Blockchain could be a solution to
provide the 350 million without a bank account in Africa with
access to financial services.
It could help address the World
Bank’s target of providing one billion unbanked
people with the ability to access a bank account, and African
governments are responding. Simo Mcunu, Africa vice president
at blockchain-powered forex platform Cashaa, said the place for
the most potential growth for blockchain is in Africa.
Earlier this month South
Africa’s central bank completed a two-week
proof-of-concept programme which settled the
country’s 70,000 daily payment transactions within
two hours while preserving full anonymity. The trial featured a
consortium of banks including FirstRand and Investec. Since
then, blockchain accelerator Blockstarters began operations in
Johannesburg to provide support to startups across Africa.
Earlier this year, the Kenyan government created a
blockchain task force to study the technology’s
benefits and challenges, and has already looked at...