Binance CEO : Africa is ready for cryptocurrency adoption because blockchain offers financial accessibility that is currently not available to many Africans.
During his visit, CZ announced Binance’s partnership with JokkoLabs, one of Africa’s first social impact centers. Through this partnership, Binance will launch a blockchain awareness and education program in communities in Francophone Africa.
Now is to the best time to explore the possibilities of cryptocurrency
According to Yellow card, Senegal has a population of 17.42 million, of which 8.01 million are internet users with a reported internet penetration rate of 46%.
The majority of the population is young and, although seemingly financially excluded, is curious, friendly and open to new technologies. While they have the right elements for positive market growth, there are challenges, including education and the lack of regulation toward cryptocurrency.
Thus, Africa is a land of experimentation for fintech. After Tunisia, Senegal is launching a national dematerialized currency based on blockchain technology. The eCFA, which has the same value as the CFA franc, is expected to be introduced by the WAEMU banking consortium in several other African countries: Côte d’Ivoire, Benin, Mali, Burkina Faso, Niger, Togo and Guinea Bissau. Although it uses blockchain technology to keep track of transactions, eCFA differs from bitcoin. It will indeed be managed by the central bank alone.
In Sénégal 🇸🇳 , meeting HE Mr. President, Central Bank, and Binance Angels. pic.twitter.com/7Bmsd9MoLv
— CZ 🔶 Binance (@cz_binance) July 6, 2022
The opportunities that cryptocurrency is creating across Africa in established and new markets are endless. As more and more countries look for easier and more reliable ways to conduct transactions, the adoption of cryptocurrencies seems to be the right solution to the said problem. There is no better time to explore the possibilities of cryptocurrency.
This may be the opportunity Africa has been waiting for. Changpeng Zhao (CZ), the founder and CEO of Binance, the world’s first crypto-exchange, recently visited Ivory Coast and Senegal as part of his global tour to connect and collaborate with policymakers.
CZ’s stay in the region included meetings with:
- Alassane Dramane Ouattara – President of Côte d’Ivoire
- Macky Sall – President of Senegal.
CZ expressed Binance’s commitment to working with policy makers in Africa as well as highlighting the importance of blockchain to the financial economy:
Africa is ready for cryptocurrency adoption because blockchain offers financial accessibility that is currently not available to many Africans.
To increase blockchain knowledge
During his visit, CZ announced Binance’s partnership with JokkoLabs, one of Africa’s first social impact hubs. Through this partnership, Binance will launch a blockchain awareness and education program across communities in Francophone Africa.
The partnership will involve a monetary donation for community education workshops with the goal of increasing blockchain knowledge and skills. Binance aims to grow the fintech community across the French-speaking African region, ensuring that enthusiasts are empowered to build blockchain solutions and solve real-world problems.