Cryptocurrency Access In Rural Kenya To Open Opportunities For Africa
It is evident that in the near future, blockchain will be a major hit in Africa considering that we have some crypto-based projects in remote areas.
Kenyan Restaurant Takes Lead In Promoting Bitcoin Adoption
Kenya is among African countries containing a considerable number of bitcoin owners. One bitcoin trader is Beatrice Wambugu who ventured into the sector in 2016. Through bitcoin trading, she managed to set up a restaurant called Betty’s Place. Beatrice serves roasted meat locally known as "nyama choma". Notably, this facility in rural Kenya accepts payments in Bitcoin and Dash.
Speaking to media outlets, Betty stated that she is raking in profits through her tasty meat and bitcoins. She states that her restaurant receives different types of clients from around the globe. She said it does not matter which form of currency they have provided it is one of those accepted.
Considering that the facility is isolated in a rural setting, there is some sort of moderation when it comes to demand. Since she started accepting bitcoin payments, close to 20 clients have paid using the crypto. The sum total of their payments stands at $300.
Beatrice is also on a mission to ensure locals enter the crypto world. On a weekly basis, she conducts classes on cryptos at her facility. Any client who shows interest is taught about how bitcoin operates and how to make investments. With the massive rollout of smartphones, payment in bitcoin is much easier.
Data indicates that more than 350 million Africans have no access to any form of banking. However, analysts argue that with cryptocurrencies, this figure will change as many will take up digital banking.
Mobile phone adoption in Africa shows that landlines are no longer viable. By the year 2020, it is expected that about half of the African population will have access to smartphones. This projection is provided by the African Development Bank. With these devices, many people will be able to plunge into banking without the need for traditional banks.
Intriguingly, Africans with formal banking do not have faith in those institutions including the government. Africa is faced with the perennial major problem of rampant corruption that has crippled a number of economies there. Poor governance has also been an issue and many believe that deploying blockchain technology might mitigate some of these challenges. Blockchain is expected to enhance accountability and trust among citizens.
Firms like Pan-African and Liquid Telecom based in Africa have deemed the technology as a catalyst for improved efficiency.