Inside Blockchain – Blockchain Technology & Remittances

Speaking to Bobby Anyadike on the Inside Blockchain Show this morning about the Implications of remittances on cross-border transactions across Africa, NaijaCrypto CEO, Chiagozie Iwu had this to say;

 “Small businesses build the economy, so building a solution for large corporations while leaving small businesses out doesn’t create economic output because those small businesses that are supposed to create jobs are left out from benefiting from the cross-border payment framework.”

He also went further to explain that majority business owners in Africa prefer to trade with foreign countries and depend on them for trade income. Whereas, Intra-African trade can sustain us as a continent according to him. The only fallout of the system he highlighted was the requirements which might not really foster inclusion of smaller businesses;

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Pan-African Payment and Settlement System (PAPSS)

The newly launched Pan-African Payment and Settlement System (PAPSS) popped up during the discussion and the impact of the infrastructure was discussed. Chiagozie commented on the development noting that it was a good development as it will foster Intra-African trade. He also mentioned that there’s still need to build more blockchain-based remittance systems that are decentralized to facilitate inclusion of small businesses. 

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