The evolution of human economic development has taken different dimensions starting from the early stone age to the medieval period, to the barter exchange era, cowry’s usage, paper money/currency, and now bitcoin. For starters, Bitcoin is a cryptocurrency; a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities.
Market analysts, stakeholders, organizations, concerned individuals, and even naysayers over the years have pondered on the legibility and legality of bitcoin, especially when it comes to its uses, security, challenges, and fast adoption in Africa.
All these and more formed the idea behind the recently concluded Techpoint Africa event that was held on the 27th – 28th August 2020 on which we had an important conversation of the topic tagged “Secure Digital Currencies for the Future of Africa”. The event had in attendance the crème de la crème of cryptocurrency platforms in Africa, CEO of tech start-ups, and crypto enthusiasts.
The panel session which was moderated by Damilola Odufuwa, Head of PR Africa, Binance, and featured Marius Reits, CEO Luno, South Africa; Fejiro Hanu Agbodje, the Founder and CEO of Patricia Technologies Limited; Eric Anan, CEO Kubix, Ghana; Damilola Odufuwa (moderator) Head of PR, Africa, Binance; and Yele Bademosi, Founder, Microtraction and Bundle Africa, was one full of insights.
Speaking on current crypto barriers, Yele Bademosi posited that a lot of people are just getting into the digital space and do not understand what it is. For him, the way forward is repeated education.
Following up on early crypto adoption in Africa was the question of financial freedom for all and ways crypto can be used to achieve that, Hanu Fejiro Agbodje responded thus; “there is a lot you can do with crypto these days. Using Patricia as an example, all you need to do is sign up and you are good to go. With bitcoin, you can effortlessly fix your data subscription, buy airtime and data, and with the new invention of the Luxury bitcoin debit card, that enables you to withdraw cash directly from your bitcoin wallet”. He stated that in his bid to keep enthusiasts informed and reach a wider audience, he had conversions surrounding cryptocurrencies (Bitcoin) go up on one of the most viewed TV shows in Africa – Big Brother Naija. This was aimed at pushing the crypto boundaries and having the conversations revolve around the cryptocurrency ecosystem in Africa.
Finally, on their expectations of the growth of crypto in Africa, the panelists collectively affirmed that they expect to see more institutions go into crypto for cross-border payments, in addition to more people buying and storing bitcoin.
In conclusion, start-up companies in Africa need to build crypto/blockchain solutions that work for the context of Africa. A concept that is set to not only make Bitcoin known around the world but have it herald the future of digital currencies.
The Bitcoin market you know today was built by people, not institutions
This dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
Bitcoin recently gained significant global attention, as the richest man in the world, Elon Musk, invested 1.5 billion USD in it. This asset, which was selling for under 1 USD just 11 years ago, has reached new highs in the market with a current price of over 40,000 USD—a phenomenal growth in a decade that no asset class in the market can match.
Some institutions and jurisdictions seem threatened by the existence of digital currencies, which is why the occasional objection about Bitcoin has surfaced on the Internet. Still, this dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.
A few years ago, when people were still skeptical and unconvinced about BTC and its potential, there were those in the industry driven by the ideology that this asset class could create a better global financial system. The reality is that transferring money and processing payments using the current financial system comes with some setbacks.
In one way or another, monetary transactions using traditional payment systems can be laborious and limited, especially to those who have no access to banks and other financial services. This motivated Ray Youssef and Artur Schaback to create a platform that can reach billions of people worldwide.
They explored Bitcoin and discovered opportunities to provide people access to a new financial market. This discovery and enthusiasm led to the creation of Paxful.com, a peer-to-peer trading platform that enables people to buy and sell crypto with anyone, anywhere, at any time.
Currently, Paxful offers over 350 ways to buy and sell Bitcoin and other digital currencies, making it easy for anyone to acquire fractions of BTC and join in on the 900 billion dollar market. Ultimately, Bitcoin has the potential to help people support various financial limitations by allowing them to:
- Pay for goods and services
- Donate to charitable organizations
- Build and grow a business
- Protect the value of their wealth
- Send money faster at a cheaper rate
Apart from providing financial opportunities through the platform, Paxful also uses BTC to uphold quality life and education through the Built With Bitcoin initiative. Every crypto donation goes towards the construction of schools in emerging markets to empower people through learning to live a better life.
The platform has and continues to financially enable millions of people around the world through digital currencies. It’s never too late to start—join the growing Bitcoin community today and be a part of the global people-powered market.
MyManilla – Driving the future of financial technology in Africa
The purpose of MyManilla is to create a platform that eases access to financial services for everyone; especially those in the informal financial sector.
MyManilla is a digital financial platform driven by modern technology to eliminate all forms of barriers faced by users while trying to access financial services. MyManilla is a product of Manilla Digital Application Ltd; a tech company based in Abuja, Nigeria.
The purpose of MyManilla is to create a platform that eases access to financial services for everyone; especially those in the informal financial sector. With this, petty traders, civil servants, students, artisans, cooperative societies, trade unions, and other income earners can have unhindered access to necessary financial services.
According to a PwC fintech and banking report done in 2020, the Nigerian fintech industry investments over the past eight years stood at $204 million. Nigerian fintech secured $103.4 million in funding by end of the year 2018. This represented more than half (58%) of the total start-up funding in the same period under review.
This goes on to show that the nature of financial services is fast-changing, and with time, access to these services will completely become virtual. MyManilla is at the forefront of these advancements with cutting edge technology aimed at eliminating all forms of stress associated with accessing financial services.
MyManilla provides uncommon benefits compared to using the conventional financial institutions. Some of these benefits include – easy and seamless account opening, zero hidden charges, bills payment, automated savings, insurance and a lot more. “We are very keen on making life easy for our customers and consumers and we are making sure that this will provide them with the ease they need for accessing financial services to cater for their daily needs” – ‘Goke Alade Olateju, Co-Founder/CEO, MyManilla.
Manilla Digital believes that MyManilla is the future of financial technology as we have created an All-In-One digital financial platform that focuses on driving inclusiveness, financial literacy, support for cooperative communities and automation of their processes, low-interest loans, secured pension schemes amongst other features. We are delivering the future of finance today; “No queues, just clicks”.
Consequently, Manilla Digital recently signed an agreement with Federal Civil Service Staff Multipurpose Cooperative Union which has over 150 cooperatives and in excess of over 100,000 individual members. This agreement is aimed at making savings, loans, bills payment and other financial services easily accessible for these cooperatives and their members.
According to Maimuna Sabo Abubakar, the Co-Founder/ Chief Growth Officer, agreements and collaborations like this, would further close the financial gap in Nigeria especially within the northern region of the country. She expressed confidence that within a few years, there will be significant growth in financial literacy within this region which will result in an upward progression of people living below the poverty level.
In these days where financial activities are heavily scrutinized and with an increasing level of distrust among consumers, we have created a very transparent process to help you keep your money, guide you on where to invest it, and help you prepare for a financially secured future. You don’t have to worry about how to invest because we will constantly present you with safe investment opportunities and guide you every step of the way.
The MyManilla website and application launched earlier in March 2021 and is now accessible to people of all age brackets, works of life and social class. The beta version of the application has been released and made available first to Android users on Play Store, while the iOS version will be released very soon.
MyManilla is set to change, forever, the way Africa and Africans see and access financial services. It is set to be Africa’s foremost all-in-one digital financial platform, driven by technology to ease access to financial services for the common man, in other to help them cater for their daily needs.
Follow us on our social media platforms @mymanillang, or send an email to [email protected] for further enquiries.
Built for the future; delivered in the present. Welcome to the future
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