TECHDIGEST – eNaira can become a cheap payment solution for consumers and businesses and boost financial inclusion, according to EMURGO Africa.

The firm stated that beyond its financial inclusion target, eNaira could allow businesses and consumers to accept payments at a cheaper rate because of its directness and lack of intermediaries.

It disclosed this in a ‘State of Web 3.0 in Africa’ report, which it produced in partnership with PricewaterhouseCoopers.

It said, “Beyond financial inclusion, the eNaira can be used for cross-border payments and transfers, with remittances being one of the most compelling applications of digital currencies.

“Through eliminating intermediaries, the eNaira could serve as a dependable low-cost payment solution for consumers and businesses.”

The firms noted that the strong allure of cryptocurrencies In Nigeria was because of the uncertainty surrounding the devaluation of the naira, the promoted promise of financial freedom by earning a passive income, and a lack of job opportunities.

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It said, “Blockchain and crypto assets are increasing in popularity across the African continent: the adoption of blockchain technology is slow but progressive, while the cryptocurrency market is growing significantly.”

In a statement to announce the report, EMURGO Africa, disclosed that weakening local currencies coupled with fragile economic backdrops had created rapidly growing demand for USD-pegged stablecoins on the continent, as consumers protect their asset values from free-falling and owners of SMEs seek cheaper and efficient ways of payment.

It said that was responsible for the increasing adoption of digital currencies and blockchain technology as practical solutions in those economically volatile environments.

The Chief Executive Officer of EMURGO Africa, Ahmed Amer, stressed, “Web3.0 technologies are already redefining the African digital landscape, offering innovative solutions to long-standing challenges and empowering individuals and communities across the continent.

“This report presents an in-depth exploration of the potential of these technologies to drive positive change while highlighting the importance of fostering a collaborative environment between stakeholders, policymakers, and regulators to unlock the full potential of Web3.0.”

The firm stated that on the global stage, crypto regulation was evolving, with 40 per cent of 35 nations surveyed having instituted regulatory frameworks, 34 per cent actively developing them, and nine per cent enforcing outright prohibitions on cryptocurrencies.

It explained that despite receiving only 0.5 per cent of global blockchain funding, Africa was committed to Web3.0 technologies and digital currencies were poised to recalibrate the technological and financial landscape on the continent.

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TECHDIGEST – A Blockchain Technology Company, EMURGO Africa in partnership with PricewaterhouseCoopers disclosed that Nigeria ranked among the Top 10 worldwide for crypto adoption.

It said in a statement in Lagos that this was revealed in its “State of Web3.0 in Africa” report unveiled recently.

EMURGO Africa said that the report provided an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa and the Middle East and North Africa region.

Blockchain Technology is defined as a decentralised record of transactions that are stored on a huge number of computers across the internet.

Web 3.0 is a decentralised internet built on an open blockchain network that is not owned and controlled by large entities.

EMURGO Africa said that the report showed that Nigeria’s position emphasised its role in propelling financial inclusion and nurturing innovation in the digital currency sector in West Africa.

“The report casts a spotlight on the pivotal rise of blockchain investment within Africa.

“With compelling statistics, it heralds Africa’s burgeoning presence within the global blockchain arena,” it said.

According to the company, the report revealed that blockchain funding soared by 1.668 per cent in 2022 compared to the preceding year, accumulating a total of 91 million dollars in countries like Kenya, South Africa and Nigeria.

It said that the report showcased Kenya’s speedy growth in implementing blockchain solutions that stimulated economic development in East Africa.

EMURGO Africa added that in South Africa, the report indicated the escalating adoption of Web3.0 and blockchain technologies that are revolutionising industries via secure and transparent data management in Southern Africa.
It stated that the report also highlighted Nigeria’s high ranking in the top 10 worldwide for crypto adoption.

‘’These findings underline the transformative effect of blockchain and Web 3.0 technologies in Kenya, South Africa and Nigeria.

“It establishes them as major contributors to the digital revolution unfolding across Africa,’’ the blockchain technology firm said.

The Chief Executive Officer of EMURGO Africa, Ahmed Amer, was quoted as saying that Web3.0 technologies are already redefining the Africa digital landscapes.

Amer said, “Web3.0 technologies are offering innovative solutions to long-standing challenges, empowering individuals and communities across continents.

“This report presents an in-depth exploration of the potential of these technologies to drive positive change.

“It highlights the importance of fostering a collaborative environment between stakeholders, policy makers and regulators to unlock the full potential of Web3.0,” he said.

Amer said that on the global stage, crypto regulation is evolving with 40 per cent of the 35 nations surveyed, having instituted regulatory frameworks.

He added that 34 per cent were actively developing regulatory frameworks and a scanty nine per cent enforcing outright prohibition on crypto currencies.

“With 20 per cent of sub-Saharan African countries currently outlawing crypto currency assets and established data protection laws in countries like Kenya, Nigeria, Egypt and South Africa, the report underscores the importance of a balanced regulatory approach in safeguarding individual privacy and protection,’’ Amer said.

(NAN)

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