Global  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

Blockchain and crypto: Africa Tech Summit kicks off in London

Video Credit: Reuters Studio - Duration: 02:35s - Published < > Embed
Blockchain and crypto: Africa Tech Summit kicks off in London

Blockchain and crypto: Africa Tech Summit kicks off in London

Africa Tech Summit London, a conference which convenes African tech ecosystem players, fintech, international investors, key decision makers and innovators, celebrated its fourth anniversary on Tuesday.

Francesca Lynagh reports.

0
shares
ShareTweetSavePostSend
 

Blockchain and crypto: Africa Tech Summit kicks off in London

African tech ventures open the market at the London Stock Exchange.

Kick-starting a day of robust discussion at Africa Tech Summit, including hot topics like fintech and blockchain.

On a continent with the world's youngest population, the tech industry is seen as vital to development and growth.

Exporting tech solutions from Africa to the rest of world will become more and more common - according to Tunde Kehinde, who runs a digital platform which helps small and medium enterprises access credit in just one day.

(SOUNDBITE) (English) TUNDE KEHINDE, CEO OF LIDYA SAYING: ''So I grew up just seeing how difficult it can be in the context of emerging markets where you're dealing with tough infrastructure, lack of access to funding to truly achieve your dreams. So we said to ourselves the traditional way of getting credit assembly is not working.

Why don't we use technology and data to make loans without collateral, do risk adjusted pricing and more or less help any SME access the funds they need to grow.'' (SOUNDBITE) (English) FRANCESCA LYNAGH, REPORTER, REUTERS AFRICA JOURNAL, SAYING: "Here at the Africa Tech Summit in London, blockchain and cryptocurrency are just two of the buzzwords on everyone's lips.

Google Trends shows an increased interest from the African continent of 1.2 billion.

But it faces unique challenges." (SOUNDBITE) (English) ELIZABETH ROSIELLO, CEO AND FOUNDER OF BITPESA SAYING: ''It's the lack of liquidity, the lack of exchanges.

If you look at a country like Japan where there is dozens of exchanges or North America where there are many ways to buy it whether it's an ATM or an online exchange you might be able to go to Fidelity your asset manager and purchase it even through some of your banking apps.

But in Africa, regulation has been a little bit slow and unclear and in general there is less financial institutions, there's less fintech companies.

So there's just less opportunity to purchase.'' Africa still isn't at the same level as the rest of the world in terms of cryptocurrency use.

Limited access to smartphones, stable power supplies and internet connection are just some of the stumbling blocks in the way.

But with smartphone usage expected to jump exponentially to 67% by 2025, many investors are optimistic.

(SOUNDBITE) (English) TOMI DAVIES, CO-FOUNDER OF THE LAGOS ANGEL NETWORK SAYING: ''We still have the challenges of governments inability you know to actually get with the program and raise the game so to speak.

But yes, I'm quite optimistic about 2025 given the level of youthful energy that is going into solution creation.'' The summit - the 4th ever of its kind in London - fell during London Tech Week, Europe's biggest technology festival.




You Might Like


Recent related videos from verified sources

Jim Cramer's Thoughts on the Trade Talks, Beyond Meat and FAANG [Video]Jim Cramer's Thoughts on the Trade Talks, Beyond Meat and FAANG

The market is rallying for the sixth day in a row. What's Going on Between China and the U.S.? Wilbur Ross, the Secretary of Commerce, talked to CNBC early Tuesday morning about the U.S.-China trade..

Credit: The Street     Duration: 12:49Published

Floyd Mayweather And DJ Khaled Are In Trouble With The Law Over Crypto Deals [Video]Floyd Mayweather And DJ Khaled Are In Trouble With The Law Over Crypto Deals

Floyd Mayweather and DJ Khaled get into heat with the SEC over crypto promotions without revealing they were compensated. Here's the entire story.

Credit: Celebrity Wire     Duration: 01:34Published

Major Retailers Are Now Accepting Cryptocurrency [Video]Major Retailers Are Now Accepting Cryptocurrency

Crypto is hitting mainstream retailers.

Credit: Celebrity Wire     Duration: 01:18Published

Singapore 7s Review | Blitzboks complete extraordinary comeback [Video]Singapore 7s Review | Blitzboks complete extraordinary comeback

Singapore 7s Review | Blitzboks complete extraordinary comeback

Credit: World Rugby     Duration: 06:28Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.