We announced earlier that Africa is a huge focus for LocalCryptos in 2020. Launching four new ways to trade crypto in Africa is the first step of many we’re making to boost crypto adoption in the continent.
Chipper Cash is a cross-border mobile money transfer app in Africa. It’s available in Ghana, Kenya, Rwanda, Tanzania, Uganda, and Nigeria. Launched in 2017, Chipper Cash is growing fast and plans on entering new regions soon.
MTN Mobile Money is an app and USSD-based mobile money service. It’s particularly popular among crypto traders in Ghana, and available in several countries.
Airtel Money is a mobile digital wallet and payments service operating in Africa. Airtel provides a variety of mobile money services both domestically and internationally.
EcoCash is a popular mobile phone-based money transfer service in Zimbabwe. Using only USSD codes and a pin, users can send RTGS to any other user knowing only their phone number.
Africans can also continue to trade with M-Pesa, which is already available.
Africa is undergoing a rapid digital revolution. Mobile money technology has taken off like a rocket since the launch of M-Pesa in 2007, with a massive share of today’s transactions being made with mobile money—the largest proportion in the world.
A paradigmatic shift is happening in Africa, flying under the radar to most of the outside world.
In vibrant cities like Nairobi, Kenya, Lagos, Nigeria, and Cape Town, South Africa, young entrepreneurs are leading Africa into a new digital economy that is quickly transforming everyday life.
Across the continent, African entrepreneurs have grown up in an era of immense digital transformation—experiencing the rise of phones, internet, and mobile money. According to Decrypt, that makes the continent “a perfect crucible for the next wave of innovation, in crypto and blockchain”.
Twitter’s Jack Dorsey predicts the next Crypto Valley will be in Africa, and we at LocalCryptos agree. The next stage in the African digital payments revolution is crypto.
Africa holds key ingredients for crypto to succeed:
Africans are already using their phones to pay every day. In eight African countries, more than 1 in 5 adults rely only on a mobile money account to pay for goods and services, according to the World Bank.
Due to fragmented infrastructure, Africans pay the highest remittance costs in the world. Demand for an inexpensive alternative cross-border payment system has already arrived.
Africa is also home to some of the worst currencies, many of which have been through hell. Take Zimbabwe for example, whose currency is currently battling a miserable 500% inflation rate. Or the South African Rand, recently named the world’s weakest country according to The Economist’s informal “Big Mac” index. Crypto can be used as a hedge against hyperinflation today, and a better model for money in the long term.
Several African governments are welcoming of blockchain technology. While a handful of African countries have banned or restricted crypto, several African governments have expressed enthusiasm about crypto’s potential, including Kenya and South Africa.
Young people in Africa are inventive and efficient early adopters of new technology. More than half of Africa’s total population is below the age of 20. Across Africa exist large groups of educated young people who are beginning to embrace cryptocurrencies and blockchain technology as a path toward a healthy and sustainable future.
LocalCryptos is a peer-to-peer crypto marketplace with more than 100,000 users worldwide with traders in 100+ countries (Venezuela being #1). It’s the most popular non-custodial fiat on/off-ramp.
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