BLOCKCHAIN TECHOLOGY: The Propulsion For AFRICA’s FINANCE.
BLOCKCHAIN ADOPTION – The Solution For Africa?
It’s been 10 years since the birth of Blockchain Technology. So far, the blockchain technology has changed the way many people live and interact with others around the world. Though when the term Blockchain Technology is mentioned, the first thing that comes to one’s mind is Bitcoin, but that is just a fraction of what the technology entails.
According to a source published in “The Economist” (2015), a blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. In as much as Blockchain Technology is very popular among the world populations, it is only a few that understand the term and know how it works. Cryptocurrencies, a product based on this technology is just one amongst other products that can be derived from it and in dealing with the problems currently faced by the African continent, we have to look beyond Cryptocurrencies in quote and probably create a Blockchain based product that will deal with the problem of Africa from the taproot.
Africa is the world’s second largest and second most-populous continent with Lagos as its largest city. However, when talking about Africa, some of the things that come to mind are the Egyptian Pyramids, Elephants and Lions, a vast area of land with so much vegetation as well as poor kids suffering from malnutrition, poverty, hunger, war, killings and others. In as much as there are many root causes of the problems synonymous with Africa, one of the major root causes is poor leadership resulting to illicit capital flight from the continent and thereby affecting the economies of the nations. Hence, the citizens cannot but live in abject poverty since they have no control over it while the leaders can fend for themselves.
It is often said that with Blockchain you can empower the unbanked and citizens can have control over their assets. In other words, since hope can no longer be built on the fiat currencies that are controlled by the world governments, it is therefore expedient and thoughtful for individuals to create their own currencies (crypto assets) that cannot be controlled by governments which by the way is of value and widely accepted by the rest of the world. However, due to the recent exit scams in the crypto space, it has prompted various governments to embark on looking into how to regulate the crypto industry in such a way they won’t overtly control the value of crypto assets. Blockchain comes with so many features; one of such is the peer-to-peer transaction (i.e, sending funds or information from one person to another without an intermediary) at a low fee and fast transaction speed.
Looking at the situation in Africa, this technology can be used to solve a lot of problems ranging from land dispute, financial service, agriculture, election voting, data storage and many more. Though, the scope of this write up is limited to the knowledge of Blockchain use cases in the financial services sector in Africa i.e banking the unbanked, providing financial services (such as loan, credit cards, marketplace for buying and selling goods and service with cryptocurrencies) to the least citizen of the continent at his or her convenience, be it young or old, male or female, rich or poor thus leading many to financial freedom.
Now, if you’re wondering how this can be accomplished, it might then interest you to know that a lot of Blockchain Start-up companies are already working towards improving life in Africa and one of such is AFRICUNIA BANK.
AFRICUNIA BANK is a 100% Blockchain-based Digital Bank aiming at providing banking related services such as opening of savings & current accounts, issuing of debit & credit cards, loans and forex, cryptocurrency trading exchange, as well as providing innovative banking services akin to as bank-to-bank transactions, interconnecting the world of traditional finance and Cryptocurrency Startups.
AFRICUNIA BANK has various proposed and already existing products in its bid to achieving this long term vision of reducing poverty in Africa and some of these products includes but not limited to;
• AFCASH – a Cryptocurrency powered by AFRICUNIA BANK with which all digital transactions can be made. For instance, the loan you requested for could be processed and disbursed in AFCASH. Also, holders of AFCASH Credit and Debit Cards will be able to fund it with AFCASH and such cards will be usable in any ATM machine across the globe.
• AFCASH WALLET – a Multi-Currency crypto wallet that is compatible with Windows OS, macOS, Linux, Android, iOS and can be used to store and exchange several crypto assets as well as fiats such as the Nigeria Naira, South Africa Rand, Kenya Shilling and many others.
• EXCOINCIAL EXCHANGE – a Centralized Cryptocurrency and Fiats trading platform that supports various fiat currencies of most Africa countries in addition to supporting many crypto assets.
• MARKETPLACE – AFRICUNIA BANK has a proposed Marketplace to bring together global merchants (Buyers and Sellers) and the primary money for settlement of trades on the Marketplace would be AFCASH token.
Africa is an emerging market, however, only few structures have been put in check to help improve the livelihood of the citizens of the continent and AFRICUNIA BANK is taking steps in making sure the way the banking system operates in Africa is improved and in essence providing financial freedom for many. Join AFRICUNIA BANK in achieving these goals today.
Read more about AFRICUNIA BANK http://www.africunia.com
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