• Emmanuel Babalola, director for Africa at Binance at Bundle


• 07.10.2021 03:00 pm
#cryptocurrency #finance #blockchain

The uptake of cryptocurrency and blockchain has been steadily growing over the past few years, but on the continent of Africa the proliferation of crypto trading has proved to be a lifeline for millions of people. In fact, the continent now boasts one of the largest number of crypto traders anywhere in the world. 

Much like the other big users like Southeast Asia and Latin America, many millions of people live below the poverty line, and many more suffered as a result of the pandemic. Across Africa – and particularly in Nigeria - currency devaluation, low uptake of traditional bank accounts and high unemployment are forcing people to find inventive, non-traditional ways of making money. 

A major benefit of the decentralised model of cryptocurrency is putting power back in the hands of users. Cryptocurrencies were designed as an alternative to traditional finance and therefore don’t have a single point of failure, making them more resilient, efficient and democratic. The ability to transact on an immutable, censorship-resistant and permissionless blockchain that cannot be affected by the hyperinflation seen so often in African economies is a huge step towards achieving self-sovereignty over their finances. 

With near ubiquitous use of mobile phones across the continent, accessing crypto trading platforms has proved easy. And because the cost to access crypto platforms is low, many users have been using them to transfer money because of the lower cost compared to traditional banks. Access to blockchain and cryptocurrency platforms has also meant that the remote workforce have been able to work for start-ups in the crypto and blockchain space that are out of the country or continent. 

While there are many great examples of user experience, there has been a huge need for education to help fight against opportunistic fraudsters. As the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, Binance recognised its role in educating communities to ensure safe practice. In 2020 it rolled out the Binance Masterclass programmes across the continent to teach Africans the fundamentals of cryptocurrencies; how to trade and how to identify scams to safeguard their crypto journey. The lessons were free to join and open to everyone. 

In its first year, the Masterclass helped educate over 70,000 people.  Efforts have since doubled, providing educational resources to over 177,000 Africans in Q1 2021 and over 179,500 in Q2 2021- creating some great introductory educational infrastructure to help Africans find financial freedom and to stay informed.

These education programmes have seen huge take up and by virtue of “educate one and pass it on” the knowledge gleaned by one person at the academy is shared with friends and family, spreading best practice far and wide.

As the number of users grows and grows, there is little doubt the future of crypto trading and blockchain development in Africa is set to be a prosperous one. Certainly, the lifeline blockchain and cryptocurrency offers is without border or limit. Whether supplementing incomes or helping build lifelines, both have delivered financial freedom and inclusion for millions.