In this week’s Crypto Africa News round-up, Tether is partnering with Chipper Cash, Ghana aims to realize its blockchain ambitions, and Nigeria moves on the Binance executive case.
Africa is the second-largest continent after Asia. With a population of over 1.4 billion people, this region is fast-growing, and leaders are adjusting to meet growing demands.
A big concern on their radar is increasing financial inclusion and promoting digital innovation. Adopting technology is critical if this is to be achieved, and more people will be served. This could explain the explosion of crypto-centric solutions and the involvement of multinationals.
This week, the landmark partnership between TBD, which is owned by Block Inc., and Chipper Cash, and Ghana’s ambitious push for blockchain adoption in governance dominated headlines.
TBD and Chipper Cash Join Hands To Streamline Cross-Border Payments
This week, TBD, a Jack Dorsey-led Block Inc. division, joined forces with Chipper Cash, a leading African fintech company.
According to the partnership details, the goal is to revolutionize cross-border payments.
Most importantly, the deal will also empower individuals and businesses with decentralized identity solutions.
Analysts note that this collaboration is necessary. It will help dismantle traditional barriers and help foster greater financial access across the continent.
To lower the cost of transactions and improve efficiency, the two will use the decentralized exchange, tbDEX.
Commenting, Maijid Moujaled, the President and Co-Founder of Chipper Cash, said:
“Remittances are a lifeline for many African families, but the costs of sending money to the continent remain among the highest globally. By plugging into an open protocol like tbDEX with numerous network participants, we believe we can, collectively as an industry, drive down these high costs and facilitate remittances in a more efficient, transparent, and compliant manner.”
Nigeria: The Binance Case Conundrum Continues
While the TBD-Chipper Cash partnership is positive for crypto Africa, Nigeria presents a contrasting picture.
According to a report, the International Monetary Fund (IMF) wants the African economic powerhouse to start licensing crypto exchanges to bolster financial stability, which would attract investment.
However, the Nigerian Securities and Exchange Commission (SEC) has been actively banning platforms that permit the peer-to-peer (P2P) trading of crypto using the Naira.
The regulator adds that their concern is primarily due to the impact it would have on the Naira. In response, industry experts argue that a P2P ban is impractical and could hinder innovation.
They also believe that excluding crypto entities from the banking system would only do the opposite and fuel the expansion of both good and bad P2P trading enablers.
Nigeria still holds a Binance executive for alleged money laundering and tax evasion.
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Ghana Is Pro-Blockchain: But Will African Crypto Plans Succeed?
While Nigeria cracks the whip on crypto and blockchain, Ghana embraces the technology.
According to recent events, the country is actively integrating blockchain technology into its governance structure.
It is the first country on the continent to implement a nationwide blockchain-powered government system to deter corruption through the Authorities’ digital platform.
Speaking during the 14th Commonwealth Regional Conference and Annual General Meeting of Heads of Anti-Corruption Agencies in Africa, Vice President Mahamudu Bawumia said:
“We are going to adopt blockchain technology for government to ensure that all data and transactions in the government space are transparent and tamper-proof; no one can change them, so ours could well become the first blockchain-powered government in Africa.”
Since crypto is digital, Ghana is currently establishing a robust digital foundation and prioritizing expanding internet access to rural areas – a key focus for Crypto Africa in 2024.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
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