Africa will benefit greatly from cryptocurrency. The continent is the perfect environment for cryptocurrency to thrive because of its limited access to financial assistance and overt reliance on Western financial institutions. The use of blockchain technology will drive the continent’s economy exponentially. Aside from remittances and currency volatility, financial inclusion is another hot-button topic in Africa. Research from the World Bank suggests that many of the world 1.7 billion unbanked are on the continent, while 2 in 3 adults in Africa do not have access to a bank account.
In many ways, Africa is better prepared for a move to crypto than other continents. Mobile money has already been a key driver in reducing the numbers of unbanked adults, and the World Bank says the continent is home to all eight countries where more than 1 in 5 adults solely rely on a mobile-only account. Given how many consumers are already open to using this technology, crypto exchanges and wallets that offer fully functional apps for mobile users are set to benefit immensely.
The big cryptocurrency global brands such as Bitcoin, Lite coin, XRP, Dash, Lisk, and Monero, leads the pack in Africa, but other key competitors like Oduwa Coin are poised to do extraordinarily in Africa because of its easy utilization, catering for the underserved and unbanked communities. Oduwa coin (OWC) is currently the leading digital currency in Africa, and It’s likely to remain the leading Cryptocurrency as it becomes more acceptable. With OWC increasing in use nearly every day, many people wonder how it will shape Africa’s economy and benefit its residents.
Increase Wealth & Investments
Cryptocurrency is largely independent of political or economic situations, so digital currency has the potential to grow and produce wealth independent of the government. This means that those who invest in the currency won’t have to worry about the government taking it away. In the past, Instability in the African political system has affected the growth of investments.
Many people in Africa today still do not have bank accounts. Cryptocurrency is digitalized, so as long as people have an Internet connection or can go somewhere with one, they can open a cryptocurrency wallet and start saving. Cryptocurrency in this regard provides millions of Africans the financial inclusion and opportunities that were only available to the rich.
Access to Global Commerce
Crypto currency’s success lies in the simplicity and ease of access to banking services. Cryptocurrency wallets, such as Oduwa Coin Mobile Wallet, that make it possible for users to easily use cryptocurrency for cross border payment, purchases, trading, and crowdfunding with no fees. This includes transactions internationally, which means more Africans can now participate in international business.
When customers use a digital currency like Oduwa Coin Mobile Wallet, its user opens an account and can send and receive Oduwa – digital cash, which the recipient can verify and use in their wallet and all transaction are irrefutable. The benefit of using Oduwa Coin Mobile Wallet is that it’s user-friendly, so it’s perfect for Africa, with millions of people who are just getting started with digital cryptocurrency wallets.
Lack of Corruption & Transparency
Corruption in African countries stifles economic, political and social development. It’s impossible to corrupt blockchain in technology, so those issues are completely eliminated. Digital currency is completed transparently. With blockchain technology, there won’t be any corruption.
Affordable Remittance Payments
Remittance payments are usually expensive and do not favorhttps://oduwacoin.io/ the poor. Cryptocurrencies have remittance payments BUT they are much more affordable making it possible for millions of Africans to utilize for payments.
More Business Opportunities
Local merchants can expand their business with importing and exporting globally because of the simplicity and accessibility that cryptocurrency offers with international transactions.
African nations can benefits from cryptocurrency if the government allows and promote its use. Cryptocurrency can provide developed countries financial security, access to banking options, buying and selling internationally, and investment security.
With a payment gateway like Oduwa Coin Mobile Wallet. It only takes an Internet connection to open an account, and within minutes you can start to use digital cash to make purchases and receive funds.
New users can also earn more Oduwa coin as a reward from the network by joining the Oduwa Coin PoS Mining Network
Source: Afro World News