How Cryptocurrency Trade is Spurring Entrepreneurship Across Africa in 2019

By  |  October 7, 2019

Adoption of cryptocurrency is encouraging trade and business across the continent according to experts who say, it holds a lot of promise.

“Many young Africans see bitcoin as an opportunity to develop commercial ventures; users set up side-hustles and their own full-time businesses including remittance businesses,” a statement from Paxful, a peer to peer exchange said.

Users from Nigeria, Ghana and South Africa have been the most active to date this year with many operating drop-shipping businesses, payment services, as well as import-export ventures amongst others, the company observed.

“While African entrepreneurs continue to face many lingering challenges, we have seen first-hand on our platform how the opportunity to use technology and innovate can achieve greater financial inclusion as well as socio-economic development and job creation,” Ray Youseff, CEO and co-founder of Paxful commented.

“As an African-born tech entrepreneur myself, my hope is that African governments, regulators and policymakers will create the right operating environment for the continent’s young Digi-entrepreneurs to succeed,” he added.

The State Of FinTech In Africa – 2020

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Zam Zam Water and Grow Educare Centres have expanded their sights include cryptocurrency in raising funds for their projects.

“Zam Zam Water has built schools and pays teacher salaries for communities in need in Rwanda with money raised in the bitcoin industry. Bitcoin funds raised by Grow Educare Centres has bought supplies – including books, stationery, and toys – for low-fee kindergartens that support disadvantaged communities,” the company denoted.

Over the years, Paxful has engaged many business owners who see a future for themselves in the crypto space. Beyond the big players, there are many ambitious up and coming bitcoin savvy business owners who focus on the African market.

Paxful has an impressive user base of 3 million across the globe. As Africa is its fastest-growing region, it enables them to have a bird’s eye view of the cryptocurrencies movement in the continent.

Youseff bets on digital currencies to boost intra-Africa trade even with initiatives such as African Continental Free Trade Area (AfCFTA). The company believes that the digital economy presents an opportunity for Africa to deepen trade relations and boost the continent’s GDP as presented by some studies.

“By some estimates, the AfCFTA could boost Africa trade by more than 33% and generate billions of dollars of GDP gains for the continent over the long term,” the company concluded.

Feature Image Courtesy: Coindesk

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