BLOCKCHAIN REVOLUTION: Expert Reveals How Technology Can Transform Africa’s Economy and Combat Corruption.

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According to blockchain expert Danny Oyekan, technology is increasingly being recognised as a transformative force in Africa, with the potential to revolutionise financial systems, trade, and governance.

“Africa’s financial landscape remains fragmented, with millions of people excluded from traditional banking systems,” Oyekan said. “According to the World Bank, over 66% of Sub-Saharan Africa’s population is unbanked, limiting access to essential financial services.”

Oyekan believes that blockchain technology can help bridge the financial gap. “Blockchain-based financial solutions are emerging as an alternative to conventional banking,” he explained. “Platforms like BitPesa enable businesses and individuals to conduct seamless, cost-effective cross-border transactions. By eliminating intermediaries, blockchain allows direct financial interactions, reducing costs and enhancing efficiency.”

He also highlighted the potential of blockchain to enhance transparency and efficiency in various sectors, including agriculture and the creative industry. “Ghana-based Agrocenta, for instance, leverages blockchain to connect small-scale farmers directly with buyers, ensuring fair pricing and reducing middlemen exploitation,” he said.

In the creative industry, Oyekan noted that blockchain-powered smart contracts can help ensure transparent revenue distribution, allowing content creators to receive fair compensation for their work. “This innovation reshapes Africa’s creative economy, giving artists greater control over their intellectual property,” he said.

Oyekan also shared his thoughts on the eNaira, a digital currency launched by the Federal Government. “Security and usability were major flaws that affected the initiative,” he said.

On youth empowerment and blockchain education, Oyekan emphasised the importance of educating Africa’s rapidly growing youth population about blockchain technology. “Blockchain offers job creation and skill development opportunities,” he said.

He also highlighted the potential of blockchain to combat corruption. “Blockchain technology can be used as a tool to promote transparency and accountability,” he said.

Despite the potential benefits of blockchain, Oyekan acknowledged that there are several obstacles to its adoption in Africa, including regulatory uncertainty, limited internet access, and public awareness. “Governments must develop clear policies that encourage blockchain innovation while protecting consumers,” he said.

Oyekan concluded by emphasising the importance of strategic blockchain adoption in Africa. “As blockchain continues to gain traction, its role in Africa’s economic transformation is becoming increasingly evident,” he said. “With strategic adoption, the technology could drive financial inclusion, improve governance, and foster a more integrated African economy. While challenges remain, blockchain’s potential to reshape the continent’s future is undeniable.”

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