—<\/p>\n
African tech innovators at the recent Africa Money & Defi Summit in Accra, Ghana proved that they are at the forefront of change on the continent, from fintech to agritech.<\/p>\n
<\/p>\n
\u201cAfrica has the ability to leapfrog into decentralized finance (Defi) and smooth over the difficulties of cross-border finance through blockchain and web3,\u201d said participant PayBox co-founder David Boye-Doku.<\/p>\n
One of the beneficiaries of the ITC NTF V program, PayBox is a fast growing African fintech start-up cross-border mobile growth engine enabling easy access to offline and online digital payment and business solutions.<\/p>\n
\u201cDecentralizing finance in Africa will give everyone access and the choice of alternative currencies; it offers financial and digital inclusion,\u201d Boye-Doku said.<\/p>\n
ITC, through its NTF V Tech project in Ghana, sponsored fintech start-ups PayBox, Motito, Pal and Makewehelp to exhibit at the West Africa Money and Defi event. Fintech leaders like MFS Africa and Paystack and Web3-focused businesses Revio and Mazzuma also attended, sharing their industry knowledge.<\/p>\n
Africa has the ability to leapfrog into decentralized finance (Defi) and smooth over the difficulties of cross-border finance through blockchain and web3<\/p><\/blockquote>\n<\/div>\n
\u201cIt was amazing. We met many Nigerians who were looking for products that worked with web2.0 and web3 blockchain. We explained what we are doing in web2.0 and what we have started for web3 and they were interested,\u201d Boye-Doku said.<\/p>\n
PayBox began its business journey by offering mobile payment solutions to small and medium sized enterprises.<\/p>\n
\u201cThe next phase is infusing web3 rails on mobile payments so that a local wallet can become an international wallet for small businesses and millennials in Africa. Your phone number can become a crypto wallet to send funds easily across Africa,\u201d said Boye-Doku.<\/p>\n
Web3 wallets can be web-based, mobile-based, or even hardware based. Their relatively simple user interaction provides the user access to decentralized blockchain-based apps that serve as gateways to crypto assets. This allows users to instantly send and receive those\u00a0 assets via mobile phone number, email or crypto address.<\/p>\n
Boye-Doku believes \u00a0central bank digital currency (CBDC) is the key to the rapid development and growth of African economies. \u201cIt would allow capital to move freely at lightning speed with near zero transaction \u00a0fees and convert crypto into currencies. This means we can spend in our domains as well as transact with people not in our domains,\u201d he said.<\/p>\n
\u201cWe chatted with a representative from the Bank of Ghana, and they are looking for a token that will sit on top of the Ghanaian CBDC. We are already building an exchange token so they can ride on that,\u201d he said.<\/p>\n
ITC helped Paybox to attend the summit. \u201cITC has been amazing,\u201d said Boye-Doku. \u201cThey play a key role in empowering start-ups, giving them access to information, training and a global presence.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
— African tech innovators at the recent Africa Money & Defi Summit in Accra, Ghana proved that they are at the forefront of change on the continent, from fintech to agritech. \u201cAfrica has the ability to leapfrog into decentralized finance (Defi) and smooth over the difficulties of cross-border finance through blockchain and web3,\u201d said […]<\/p>\n","protected":false},"author":1,"featured_media":10297,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[366,76,343],"tags":[93,22,264],"class_list":["post-10296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-government","category-international","tag-africa","tag-business","tag-start-ups"],"_links":{"self":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/10296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/comments?post=10296"}],"version-history":[{"count":0,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/posts\/10296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media\/10297"}],"wp:attachment":[{"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/media?parent=10296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/categories?post=10296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techandbiz.com.ng\/tab-backup\/wp-json\/wp\/v2\/tags?post=10296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}