Renowned investor and author Jim Rogers believes that Africa will soon become a cashless society due to its aggressive adoption of mobile technology. He believes that blockchain technology will be the catalyst that will bring this cashless revolution and open more opportunities for the people of Africa.

The African Tech Dream

Rogers is no stranger to Africa. He has been an active investor in the continent for a long time and has travelled all of Africa, which he documented in his bestseller ‘Adventure Capitalist: The Ultimate Road Trip.’

According to Rogers, the continent is at a crucial moment where developing nations are using technology to skip certain steps when it comes to economic transformation. The technology coupled with natural resources and a large workforce will enable African nations to leapfrog the more developed nations in his view.

Rogers points to South Africa as a great connector between Africa and the rest of the world. The countries recent ascendancy to the chairmanship of BRICS and the appointment of South African entrepreneur Dr. Iqbal Survé, as president of the BRICS Business Council, puts the country in a leading position in the developing world. Also, South Africans have an easier access to financial services than anywhere in the continent making it attractive to international investors.

Rogers explained that technology has the power to reshape Africa by unlocking the millions across the continent who have no access to information and financial services. He added:

“I’m not an expert at actually creating technology, but I know it has the power to re-shape Africa, providing countless opportunities for new businesses and profits. Through what Amazon and Google have done in other countries around the world, they have pretty much laid the blueprint for Africa. Companies with a footprint like Sagarmatha Technologies, with their expertise and leadership, are now perfectly positioned to apply these learnings to what is essentially virgin territory. There’s a market of at least one billion people across the continent, all hungry for information, the ability to transact and they are primed to be unlocked.”

A Cashless Africa Thanks to the Blockchain

Rogers believes that blockchain technology will play an instrumental role in transitioning the continent to a cashless society. Considering the pace at which most African countries have embraced mobile money and other financial products he views blockchain technology as the next step in the continent’s economic evolution. While he is currently bullish on capital markets in Russia and China he thinks Africa is better positioned to implement decentralised systems since it is unencumbered by legacy infrastructure and technologies found in developed economies.

“Blockchain is changing everything we know and, because Africa is coming straight to it, it will instantly change everything we do. It’s a reality, already,” Rogers believes.

Ultimately, he expects to see new policies and regulations being tabled to allow for blockchain innovation. Blockchain technology will be useful in enabling cross-border remittances, disrupting energy and oil sectors, trading commodities, improving identity and verification systems just to name a few. These benefits would be the beginning of a journey to a truly cashless society.

While Rogers is an ardent believer in Africa’s potential, the scope of his dream goes beyond the continent. “My daughters are 10 and 15-years old and they will probably never go to a bank or a post office or a doctor. We won’t be able to send letters or cash a cheque, as these institutions will simply cease to exist. We will operate in a totally cashless society,” he remarked.