Several African tech innovators showcased their work at the Africa Money & Defi Summit in Ghana. PayBox, a fast-growing African fintech start-up, was one of the beneficiaries of the ITC NTF V program, which sponsored fintech start-ups to exhibit at the event. PayBox offers cross-border mobile payment solutions to small and medium-sized enterprises. According to co-founder David Boye-Doku, Africa has the potential to leapfrog into decentralized finance (Defi) through blockchain and web3, which can smooth the difficulties of cross-border finance.
Boye-Doku believes that decentralizing finance in Africa will offer financial and digital inclusion and provide everyone access to alternative currencies. PayBox is planning to infuse web3 rails on mobile payments, making it possible for a local wallet to become an international wallet for small businesses and millennials in Africa. This means that a phone number can become a crypto wallet to send funds easily across Africa.
Web3 wallets, which can be web-based, mobile-based, or even hardware-based, provide simple user interaction, allowing users to access decentralized blockchain-based apps that serve as gateways to crypto assets. Users can instantly send and receive assets via mobile phone number, email, or crypto address. Boye-Doku believes that central bank digital currency (CBDC) is key to the rapid development and growth of African economies. He thinks that it would allow capital to move freely with near-zero transaction fees and convert crypto into currencies.
Boye-Doku said that they chatted with a representative from the Bank of Ghana, who is looking for a token that will sit on top of the Ghanaian CBDC. PayBox is already building an exchange token so they can ride on that. Boye-Doku also mentioned that they met many Nigerians looking for products that worked with web2.0 and web3 blockchain at the event. Fintech leaders like MFS Africa and Paystack, and Web3-focused businesses Revio and Mazzuma also attended, sharing their industry knowledge. Boye-Doku praised ITC for playing a key role in empowering start-ups by giving them access to information, training, and a global presence.
Source: africamoneydefisummit.com
