Dialing in DeFi
The Promise and Potential of African Crypto Adoption
While blockchain technology and cryptoassets have created a whole class of investment vehicles for individuals who already have access to financial services, unbanked people can benefit the most from decentralized finance (DeFi). For individuals without a bank account, these technologies enable them to gain access to basic financial infrastructure, such as faster and cheaper remittance payments, loans, and retail investment opportunities.
In 2021, The Fintech Times found that 57% of the African adult population remains unbanked. But it’s not for lack of technology, as sub-saharan Africa has long been a fast-growing mobile phone market. By some measures, 75% of the population now has access to a mobile phone. Combined with the growing deployment of public WiFi, it has become far easier to get an Internet-connected mobile device than to open a bank account.
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