Blockchain technology gives Africa the opportunity Opportunity and platform to defend themselves, especially in the financial technology ecosystem. speech, while welcoming the President of France, Emmanuel Macron, the Ghanaian President, Nana Akufo-Addo stressed that it is the responsibility of Africans to develop their country by themselves. Akufo-Addo notes that it is not fair that African nations continue to depend on the generosity of European taxpayers for help and support, but that the continent should be able to manage itself even his own basic needs.

Akufo- Addo said:

"Our primary responsibility as leaders and citizens is what we must do to develop our own countries."

The role of fintech in development

Already recognized as underdeveloped compared to other continents such as Asia, Europe, and In America, most of the problems faced by the 1.2 billion Africans are directly or indirectly related to financial inclusion and remittances.

Access to funds and the efficiency of transactions have proven to be major determinants of wealth creation and growth in the world today. In fact, in some cases, it stands out as the difference between development and primitive existence. This is evident in the dynamism and pace of change in communities where improved fintech products have been launched.

Kenya, whose rate of adoption of mobile money services has shown impressive results and consequences. Malawi is another good example; The country is taking important steps to improve access to financial services, including establishing measurable financial inclusion targets and adhering to both the Maya Declaration and the Declaration on Finance. These regulatory and public policy developments are reflected in its relatively high scores on country commitment and the regulatory framework.

Dickson Nsofor, founder of the Kora Network, said:

services have been proven to help develop wealth. Unfortunately, for much of the world, access is uneven and expensive. In many places, the formal bank is seen as something exclusively reserved for the rich. Banks require minimums and high fees for opening and maintaining accounts. Because of the cost of their service and their inability to prove their identity, many financial institutions do not open branches in remote or low-income areas, forcing people to travel for hours to transfer money. 39; money. "

Blockchain Technology Reveals Enormous Potential for Solving these Problems and Enabling the Development of the Continent.

Financial Inclusion and Remittances

According to Nsofor, Technology is a major asset for humanity, although it has some disadvantages that can not be overlooked.It notes that startups are the engine room of any nation that wants to remain competitive on a global scale For example, we can see how companies like Uber, Lyft, Facebook, PayPal, Instagram and others have shaped the world and added many economic benefits while bringing a complete overhaul of traditional systems.

a better quality of life led to the massive exodus of Africans, especially young people, to the West.Because of this high rate of migration from Africa towards the r the world's most developed regions, sending money in the other direction has grown to become a huge industry in its own right. Migrants must therefore send money home for a number of reasons, most of which concern caring for families and relatives.

Money is mainly intended for basic needs

do with the money of the money is education. A World Bank study found that Ghanaian households receiving payments reduced their food expenditures by at least 14 percent (which meant they had more disposable income) and increased the household's margin. 33% education. In Nigeria and Kenya, more than half of total remittance spending is spent on residential construction, land purchase and farm improvement.

Laolu Samuel-Biyi, Director Remittances at SureRemit: Couterelegraph:

"Diaspora remittances are an important source of income for individuals and families Across Africa and other major corridors of remittances.More than half of these funds are sent home to provide basic needs like food, clothing, education. , drugs and utility bills.The purchasing power of a significant portion of the population of the developing world is relatively low, so that many people depend on international remittances for their needs The volume of funds will continue to increase as migrants flourish abroad. "

Samuel-Biyi notes that cross-border remittances are still tedious and costly to execute, mainly because of the procedures required by financial institutions. governments to facilitate the transfer of money. However, the emergence of Blockchain technology offers the potential to remove many of the complicated layers inherent in the traditional remittance process, making cross-border value transfers cheaper, faster and safer.

With the liberality presented by Blockchain the opportunity for innovators to create and develop independent ideas, Africans seize the opportunity to break free from the chains of underdevelopment and dependence total in respect of their Western counterparts

a journey of a thousand miles must begin with a step. The dedication of financial solutions to various aspects of development allows Africa to take advantage of the opportunities offered by blockchain and decentralized technology. This will allow the continent to solve its particular problems and place itself on the same platform as its Counterparts in the Committee of Nations.