The Bitcoin and the Mobile Payment in Africa
Indications are ubiquitous that the Bitcoin use will grow in parts of Africa right in the upcoming years in the mobile payment market in which the statistics unfolds and also the Bitcoin is anticipated to increase up to the summation of 101.34 million users in this year of 2016 actually.
The Co-Founder of the Chankura of South Africa, Thabang Mashiloane utters that they have discovered that there is ±13% of the $128 billion that has been flowing within the premises of Africa in terms of remittances and the hefty number of the unbanked Africans are living outside of their home countries that would similarly be served better in the coming years right when the limitations are established by means of lack of infrastructure right for the Blockchain / Bitcoin use cases by the most African countries is addressed. And this, he noted that it would be at the expense of the mobile payment. And Thabang Mashiloane claimed that “I think that the African continent will be one of the top adopters of the Bitcoin.”
Thabang Mashiloane also emphasized that “The mobile money in which is flourishing banking sector in Africa has one of the most important elements that is missing right in its merits and that is access right in the global finance. The Bitcoin will empower every single person right in Africa regardless of their financial status or educational background to be able to join and experience the world financial markets. And it could be by an approach of purchasing stocks on Wall Street. An African farmer can be able to trade freely without any single and hint of hustle with anyone in the entire world utilizing the Bitcoin and smart contacts for the escrow services. This has never been done with the mobile money or any of the traditional banking system.”
Bellaj Badr in which was a Blockchain expert in Morocco has said that the Bitcoin use will undoubtedly grow rapidly right in South Africa and Sub-Saharan African countries whose communities have been hastening the adoption of the digital currency and also there are several promising local Bitcoin-based enterprises that have been launched such as the ICE3X and the BitX right in South Africa and the BitPesa in numerous countries in east and west Africa. And he quoted that, “I am a hundred percent confident that the Bitcoin revolution in Africa is beginning there and it will eventually meet a massive triumph similarly with the conquest of the mobile payment where Africa has become a reference in this individual field.”Thabang Mashiloane deems that the Bitcoin has already been disrupting the mobile money right in Africa and will be the backbone of the financial infrastructure in Africa for the following financial businesses. Citing Kenya as a firm sample in which he stated that the rationale why the traditional banks cannot be able to compete in such countries is just because their systems are far much more expensive to implement. And he fully stated that “The mobile money system has been ever estimated right at the percentage of 70 less to perform as compared to starting a bank. And I truly believe that the Bitcoin is doing the exact and the same thing to the mobile money in terms that it is much less expensive to become the Bitcoin-backed financial business as being compared with the mobile money business. And as I mentioned earlier, this will eventually need such as the Bitcoin backed financial businesses right to partner with the existing Blockchain infrastructure companies to be able to facilitate payments, remittances, lending, insurance and also any other possible Blockchain use cases that are changing the entire financial landscape.”