Why Africa is the next gold mine for Cryptocurrency (Fintech Fridays Special Edition with Binance Africa Ep.1)

The Sound of Accra Podcast

In this first episode of a special 12 episode Fintech Friday series with Binance Africa, we're exploring why Africa is primed to become the next gold mine for cryptocurrency. From the continent's youthful, tech-savvy population and high remittance needs to the impressive smartphone adoption rates and burgeoning digital payment systems, we will cover it all.

With insightful examples like Ghana’s pioneering blockchain initiatives, you’ll discover how cryptocurrency could revolutionize financial inclusivity and stability in Africa. A special thanks to our sponsors, Binance Africa, for supporting this episode.

About Binance

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://bit.ly/4gbOtZR

Disclaimer: For the avoidance of doubt, the use of the terminology of depositing or withdrawing does not mean that Binance receives, holds, or releases any fiat currency through its platform nor does it contemplate any deposit taking, remittances or similar activity by Binance.

Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser before investing. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

Episode Agenda

• Remittance needs and effectiveness
• High mobile penetration
• Digital payment adoption
• Economic stability and currency volatility
• Youthful population
• Government initiatives

Africa’s Youthful Population

• Africa as the youngest continent
• Predictions by the World Economic Forum
• The average age of the African population
• Youth as tech-savvy, making it conducive for blockchain and cryptocurrency adoption

High Remittance Needs

• Significant African diaspora
• Impact on economic stability in African nations
• Example of Nigeria
• Smartphone ownership facilitating remittance
• Cryptocurrencies as a solution for faster and more affordable cross-border transactions

Government Initiatives

• Example of Ghana’s blockchain adoption
• Statements by Ghana’s vice president, Doctor Baumia
• Goals for a blockchain-powered government
• Implementation of blockchain technology to increase transparency and combat corruption

Economic Instability and Currency Volatility

• Economic challenges in various parts of Africa
• Cryptocurrency as a means to counter currency fluctuations
• Mention of stablecoins and other cryptocurrencies like Binance's BNB
• The issue of the unbanked and underbanked populations
• Digital wallets as a bridge to financial inclusion

High Smartphone Adoption

• Extent of mobile phone access across Africa
• The role of mobile phones in financial inclusion
• Rise of mobile money services
• The introduction of Binance's services in specific African countries
• Features like one-click buy and sell
• Emphasis on security measures and KYC protocols

Digital Payment Adoption

• Collaboration between Binance and other entities to enhance crypto accessibility
• Results of a survey on Ghana's stance in cryptocurrency and blockchain adoption

Binance Enables Crypto Purchases with Mobile Money in Ghana, Tanzania, Uganda, and Zambia

26 August 2024, Accra - Binance, the world's leading blockchain and cryptocurrency infrastructure provider, is excited to announce the expansion of its services in Africa. Users in Ghana, Tanzania, Uganda, and Zambia can now buy and sell crypto assets using mobile money, enhancing accessibility and convenience for crypto enthusiasts in these regions.

With the introduction of Binance’s One Click Buy and Sell (OCBS) feature, users can seamlessly purchase crypto assets and sell assets directly from their mobile money accounts. This new feature is part of their global fiat on-ramp/off-ramp offering, developed in partnership with Transfi. Users are reminded to upgrade to the latest version of the Binance app.

To ensure a secure experience, Binance applies rigorous Know Your Customer (KYC) protocols and robust security measures. These practices are designed to protect users' assets and personal information while meeting regulatory requirements.

By enabling mobile money deposits and withdrawals with these safeguards, Binance aims to make cryptocurrency more accessible to the unbanked and underbanked populations in Africa. This initiative aligns with Binance’s mission to increase the freedom of money globally and empower users with easy access to digital assets

Research links

• The Mobile Economy Sub-Saharan Africa 2023
• Mobile Phone Penetration in Africa to Reach 88% By 2030
• Factors accelerating cryptocurrency adoption in Africa
• Binance | You're gateway into Web3
• Ghana: My Goal is for Ghana to have the First Block Chain-Powered Government in Africa – Dr Bawumia
• How can Africa become an economic growth powerhouse? | World Economic Forum