Africa is blazing the trail for crypto trading transactions on all fronts despite the high level of poverty and large number of unbanked population.
Financial education has been at the forefront of the dynamic shift of the way of life of the people of Africa in recent times. This could be as a result of the weakening power of the fiat currencies of these nations which has tended to lose its value over time and as such making it difficult for her people to transact due to high inflation rates.
The nation Kenya, was quick enough to appreciate blockchain technology and the use of cryptocurrencies for the massive developmental strides being observed in recent times. The government had been slow to give their support for growth in blockchain technology and tech hubs in the major cities of Nairobi and Mombasa. Nevertheless the people have proven to be relentless and passionate about the purpose to liberate themselves from financial slavery and put their money in the hands of the people once again.
This is evident in the number of blockchain technology meetings scheduled and attended by young and passionate Kenyan youths who believed that the government had failed in their monetary policies and now have taken their destinies in their hands to adopt the use of cryptocurrencies.
In the past few years there has been a high demand for trading crypto in African countries where countries like Nigeria, South Africa were more prominent in the trades but in recent times, a current publication, shows that Kenya has taken the lead for P2P crypto trading in the whole of Africa.
The index shows residents in emerging economies are moving smaller, retail-sized payments under 10,000US dollars worth of cryptocurrency for international transactions to facilitate individual remittances and purchase of goods to import and sell. A trend which has been seen to evade the high cost of transacting in the national fiat currency which has been devalued over 6.5% since January against the US dollars.
Obviously, the purpose for which Satoshi Nakamoto created bitcoin is being fulfilled in the daily lives of Kenyans as they carry out their transactions daily in a peer to peer methodology for payments. Thereby eliminating the challenges associated with bank transactions which are not limited to high fees and unnecessary bottlenecks.
The Klever team is making a massive headway into the African space by ensuring that more people are educated through our Klever news and other social media platform on the use of the Klever wallet and creating contents for which information can be channeled to the least educated on the African continent in order to spread adoption. The fast and highly secured Klever wallet is an impressive tool in the hands of anyone who simply needs to download the Klever app on their mobile phones and the avenue for trading is launched in the hands of the user.
The Klever wallet and exchange would inevitably increase a more secure method of trading for Kenyans and East African nations alike once they have the application downloaded on their devices. This would in the long run create more financial stability in the lives of Kenyans and the people in the African continent as a whole.
It is indeed a Klever thing to do.
By James Enajite