Africa can bridge funding gap with blockchain

Author: Olly Jackson | Published: 28 Jun 2018

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...