A new partnership in the cryptocurrency space wants to address financial inequities on the continent of Africa.
Digital finance and payment platform Sesacash announced in a blog post on April 14 that it is partnering with peer-to-peer cryptocurrency trading platform CryptoLocally. The two firms aim to solve the various challenges facing Africa’s financial sector.
Sesacash CEO and co-founder Blaise Bayuo told Cointelegraph that easy access to cryptocurrencies will help Africans enjoy cheaper and faster cross-border payments:
“Cryptocurrencies offer a cheaper and faster medium to make cross-border payments into Africa and within Africa. We expect more Africans to join the global economy and earn crypto income.”
Making Africa transact in cryptos
One of the biggest obstacles in the way of mainstream cryptocurrency adoption is people’s hesitance to switch from fiat due to digital assets’ inherent complexity.
Sesacash plans to bring cryptocurrency debit cards to Africans so people can spend and manage cryptos with a more familiar medium:
“This will reduce the complexities involved in crypto transactions using exchanges and wallets that involve private keys. Users can spend and pay for goods and services directly from their crypto debit card.”
As a second step, Bayuo said, they will create awareness about cryptocurrency use within the corporate sector and explain how cryptos can help firms facilitate the growth of their business beyond geographical boundaries:
“We are engaging with microfinance companies about adopting crypto lending business models. Also, we have engaged with agritech startups regarding how cryptocurrencies can expand access to capital for the farmers in their countries.“
Bayuo also revealed that Sesacash is already working to integrate a full-fledged crypto wallet into the Sesacash app.
Africa welcomes crypto
Governments, fiat money and cryptocurrencies still don’t go very well together, as authorities around the globe have not fully accepted cryptos, and in many cases are still attempting to ban them. However, Sesacash hopes for a bright future for Africa in terms of cryptocurrencies.
Bayuo noted that, only recently, Ghana government announced its plans to launch a national digital currency with other African governments planning to head in the same direction, adding:
“With the changing regulatory environment, we expect to see greater acceptance of cryptocurrencies.”
