Fonbnk's Michael Kimani sorts out facts on crypto adoption in Africa

Crypto adoption in Africa is on the rise, with the continent accounting for a significant share of global crypto transaction volume. According to a report by Chainalysis, Africa received an estimated $117.1 billion in cryptocurrency inflows between July 2022 and June 2023. This represents a 36% increase from the previous year.

There are a number of factors driving crypto adoption in Africa. One factor is the high cost of remittances. According to the World Bank, the average cost of sending a remittance to Africa is 8.9%. This is significantly higher than the global average of 6.4%. Cryptocurrencies can offer a more cost-effective way to send and receive remittances.

Michael Kimani CEO of Fonbnk interview, a Kenyan cryptocurrency exchange. He is also a leading expert on crypto adoption in Africa. In a recent interview, Michael Kimani interview shared his insights on the state of crypto adoption in Africa and the challenges and opportunities that lie ahead.

Another factor driving crypto adoption is the lack of access to traditional financial services.?According to the World Bank,?only 34% of adults in Sub-Saharan Africa have a bank account.?This means that a large majority of Africans are excluded from the traditional financial system.?Cryptocurrencies can offer a way for these individuals to participate in the global economy.

Facts about crypto adoption in Africa

Here are some facts about crypto adoption in Africa:

• Africa accounts for a significant share of global crypto transaction volume. According to Chainalysis, Africa received an estimated $117.1 billion in cryptocurrency inflows between July 2022 and June 2023.
• Nigeria is the leading country in Africa in terms of crypto adoption. According to a report by Statista, over 32% of Nigerians own cryptocurrency.
• Kenya, South Africa, and Ghana are also major markets for cryptocurrencies in Africa.
• Cryptocurrencies are being used for a variety of purposes in Africa, including remittances, payments, and investments.
• Crypto adoption is still in its early stages,?but it is growing rapidly.

Challenges to crypto adoption in Africa

Despite the growing popularity of cryptocurrencies in Africa, there are a number of challenges that need to be addressed in order to further accelerate adoption. One challenge is the lack of regulatory clarity. Many African governments have not yet developed clear regulations for cryptocurrencies. This can create uncertainty for businesses and investors.

Another challenge is the lack of education and awareness about cryptocurrencies. Many Africans are still not familiar with cryptocurrencies and how they work. This can make them hesitant to adopt them.

What can be done to accelerate crypto adoption in Africa?

A number of things can be done to accelerate crypto adoption.?One is to develop clear and supportive regulations for cryptocurrencies.?This would provide businesses and investors with the certainty they need to operate in this space.

Another is to educate and inform the public about cryptocurrencies. This can be done through public awareness campaigns and educational programs.

Finally, it is important to make it easier for people to buy and sell cryptocurrencies. This can be done by increasing the number of on-ramps and off-ramps for cryptocurrencies.

Fonbnk's role in accelerating crypto adoption in Africa

Fonbnk is a Kenyan fintech company that is working to accelerate crypto adoption in Africa. Fonbnk offers a variety of products and services related to cryptocurrencies, including a crypto wallet, a crypto exchange, and a crypto remittance service.

Fonbnk Michael Kimani interview is also working to educate and inform the public about cryptocurrencies. The company offers a variety of educational resources, including blog posts, videos, and webinars.

Crypto adoption is on the rise,?but there are still a number of challenges that need to be addressed.?By developing clear and supportive regulations,?educating the public,?and making it easier for people to buy and sell cryptocurrencies,?we can accelerate crypto adoption and help the continent to realize the full potential of blockchain technology.