By 
According to EMURGO Africa, the introduction of eNaira has the potential to offer affordable payment solutions to consumers and businesses, thereby enhancing financial inclusion.
In a collaborative report titled “State of Web 3.0 in Africa” with PricewaterhouseCoopers, EMURGO Africa emphasized that eNaira’s directness and elimination of intermediaries could enable businesses and individuals to accept payments at lower costs.
The report further stated, “In addition to promoting financial inclusion, eNaira can facilitate cross-border payments and transfers, making it an appealing solution for remittances. By eliminating intermediaries, eNaira could serve as a reliable and cost-effective payment option for consumers and businesses.”
The allure of cryptocurrencies in Nigeria, as highlighted by the report, stems from uncertainties surrounding the devaluation of the naira, the promise of financial freedom through passive income, and limited job opportunities.
EMURGO Africa highlighted the increasing popularity of blockchain technology and crypto assets across Africa, noting that while blockchain adoption is progressing steadily, the cryptocurrency market is experiencing significant growth.
In a statement, EMURGO Africa disclosed that the weakening of local currencies and fragile economic conditions had fueled the growing demand for USD-pegged stablecoins in Africa. This demand arises from the need to safeguard asset values in times of currency depreciation and the desire of SME owners to find affordable and efficient payment solutions.
The CEO of EMURGO Africa, Ahmed Amer, emphasized the transformative potential of Web 3.0 technologies in Africa, stating, “Web 3.0 technologies are already reshaping the African digital landscape, offering innovative solutions to longstanding challenges and empowering individuals and communities across the continent.”
The report also highlighted the evolving global regulatory landscape for cryptocurrencies, with 40% of the surveyed nations having established regulatory frameworks, 34% actively developing them, and 9% imposing outright prohibitions on cryptocurrencies.
Despite receiving only 0.5% of global blockchain funding, Africa remains committed to Web 3.0 technologies, and digital currencies are poised to recalibrate the technological and financial landscape on the continent, as per EMURGO Africa.
The report emphasized the importance of fostering a collaborative environment among stakeholders, policymakers, and regulators to unlock the full potential of Web 3.0 technologies.
Comments