The rapid adoption of cryptocurrency in Africa has set the region apart as an emerging market favourable for crypto investments. Organisations are seizing the opportunity to be part of the growth in the continent. The driving force behind the fast growth rate is the youth. African youth are shifting focus from traditional fiat currencies and embracing cryptocurrency as an alternative to secure their financial future.
Cryptocurrency exchange firm FTX.com has taken note of the youth’s huge role in driving the use of crypto in Africa and is set to invest in educating the youth about blockchain and cryptocurrency. The company has already held successful crypto education tours in many African cities. The campaign dubbed #FTXAfricaCryptoTour was held in 2021 and brought together industry experts and the local populations of first-time traders and enthusiasts to learn more about crypto and blockchain. The firm is now focusing solely on engaging students in various universities and campuses across Africa to educate them on opportunities in the blockchain and crypto industry.
The educational campaign is dubbed #FTXAfricaCampusTour and aims to bring crypto industry experts to engage with students who are viewed as the future driving force for crypto adoption in Africa. According to FTX Africa Business Development Manager, the company has selected and trained several students who are keen users of FTX.com and will use them as FTX Campus Ambassadors.
The ambassadors and other industry experts will educate the students on crypto-trading, NFTs, Delfi, and many other cryptocurrency and blockchain opportunities available to the youth. The tour is open to all students in the selected universities and is believed to improve the awareness of crypto trading across the continent. Africa’s growing population has embraced mobile technology and is already at the world’s centre stage in mobile money. According to a digital analysis firm, Chainalysis, the cryptocurrency adoption rate in Africa shot up by 1200% in one year.
Therefore the use of digital currency can be adopted easily by the tech-savvy young population.
P2P cryptocurrency exchange has also increased in the continent. Countries such as Nigeria and Kenya are utilising P2P platforms to deal with the strict regulations limiting the ability to transfer money from banks to crypto businesses. Many young Africans choose cryptocurrency because it is easily accessible on their phone and is cheaper to send money from one crypto wallet to another.
Cryptocurrency is also less centralised and is seen as a means to avoid financial interference by the central authority. Cross-border transfers and payments have also been driving behind African cryptocurrency adoption. Sending money to relatives or paying for products across borders is easier using cryptocurrency and does not attract extra charges like those paid using traditional payment platforms. The youth have embraced crypto-trading as an alternative way of earning an income. Using P2P platforms, users can buy Bitcoins or other cryptocurrencies such as Ethereum and start trading. Increased awareness and education on the opportunities available for the youth to gain financial stability by using crypto is a great idea for many young Africans who are still struggling with cryptocurrencies.