Despite Dominating Bitcoin Search Traffic Trends, Africa Still Not Catching Up to Crypto Adoption
Three of the seemingly largest cryptocurrency markets in Africa are Nigeria, South Africa, and Kenya. However, dissimilar from other countries with growing crypto industries, the interest in these countries is limited to exchange activities.
When it comes to the use and adoption of cryptocurrency, Africa is seemingly behind. This is still in light of the fact that BTC may offer more simplicity, convenience, and efficiency. If bitcoin can show that it is worthy of adoption, then it can stand to gain from the massive population of 1.2 billion people that drive 50 percent of mobile money services in the world.
These days, all one needs to send an SMS is a basic telephone handset – not even an internet connection. This is opposed to what can be done with a smartphone, which does require an internet connection. The latter is more challenging on the continent, especially due to the weak level of internet access.
One platform is trying to provide an internet-free platform service. Called Cointext, created by Vin Armani, this service may enable users to send or receive, through SMS, bitcoin cash. Armani believes that his platform may be able to overcome mobile money use. However, the service is only available in South Africa at this point, where there is no indication as to how many are using the service. As Armani stated,
“We are preparing to make a major announcement that will give us global coverage (in every country).”
Another official from the platform also added,
“We’re currently working on an integration that will make us available for smartphone throughout Africa. We’re also working on SMS solutions for a few other African countries.”
There are also those in the country who support cryptocurrency use. For instance, Elisha Owusu Akyaw of Ghana has invested in bitcoin. According to him,
“Cryptocurrencies should probably integrate with mobile banking platforms.”
In any event, though, cryptocurrencies may have an uphill battle. Recently, the World Bank conducted a financial inclusion survey to determine how many adults have a mobile money account. The survey indicated
“The power of financial technology to expand access to and use of accounts is demonstrated most persuasively in Sub-Saharan Africa.”