the use of fiat money and that the platforms will just make daily transactions “simpler and faster.”?
Last April, the Bank of Ghana issued official reports warning financial institutions in the country about the risks of dealing with cryptocurrencies as the market is still not regulated in the country. However, four months passed, and authorities from Ghana’s Central Bank have declared that they are ready to enter a stage of development that pays attention to the possibilities involving crypto and digital payments. Clearance Bay, Assistant Director at the Bank of Ghana and the one in charge of Innovation, claimed that they feel prepared to review some monetary policies to embrace cryptocurrencies. However, he also mentioned that although the institution already understands the need to move forward, they will keep being weary of the regulations that might challenge the process. Despite the challenges faced by the country’s banking sector, it feels like Ghana is ready to make a stand and claim its position in the global market by embracing digital and crypto opportunities.
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