Business
Expert Highlights Blockchain Potential To Transform Africa’s Economy
An expert in Blockchain technology, Danny Oyekan, has said the technology is increasingly recognised as a transformative force in Africa, potentially revolutionising financial systems, trade, and governance.
Oyekan in a release made available to The Tide, Online, stated that Blockchain could bridge economic gaps, drive financial inclusion, and enhance transparency across the continent with the right policies and investments.
He said the blockchain technology has the possibility of bridging the financial gap.
“Africa’s financial landscape remains fragmented mainly, with millions of people excluded from traditional banking systems, and according to the World Bank, over 66 per cent of Sub-Saharan Africa’s population is unbanked, limiting access to essential financial services.
“While mobile money platforms like Kenya’s M-Pesa have improved financial inclusion, challenges persist, particularly with high transaction fees and delays in cross-border payments.
“Blockchain-based financial solutions are emerging as an alternative to conventional banking. Platforms like BitPesa enable businesses and individuals to conduct seamless, cost-effective cross-border transactions.
“By eliminating intermediaries, blockchain allows direct financial interactions, reducing costs and enhancing efficiency. This innovation could empower traders and SMEs across the continent, fostering economic growth”, he noted.
The expert also explained how blockchain is enhancing transparency and efficiency in the agricultural sector, music and movie industry.
“Ghana-based Agrocenta, for instance, leverages blockchain to connect small-scale farmers directly with buyers, ensuring fair pricing and reducing middlemen exploitation.
“The creative industry is also witnessing a shift. Musicians, filmmakers, and digital artists in Nigeria and beyond struggle with piracy and unfair royalty distribution.
“Blockchain-powered smart contracts offer a solution by ensuring transparent revenue distribution, allowing content creators to receive fair compensation for their work.
“This innovation reshapes Africa’s creative economy, giving artists greater control over their intellectual property”, he revealed.
Lending his voice to the flaws of the eNaira launched by the Federal Government years ago, Oyekan, noted security and usability as factors that affected the initiative.
On youth empowerment and blockchain education, he affirmed that with Africa’s rapidly growing youth population, blockchain offers job creation and skill development opportunities.
Corlins Walter