Living in a world with new technology everyday, West Africa is beginning to understand the usefulness of blockchain technology. The name "blockchain" was not really commonly heard around West Africa few years ago. When you mention it then in the neighbourhood, people tend to get confuse. But when you say Bitcoin or ethereum they tend to grasp, so you say the technology that powers both is the blockchain technology.
Finance is an important facet of an economy, blockchain technology improves financial transactions. Before joining Steemit, it would be difficult to believe blockchain transactions could be that fast, but now I have seen it myself. Within a few seconds, SBD or Steem could be sent from one account to another within Steemit.com. Africans are beginning to accept the Blockchain technology for what it actually is, that is one of the reasons for the influx of Africans on Steemit. Such transactions are not controlled by any policies by Government, that is appreciated by many.
In previous years, when people abroad want to send money to their family members home, they usually use Moneygram or other traditional means. But with blockchain what they need is a cryptocurrency wallet, you hear something like "Do you have a Bitcoin wallet?" The transaction charges with Moneygram is on the high side when compared, with cryptocurrency exchanges. Most exchanges will charge about 0.5% or flat charges, and with Steemit.com you can even do it for free.
Earlier this year, in one of the busiest cities in Africa, Lagos Nigeria, there was a Blockchain conference. In attendance was major players of finance in the country. Also in attendance was the deputy Governor of Apex Bank, Musa Jimoh. The Central Bank of Nigeria was also clear on its stand regarding cryptocurrencies.
“Nigeria’s position is very clear. We cannot stop the tide of waves generated by the Blockchain technology and its derivatives. […] To this end, the Central Bank of Nigeria has kick-started several initiatives and research works to identify the various use cases of Blockchain Technology including the issuance of Digital currency using the Blockchain”
The Governor of Apex Bank added,
“While some countries have come out with specific directives and stance on the adoption of digital currency and Blockchain Technology, Some countries are still reviewing their positions to enable them to decide on which way to go,” – Musa Jimoh
As most countries are looking for ways to tax cryptocurrency users, the Central Bank of Nigeria stated that they were still researching on how it works. The growth rate of Africans using blockchain technology within the last two years has been really amazing.
About a week after the research by the bank it stated it's stance that there will be no hindrance to the use of cryptocurrencies in the country. This was a good news to many crypto users in the country and a growth for blockchain technology also.
If you are yet to enjoy the beautiful services blockchain technology offers, ask yourself: what is holding me back?
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