We live in a time of tech-savvy people and the youths are the number one users of technological devices. It is no surprise that Paxful, a global peer-to-peer cryptocurrency marketplace notes that majority of the users of virtual currency in Africa are more likely to be male and under the age of 30. The report states that Paxful which receives more than R500-million per month from its African consumers noted that more than half of its customers are under 30 years of age. The report revealed that 70% have a tertiary qualification or a post-secondary school qualification while the dominant users are male taking 65% with the females taking 35%.
Africa is still developing technologically but, it is surprising to see that the Paxful noted that more transactions involving the transfer of goods, services, and money were facilitated via their platform in Africa, compared to other developing countries where digital currencies are traded speculatively for profit. African consumers who use Paxful find that digital currency offers them lower fees when it comes to cross-border commerce. The added fact that transactions are conducted speedingly and they are safe also attracted entrepreneurs and who find cryptocurrency easy for their operational and exporting capabilities.
Paxful find the African market an expanding market as Ray Youssef, co-founder, and CEO of Paxful says, “We are on the verge of the peer-to-peer financial revolution and it is being led by Africa.” He added, “Bitcoin, Ethereum, and other virtual currencies are just newer financial services instruments. Paxful’s growth on the Continent reflects the tremendous appetite for innovation in Africa.” Africa already has an advantage over the so-called ‘developed markets’ when it comes to innovation in financial services, with an expanding middle-class that has already embraced innovation in banking in comparison to other parts of the world. It Is no surprise to see that Africa is a hub for a lot of the multiple use cases of the blockchain technology.
What do you think about Africa’s participation in the crypto space? Share your opinion with us in the comments section below.
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POST OAK MOTOR CARS NOW ACCEPT BITCOIN AS PAYMENT FOR THEIR LUXURY CARS
Are you hoping to be among the first crypto Hodlers to get a luxury ride with direct payment in cryptocurrency? If yes, then wait no further as more adoption, even in the automobile sectors of the gobal economy unfolds.
Tilman Fertitta, would be the first business man to sell off exotic cars like Bugatti, Bentley and Rolls-Royce using Bitcoin- the world first ever cryptocurrency.
Precisely on the 5th day of September 2018, the Hospitality business giant made the announcement via an official press release that it is be possible to purchase luxurious and classy carriages without prior regards buyers’ location worldwide with the use of Bitcoin and through a bitcoin payment processor called BitPay.
When asked about the move, Tilman, owner of Post Oak Motors had this to say “The rising of bitcoin sparked my interest. Being a premier luxury car dealer, I always want to offer my customers the very best buying experience and this partnership will allow anyone around the world purchase our vehicles faster and easier.
The Blockchain Revolution in Nigeria and the Need for Regulation.
In a recent strategic session organized by Mary Uduk, the Director General Securities and Exchange Commission of Nigeria (SEC) for the FINTECH Industry at SEC Towers Abuja. A critical analysis on the basics of the newest technology on the block (The Blockchain) in relation to the current plans to regulate the industry in the Nigerian Market, was the topic of discussion today.
In his presentation, Mr Ade Bajomo, the Executive Director Access Bank Nigeria and Vice President FinTech Association of Nigeria, took time to explain in simple terms the Blockchain Revolution currently taking place worldwide. He said; “Revolution refers to radical transformative change. It is a tumultuous and transformative event that attempts to change a region or society and in some cases, even the world”. Revolutions are the great turning points of history.
He also explained How Fintech is driving development and prompt execution in the financial sector of any economy. Moving on, he talked on the Future of Fintech; stating that the most recent discovery in the Space is the BLOCKCHAIN and that this discovery needs to be regulated.
At the end of his lecture, he answered few questions as regards security of the Blockchain in relation to the need for SEC to deliberately understand Blockchain technology, which would further help the active players institute the most desired regulation.
BanQu Launches First-ever Blockchain-based Technology in Supply Chain Management in Zambia
BanQu has pioneered blockchain-based economic identity solution in Africa. In the partnership with Anheuser-Busch InBev, BanQu has created a safe, secure, inalterable record and to generate economic opportunities for small holder farmers in Africa. Firms in the Supply chain management sector have embraced this innovation, banking on the software’s ability to enhance service delivery and improve profit margins.
