Decoding Cryptocurrency and Fintech Intersection in Africa: Insights from Industry Leaders
Summary:
In the latest episode of Hashing It Out, host Elisha Owusu Akyaw converses with Andrew Fassnidge, founder of Africa Tech Summit, and Enoch Antwi, CEO of Dnar, about the intersection of cryptocurrency and fintech in Africa. They discuss the state of fintech in Africa, the growing popularity of DeFi and stablecoins, and the future prospects of helpful financial regulations. The episode also covers the hurdles African startups face in fundraising and the applications of decentralised finance across Africa.
Just before the Africa Money and DeFi Summit takes place, Elisha Owusu Akyaw, host of Hashing It Out, converses with Andrew Fassnidge, who initiated the Africa Tech Summit, and Enoch Antwi, sitting CEO at Dnar. They share insights on the coming together of cryptocurrency evolutions happening in Africa and the fintech sphere. As an investor and event organizer who has watched numerous unicorns rise from nothing on the continent, Fassnidge offers his unique viewpoint. Antwi shares his own experiences as a founder in both realms.
Andrew Fassnidge, the mind behind Africa Tech Summit, kickstarts the podcast with an overview of fintech's current stand in Africa. Although fintech apps have grown considerably on the African continent, the upsurge in unsuccessful startups that raised heavy capital has thrown a pall over the ecosystem. Due to the lack of enduring innovations, investor trust has suffered a hit and the public has become cautious about cutting-edge local financial apps. Current local currency conditions have spiked interest in retaining wealth in foreign currencies, marking a rise in decentralised finance and stablecoins' popularity within African markets.
Enoch Antwi, helm at Dnar, a financial app set to revive and re-establish its position in Ghana's market this quarter, indicates that the ecosystem is on the cusp of rapid and revolutionary innovation. He also predicts the development of supportive regulations in upcoming years. "There are some exciting developments popping up in different African markets, which were not present three or four years ago in terms of regulation and policy toward digital assets. Previously, the mindset was to ban or halt it. Now, there's a realization that this cannot be stopped as people are already using it anyway," he asserted.
The podcast also covers matters relating to African startups' fundraising and decentralized finance applications on the African continent. Tune into this latest Hashing It Out episode on well-known platforms like Spotify, Apple Podcasts, Google Podcasts, or TuneIn. For more insightful podcasts, check out Cointelegraph's collection on the Cointelegraph Podcasts page.
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Published At
9/21/2023 2:14:21 PM
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