“Those that fail to learn from history, are doomed to repeat it”. After missing out on the first 3 Industrial Revolutions, Africa covets a seat at the table this time and will not take any chances.
Since the start of the crypto- blockchain technology-powered Fourth Industrial Revolution, Africa has been making concerted efforts to ensure inclusion in the conversation. A step in the right direction since arguably no other continent needs Blockchain and cryptocurrency-powered solutions like Africa does with its promise of financial inclusion, decentralization, and digitalization a panacea to many of Africa’s intractable problems.
Many Africans certainly think so as statistics from Google Trends revealed. Nigeria, South Africa, Kenya, and Ghana have all consistently ranked in the top 20 countries worldwide in cryptocurrency-related searches. Other African countries have also witnessed an upsurge in cryptocurrency use as a safety net in the face of growing economic and political instability. More than anything else, Cryptocurrency adoption in Africa is a question of survival.
But the popularity of cryptocurrency and blockchain tech solutions in Africa while laudable leaves a lot to be desired. The use of cryptocurrency still largely centers on investment, speculation, and trading, inadequate for a continent that is destined to be frontrunners in the Fourth Industrial Revolution. At the heart of this revolution, is technology. Therefore, to drive more widespread adoption of the still-nascent tech that is blockchain and cryptocurrency, more innovative use cases need to be put forth to disrupt many more industries.
Leading the pack of inventors and innovators in the African crypto sphere is a South African, Nigerian and Botswana incorporated public company, the DafriGroup PLC. In 2020, the company announced a $5 million dollars investment in DafriBank, a Next-Gen digital bank with the ability to send and receive payments from over 180 countries. "The board's decision to invest in DafriBank rests on the massive potential embodied by its unique digital banking solutions turning one of the continent's difficult challenges into a global business opportunity, and we are excited to see the bank become an industry juggernaut.” This was the sentiment of the founder, and chairman of DafriGroup PLC, Xolane Ndhlovu at the time.
The DBA cryptocurrency is set to achieve elite status as Africa’s number one cryptocurrency due to its growing number of use cases that is tailor made for Africans. This couldn’t have come at a more auspicious time.
The last 3 years have witnessed the rise of cryptocurrencies with empty use cases created to facilitate scams and engage in unhealthy practices such as pump and dump, all of which has enabled further distrust of cryptocurrencies and stunted the adoption curve, paving the way for the government of many African nations to falsely categorize blockchain and cryptocurrencies as scam instruments. Other African cryptocurrency projects are also ‘copy-paste’ derivatives of European projects with no direct application in the African markets. All of these existing issues make the Digital Bank of Africa (DBA) project refreshing, even special.
The (DBA) cryptocurrency was specifically created to act as an alternative currency used across DafriBank's ecosystem to help its users harness modern tools such as blockchain and cryptocurrency to streamline banking processes. The token was later adopted as a governance token for the bank. In addition to having a say in the bank's future decision, clients can collateralize DBA and earn interest.
Furthermore, the token is supported by DafriGroup’s daughter companies that cut across multiple industries including Banking and Finance, hospitality, real estate, and many more. These companies are all based on fully developed models and even without cryptocurrency are profit magnets in their own right.