Over several years, the gradual adoption of cryptocurrencies across Africa has brought the continent into the spotlight globally. Between July 2020 and June 2021, the number of people using cryptocurrencies in Africa increased by 1200%, making Africans the most rapid adopters of cryptocurrencies in the world.
This may seem like good news for Africa, but most adoptions come from English-speaking African countries like Nigeria, Kenya, and South Africa. French-speaking Africans, by comparison, are distant from the crypto party, and Binance is attempting to change this.
Binance, a leading global crypto infrastructure provider, began a tour of five francophone African countries on September 10, 2022, to increase awareness of crypto and web3.
Binance is positioning itself as the first point of contact for crypto newbies in these five African countries as part of its mission to increase blockchain adoption and improve financial accessibility across Africa.
The first stop on tour was in the Republic of Benin, specifically in the city of Cotonou, where Binance hosted its first community meetup. The offline meetup taught more than 400 people who went about the basics of crypto technology and NFTs.In addition, over 250 crypto enthusiasts were awarded NFTs as prizes for participating in various activities and quizzes throughout the day.
The next community meetup hosted by the Binance team will take place on September 24 and will be held in Togo this time. Binance, the center of operations, provides the internet connectivity necessary to facilitate increased crypto literacy and adoption among tech enthusiasts. This is especially commendable in light of Cameroon’s relatively low internet connectivity rate, approximately 33.5%.
Carine Dikambi, the Francophone Africa Lead at Binance, discussed the company’s plans to promote crypto in French-speaking Africa. She said Binance is building communities to help crypto take off in these areas.
“Community is an essential component of blockchain, and by gathering people who share similar interests to learn and advance in the field, we can ensure that the future of blockchain in Francophone Africa will be successful,” she explained.
Binance is trying to do for francophone Africa what Cameroon-based cryptocurrency startup Ajara is trying to do for the country. The startup organization is capitalizing on the untapped market of more than 200 million users of the CFA Franc, the vast majority of whom have no prior experience with cryptocurrencies.
Nelly Chatue-Diop, the founder of Ajara, claims that the use of cryptocurrencies in Francophone Africa is limited to a select group of wealthy individuals looking to diversify their holdings. Institutions like Ejara and Binance are breaking down this barrier, which opens up a huge business and wealth-building opportunity.
Another overarching solution that Binance’s ambitious strides seek to create is a future in Africa where making cross-border payments is not nearly as problematic as it is now. With crypto, problems with remittances and transfers across borders could be solved more efficiently, new markets and opportunities could be created, and Africans would be at the center of a network of payment solutions.