Africa is the fastest-growing continent when it comes to crypto adoption, with over 1200% growth in the last year. To help crypto enthusiasts stay on top of the latest news, we are launching our weekly news digest. Every Friday, check out our social channels for all the must-knows and can’t-miss-its.
This week, we are starting off with what is happening in Kenya.
Loss of Trust in Governments Reason Behind DeFi and Crypto, Says Governor- Central Bank of Kenya.
Kenya’s Central Bank Governor, Dr. Patrick Njoroge, has said that decentralized finance (DeFi) and crypto have emerged because people are losing trust in governments.
He has also indicated that the global financial crisis of 2008 contributed to the emergence of DeFi. Speaking at a World Bank event, the Governor said:
“The promoters of DeFi sought to leverage on the loss of trust in governments and financial institutions particularly in advanced economies. This saw the emergence of cryptocurrencies, headlined by bitcoin, positioned as alternative payment instruments.”
According to Dr. Njoroge, cryptocurrencies have now become more wealth management instruments and less of payment instruments. The governor was speaking at the Agile Regulation for Digital Transformation webinar organized by the World Bank where he also provided insights about digital transformation in Kenya’s financial sector.
Ever wondered how crypto is being used in Africa? Well, 48% of Crypto Holders in Kenya, Nigeria, and South Africa invest to pay for education, reveals latest Luno Report.
A new report by Luno, one of the leading crypto exchanges in Africa, has revealed that the majority of crypto investors (48%) are willing to invest their salary in crypto for their children’s education.
The survey, which included nearly 7,000 respondents from across 3 African markets and 4 foreign found that investors in the 3 African countries were not only financially-savvy but also looking to invest for sensible and long-term goals.
Speaking on these findings, Marius Reitz, General Manager, Luno, Africa, said:
“In recent weeks, there’s been a lot of attention on the scale of Africa’s crypto revolution and whilst its potential is hugely exciting, it’s vital we ensure consumers are engaging with this transition in a safe and responsible manner.
Nigeria is also taking a step further into the Economic Revolution:
Nigeria’s eNaira is now live and this could indicate that the Central Bank of Nigeria (CBN) is keen on seeing its plans for a Central Bank Digital Currency (CBDC) succeed.
The website states: “ The eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”
Peer-to-peer trading is driving Africa’s digital money revolution.
Peer-to-peer (P2P) cryptocurrency trading platforms are now the engine of growth as Africa pulls ahead of the rest of the world in grass-roots adoption of virtual cash.
Retail-sized transfers make up a larger share of the continent’s cryptocurrency activity on the continent with P2P enabling the practical use of digital money.
To finish it off, here are the 5 Startups in Uganda Building on the Celo Blockchain
Celo, a mobile-first blockchain focused on emerging markets, continues to expand across emerging markets of Africa with Uganda becoming one of its key markets when it comes to adoption.
The recent announcement of a $100 million program to bring ‘DeFi to the people’ in the form of educational grants and incentives on top of the platform continues to attract interest with this growing ecosystem.
Established in 2015, Spe Taxi Cab offers professional taxi and cab services in Kampala, Uganda & has now become the go-to-service for airport transfers.
Bit2Big offers a crypto Over-The-Counter (OTC) desk and consultancy services in Uganda helping bring more awareness and shape the crypto landscape in the country.
Kanzu code is a Ugandan-based digital solutions provider and a member of the Celo Alliance for Prosperity.
CryptoSavannah is a technology company focused on developing blockchain solutions in Uganda and across Africa.
Murcom is a software technology company headquartered in Kampala, Uganda specializing in Software development, fintech, digital KYC and financial inclusion.
That’s it for this week’s highlights. Stay tuned, as this will now be a KamPay tradition. And be sure to follow us on our social media, so you don’t miss out on the updates on the project, as well as a lot of fun content coming your way.
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