Execs: Crypto Offers Africans a ‘Lifeline’ From Inflation and Corruption

Blockchain technology is solving "real-world issues" in Africa such as hyperinflation and corruption, executives told Cointelegraph. While many Western investors may perceive cryptocurrencies as a speculative means to predict the next major trend, Chris Maurice, the founder and CEO of Yellow Card, told Cointelegraph that the cryptocurrency market in Africa is "growing rapidly" because it allows many Africans to escape the failures of the traditional financial system and engage in transactions more freely. 

Kevin Imani, the founder and CEO of Sankore 2.0, believes that blockchain-based payments can serve as a human rights technology. He said, "In many developing countries, hyperinflationary pressure and corruption have left citizens with few options...Cryptocurrencies offer a lifeline to these individuals, providing greater financial inclusion and control over their money."

According to data from Statistica, the inflation rates in sub-Saharan Africa reached approximately 14.5% in 2022, marking the region's largest annual change since the 2008 economic crisis. 

Imani further highlighted that peer-to-peer cryptocurrency transactions counter weak national currencies and corruption, thus enhancing financial inclusivity—a compelling choice for many Africans.

Expressing his perspective, Okoye Kevin Chibuoyim, the founder and CEO of Nigerian cryptocurrency education platform GIDA said, "I personally see Crypto as Africa's next shot at life, another opportunity to be part of something great, as opposed to the internet revolution of the 2000s, when most Africans weren't as exposed as today." He added, “Africans are used to bad governments that aren't accountable and transparent, but here, the blockchain flashes its transparent nature here and makes everyone trust the system."

Author: Katie Lin

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