The pilot done in June 2018 with leading brewer Anheuser-Busch InBev involved 2,000 Zambian farmers connected via the software’s mobile platform, as they reap and vend an estimated 2,000 tons of cassava for the production of high grade beer raw material -Starch used in beer production by the end of Zambian cassava farming season this August.
With this blockchain-based technology by BanQu, Anheuser-Busch InBev is able to track its product through every process in the supply chain with accurate record of vendors in the form of farmer profiles.
Zambian Breweries Agricultural Manager Chris Nicolle is excited about this development:
“This is one of the most exciting programs to be involved with. The scope and empowerment that the platform provides to the Small Holder is exceptional and I look forward to seeing the implementation of the project, from pilot to our full-time buying platform.”
The unbanked/underbanked farmers have something to smile about because with this solution, farmers are able to setup private digital profiles that can serves as a form of banking record as history is accumulated. With this record, farmers are able to connect to NGOs, Cooperatives, Banks for instruments like loans, grants and trainings for capacity building.
“Since 60% of the 2.7 billion unbanked and underbanked people already own mobile phones, these devices make the best platform for these people to connect to the global economy,” quoting BanQu Founder and CEO Ashish Gadnis.
He adds that
“BanQu is enabling the democratization of data, money, and eventually power, while delivering a distinct business advantage to global brands like Anheuser-Busch InBev and their localized company, Zambian Breweries, who believe in an inclusive agricultural model. Our goal is to strengthen this partnership across multiple crops and countries setting up a long-term, sustainable and responsible supply chain that directly benefits the small-scale farmers in the world.”
The World Health Organization (WHO) reports that 25 percent of
global alcoholic beverage consumption goes unrecorded. However, BanQu is trying to change the narrative with blockchain-bases solutions in Africa.
Nigerian Crypto Enthusiasts Create Crypto Education Classes
Adoption is the buzzword in crypto communities and the best way to drive adoption is through education. Truth be told, a lot of persons have heard about Cryptocurrency and Bitcoin however, they have a limited knowledge of what digital currencies are and what they entail. This need for proper education has led Cryset to partner with Workstation to create a week long Blockchain and Cryptocurrency workshop geared towards educating coworkers at Workstation as well as the general public about the technology and the space.
This event is scheduled to hold for 6 days and beginning on Monday, September 10 – Saturday, September 15, 2018 at Workstation, 7, Ibiyinka Olorunbe close, Victoria Island, Lagos.
The aim of the organizers of the event is to create a classroom environment where teaching and learning of Blockchain and Cryptocurrency concepts, markets and technology will take place.
The organizers are working with the largest Co working space in Nigeria with a community of over a 300 people comprising entrepreneurs, companies, developers, and millennials bringing this education down to the grassroot. Even though this is the first workshop more communities with be visited to spread the word.
Although the cryptocurrency market is currently down, this has not deterred Cryset, in fact, the company believes it is a great time to bring new people onboard. Cryset is all about creating real world use cases for cryptocurrencies as well as driving adoption of Blockchain in Africa.
The workshop will have a classroom ambience of a 25 students per class. This is to help the attendees learn in a conducive environment as well as ask questions and practice what they have been learnt. The tutors for this event include high profile thought leaders, entrepreneurs and educators in the Nigerian Blockchain and Cryptocurrency space.
The goal of this workshop is to give beginners a high-level introduction to Blockchain and get them to really understand, provide them with the tools, access and resources to guide them. This workshop will bootstrap them to a more knowledgeable position in the space.
The workshop curriculum
Day 1: What is the Blockchain
Day 2: Understanding Bitcoin and cryptocurrencies
Day 3: Introduction to Cryptocurrency trading
Day 4: How to Integrate Blockchain into your business (Blockchain for Enterprises)
Day 5: Investment opportunities in the Blockchain space
Day 6: Blockchain Software development, smart contracts and dApp.
The workshop is designed in a way that its starts from the foundation and builds on top of that knowledge base so their is proper understanding.
The first 2 days are foundational classes and the remaining are more specialized to what aspects of the space the individual would like to operate or be a part, developers, traders or business entrepreneurs there is something for you.
This is the first of its kind in the Nigerian Crypto space and it would be an exciting time for all those seeking knowledge in Cryptocurrency and Blockchain and how to benefit from it.
You can register for the workshop here