Mwanja Ng’anjo has written a concise but well-reasoned piece on why blockchain-based solutions can be even more impactful in Africa. Of course, SureRemit gets a mention too:
To begin with, the use of cryptography is adding further security to Africa’s digital assets, which is boosting investor confidence. Historically, African countries have been held back by inherited colonial systems and bureaucracies that have not always been suitable to local conditions. This is in addition to conflict in some countries, shaky democracies, natural disasters and other challenges that have led to risk averse investors shying away or only making half-hearted attempts at investing in the continent. However, the last number of years have demonstrated that Africa is a resilient business market, with those that chose to invest in the continent reaping rewards that many a time exceed expectations. In addition, in many countries around the continent, the blockchain ecosystem is breaking down barriers posed by the challenges listed above, by providing secure platforms for business transactions that are not confined to geographical and physical spaces.
Blockchain is already starting to make an impact on African markets and businesses. The continent is now seeing a number of emerging crypto and blockchain communities unlocking global access even more. Examples include Kenya’s BitHub, which provides services for start-ups and advocates for conditions and regulations which will be favourable to crypto currencies. The same can also be said for the South African environment with an example of the the Blockchain Academy in Cape Town that provides training on cryptocurrencies and blockchain technology to local startups and entrepreneurs and advises local businesses on how to best adopt blockchain technology into their business models. What is more, Nigerian Blockchain startup SureRemit just raised the largest African ICO to date — $8 million for its non-cash remittance platform.
Corruption is often cited as one of the major reasons that hinders business growth and investment in Africa. However, the tide is turning as one of the major benefits of blockchain is that due to its decentralisation and transparency, corruption can be combatted.