Blockchain: Expert highlights potential to transform Africa’s economy, governance
Blockchain expert, Danny Oyekan, has said that technology is increasingly recognised as a transformative force in Africa, potentially revolutionising financial systems, trade, and governance.
Oyekan in a statement made available to PUNCH Online on Saturday also stated that Blockchain could bridge economic gaps, drive financial inclusion, and enhance transparency across the continent with the right policies and investments.
According to Oyekan, blockchain technology has the possibility of bridging the financial gap.
“Africa’s financial landscape remains fragmented mainly, with millions of people excluded from traditional banking systems. According to the World Bank, over 66 per cent of Sub-Saharan Africa’s population is unbanked, limiting access to essential financial services.
“While mobile money platforms like Kenya’s M-Pesa have improved financial inclusion, challenges persist, particularly with high transaction fees and delays in cross-border payments.
“Blockchain-based financial solutions are emerging as an alternative to conventional banking. Platforms like BitPesa enable businesses and individuals to conduct seamless, cost-effective cross-border transactions. By eliminating intermediaries, blockchain allows direct financial interactions, reducing costs and enhancing efficiency. This innovation could empower traders and SMEs across the continent, fostering economic growth,” he said.
He explained how blockchain is enhancing transparency and efficiency in the agricultural sector, music and movie industry.
“Ghana-based Agrocenta, for instance, leverages blockchain to connect small-scale farmers directly with buyers, ensuring fair pricing and reducing middlemen exploitation. The creative industry is also witnessing a shift. Musicians, filmmakers, and digital artists in Nigeria and beyond struggle with piracy and unfair royalty distribution.
“Blockchain-powered smart contracts offer a solution by ensuring transparent revenue distribution, allowing content creators to receive fair compensation for their work. This innovation reshapes Africa’s creative economy, giving artists greater control over their intellectual property,” he revealed.
Lending his voice to the flaws of the eNaira launched by the Federal Government years ago, Oyekan, highlighted security and usability as factors that affected the initiative.
On youth empowerment and blockchain education, he affirmed that with Africa’s rapidly growing youth population, blockchain offers job creation and skill development opportunities.
Oyekan added that blockchain technology can also be used as a tool to combat corruption.
Speaking on challenges, he noted that despite its potential, blockchain adoption in Africa faces several obstacles, including regulatory uncertainty, limited internet access, and public awareness.
“Governments must develop clear policies that encourage blockchain innovation while protecting consumers. Additionally, educational initiatives are needed to demystify blockchain technology and promote its benefits.
“As blockchain continues to gain traction, its role in Africa’s economic transformation is becoming increasingly evident. With strategic adoption, the technology could drive financial inclusion, improve governance, and foster a more integrated African economy. While challenges remain, blockchain’s potential to reshape the continent’s future is undeniable,” he urged.
