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Showing posts from March, 2022

Decentralized finance as a key driver of the financial ecosystem in Africa

Decentralized finance has come a long way from being a term only known to tech insiders. Although still in the early stages of development, Defi has the potential to open the door to a new industry within the African financial ecosystem. Africa is home to some of the world's fastest-growing economies, has a young population and has proven to be a fertile market for digital financial services. The continent leads the world in mobile money adoption, with digital transactions in Africa accounting for more than 45% of global mobile money transactions All these factors make the continent a strong candidate for the adoption of new financial services and technology. As the younger population on the continent grows, the need for financial inclusion increases. As much as banks are crucial to poverty reduction and sustainable growth, they have been unable to fill this gap. As a result, mobile money and open banking platforms are rapidly taking over the role of many banks. Both are leveraging