Kenya Leads the Way in Blockchain Adoption and Digital Innovation-report

EMURGO Africa, in strategic partnership with PwC, have unveiled the “State of Web3.0 in Africa” report, a forward looking publication that provides an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa and the Middle East and North Africa (MENA) region.

Unearthing compelling statistics, the report casts a spotlight on the pivotal rise of blockchain investment within Africa.

Blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa and Nigeria.

This heralds Africa’s burgeoning presence within the global blockchain arena.

Illustrating the impressive progress and latent potential of blockchain and Web3.0 technologies across Africa, the report paints a picture of Kenya’s forefront role in blockchain adoption and digital innovation.

It showcases Kenya’s speedy growth in implementing blockchain solutions that stimulate economic development in East Africa.

In South Africa, the report indicates the escalating adoption of Web3.0 and blockchain technologies that are revolutionizing industries via secure and transparent data management in Southern Africa.

It also highlights Nigeria’s high-ranking position in the top 10 worldwide for crypto adoption, emphasizing the country’s role in propelling financial inclusion and nurturing innovation in the digital currency sector in West Africa.

These findings underline the transformative effect of blockchain and Web3.0 technologies in Kenya, South Africa and Nigeria, establishing them as major contributors to the digital revolution unfolding across Africa.

READ ALSO: A Simple Place to Start if You’re Lagging on Digital Transformation

The MENA region, concurrently, has been identified as the fastest-growing crypto market from 2021 to 2022, leading the digital revolution among users, regulators and crypto investors alike.

On the global stage, crypto regulation is evolving, with 40% of the 35 nations surveyed having instituted regulatory frameworks, 34% actively developing them, and a scant 9% enforcing outright prohibitions on cryptocurrencies.

Despite the fact that Africa has thus far received a mere 0.5% of global blockchain funding, the continent’s commitment to Web3.0 technologies and digital currencies is poised to recalibrate its technological and financial landscape, paving the way for unprecedented financial inclusion and innovation.

Weakening local currencies coupled with fragile economic backdrops have created rapidly growing demand for USD-pegged stablecoins on the continent, as consumers protect their asset values from free-falling and owners of SMEs seek  cheaper and efficient ways of payment.

This development is a testament to the burgeoning adoption of digital currencies and blockchain technology as practical solutions in  economically volatile environments.

Ahmed M Amer, CEO of EMURGO Africa, in a statement, emphasized, “Web3.0 technologies are already redefining the African digital landscape, offering innovative solutions to long-standing challenges and empowering individuals and communities across the continent. This report presents an in-depth exploration of the potential of these technologies to drive positive change, while highlighting the importance of fostering a collaborative environment between stakeholders, policymakers, and regulators to unlock the full potential of Web3.0.”

Compilation of the “State of Web3.0 in Africa” report marks a significant milestone, charting the course for understanding the opportunities, challenges and potential of blockchain and Web3.0 in Africa and the MENA region.

It serves as an invaluable resource for industry leaders, policymakers, innovators, and all interested parties, offering profound implications for the future of these regions beyond mere statistics.

With 20% of Sub-Saharan African countries currently outlawing crypto-assets, and established data protection laws in countries like Kenya, Nigeria, Egypt, and South Africa, the report underscores the importance of a balanced regulatory approach in safeguarding individual privacy and protection.

Finally, the report accentuates the imminent impact of the metaverse on businesses. Based on PwC’s Metaverse Survey, an overwhelming 82% of executives anticipate metaverse integration within their business operations in the next three years.

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Jacktone Lawi

Meet Jacktone Lawi, a seasoned technology journalist with years of experience in the industry. I have developed my passion for technology during my formative years, which has been instrumental in shaping my career trajectory. My expertise lies in reporting on emerging technologies and their impact on businesses and consumers worldwide. Through my experience I’m well-versed in covering topics such as artificial intelligence, blockchain, cybersecurity, cloud computing, and digital transformation, among others. Throughout my career, I have has demonstrated an exceptional ability to distill complex technical information into accessible and engaging content that resonates with my readers. My writing style is clear, concise, and informative, allowing me to communicate even the most technical concepts to a broad audience. Beyond my writing skills, I have also become known for extensive network of industry contacts and ability to secure exclusive interviews with high-profile figures in the technology world. These connections have enabled me to gain unique insights into the latest trends and developments in the field, giving me a competitive edge in my reporting. In addition to my work as a journalist, I’m also actively engaged in the broader technology community. Where I regularly attend conferences and events, share insights and stays up-to-date on the latest innovations in the industry. Overall, my wealth of experience as a technology journalist have given me a deep understanding of the industry and its impact on society.

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