The latest evolutionary step in crypto, Web 3, needs Africa with its willingness to adopt new technologies and huge populations needing better financial services, to succeed – not the reverse. e_rossiello writes
in crypto payments. This growth is no surprise to the AZA finance team. In the past nine years operating on the continent, we have seen massive increases in adoption of the new technology, thanks largely to a young and mobile population ready to plug into the digital world.Before crypto, African countries were embracing mobile money. In 2007, the first mobile money company, M-Pesa, created a tsunami of change in the way people on the continent spent and stored money.
Africa has historically been excluded during times of global transformation due to the long-lasting impacts of colonization and stereotypical thinking in the rest of the world. During past industrial revolutions, African nations were often exploited for labor or natural resources, helping Western countries develop at the expense of their own progress.
Due to Africa’s underdeveloped financial transaction and settlement infrastructure , sending money is difficult, time-consuming and expensive. Crypto, which can be sent almost instantly using a mobile phone, helps overcome these obstacles and offers a way for Africans to send money to their families, participate in e-commerce and grow their business opportunities.