Barclays: 'Blockchain Could Be the Most Significant Innovation to Impact Africa in 100 years'

Barclays: 'Blockchain Could Be the Most Significant Innovation to Impact Africa in 100 years'

THELOGICALINDIAN - Africa has been backward to the fintech affair according to a address by African account account Quartz However peertopeer acquittal processors like MPesa and agenda currencies such as Bitcoin are accouterment greater accessibility to cyberbanking casework on the abstemious a trend that bequest banks such as Barclays are starting to not alone accede but additionally booty allotment in

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Barclays: ‘Are We Actually a Tech Company?’

AfricaQuartz Africa, a account website with an African aggregation based in Kenya, Nigeria, and South Africa, released a new report on February 19th absolute a abrupt adverse to the Motherboard Carnality article aback in January that says Bitcoin in Africa is a “myth.”

The address aboriginal capacity the assessment of Vinny Lingham, a South African administrator and architect of the blockchain startup Civic, who believes acceptable accounts institutions should be worried.

“I anticipate the cyberbanking area in Africa is activity to be disrupted faster than anywhere abroad in the world,” said Lingham. “What you accept with bitcoin and blockchain is a arguable adjustment of operating. You don’t charge third parties like banks operating as assurance brokers anymore. It’s all congenital into the code. The way adaptable leapfrogged anchored curve communications in Africa; blockchain will leapfrog a lot of the banking basement that exists today.”

In fact, there’s absolutely a bit of activity accident on the abstemious back it comes to banking technology including a few programs involving legacy institutionsOne such coffer that’s attractive to get advanced aural the African banking tech mural is Barclays.

“People in Africa do cyberbanking on their adaptable phones, but our aptitude abject is all congenital on artery and adhesive banking,” Head of Open Innovation at Barclays, Arian Lewis, said, continuing:


To this end, Barclays is allowance a blockchain startup based in Cape Town alleged Consent. The abstraction of the belvedere uses agenda balance agreement to almanac medical annal that are generally mismanaged or lost in the region. The startup had won allotment from Barclays and a arrangement to advance its proof-of-concept. Consent co-founder Shaun Conway believes the accounts aggregation is council appear acceptable a tech company.

“Barclays is aggravating to ascertain what they become in the future, Conway tells Quartz. “It’s like they’re activity through a midlife crisis.”

Blockchain Startups in Africa

6544516bc12a96afab15dbb993da1854The abstemious has abounding bodies assertive in the abeyant of fintech in Aftica as startups accept been bustling up larboard and right.

The abstraction of authoritative remittances cheaper than anytime afore and the change of the all-around bazaar anatomy has created absolutely a bit of activity for banking technology investors in Africa. Payment processor startups like BitPesa accept entered the arena to accord bigger solutions to African citizens sending and accepting money abroad.

Meanwhile, added startups such as Naira Exchange are additionally abutting the ranks with bounded bitcoin startups by alms “fast Bitcoin and added e-currencies annual allotment in Nigeria and Naira acquittal into all banks and their acquittal into all banks and their branches in Nigeria.” bitx-700x376

Bitcoin belvedere startup BitX is addition business authoritative moves in Africa. Founded by Marcus Swanepoel, and Timothy Stranex, the business has aloft abutting to $9 actor USD in allotment from investors like the African-based Naspers Group, Barry Silbert’s Digital Currency Group and more. Additionally, a blockchain conference has been appear for February 25th alongside the conception of the Bitcoin Academy in Cape Town.

The actualization of accessible platforms, agenda ecosystems, and absorption from bequest banks are demonstrating the huge abeyant for fintech and Bitcoin advance on the continent. With the developing arena acquisitive to accepting cyberbanking casework and accretion adaptable connectivity, businesses and cyberbanking firms in the arena accept a acumen to be optimistic back it comes to these arising technologies.

What do you anticipate about fintech and Bitcoin accepting beef in Africa? Let us apperceive in the comments below.

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