Africa leads Fintech Adoption. Attributed to Accepting Change
I know quite a few uniquely interesting people. One of them happens to be The Bankey who's love of Africa drew us together, and has had us conspiring to see what more we can do to highlight the actual needs of Africa to make change happen faster for the majority.
In April of this year I received a sweet message from 'The Bankey' with a link to his latest cartoon referencing the Africa Fintech Summit posted on Linkedin, which led to the most fascinating article he'd written about how much further ahead Africa is in Fintech adoption than the US!!
Excerpt from The Bankey Comic
"In early 2006, less than 30% of Kenyans had access to banking services. After the launch of M-Pesa this changed. Today, 93% of Kenyan society is registered with M-Pesa. Within a decade Nairobi is in the fast lane and known today as Silicon Savannah. On the continent 180 million Africans have mobile wallets, compared to USA with around 60 million – 3 times less."
A must read article!
If you're into #Blockchain #CryptoCurrency #Ai #IoT then you'll know that we're all in a race to see who can create the first poverty alleviation mechanism across Africa. (and every other community of humans living in depravation)
Why? Consumers. Once folk have access to cash they become the cows of society. Since Africa's 18-35 population will be the largest, it's a consumer group that capitalism can feed off for generations, if smart.
Africa has the greatest access to opportunities & ability to create the biggest change, quickly.
During the couple of years of pulling together #Pi I've encountered several people in the more privileged areas of life, who've been adament that the 'unbanked' will never catch onto Crypto as they can't even get a hold of normal money.
hhhmmm... well, if The Bankey is to be believed (and since his info comes from the Fintech folk who are doing the research) then the 'unbanked' are far ahead of the currently 'banked'.
Harnessing Africa's penchant for positive Change
We have a prime opportunity to merge Africa into the technological world without disruption yet with positive effects, if carried out correctly.
The numbers state clearly that African citizens are ready, willing and will make a plan to embrace Bank-less Finance, what other enhancements can be made to the African continents desperate population that lives in poverty? (this sentence must have the money folk shivvering right now)
As we continue to explore the opportunities open to us with the advent of #Blockchain, it becomes more obvious that we can instigate Smart Contracts into every life situation. Which means we reduce so much fraud we won't know what to do with ourselves. Lawyers will certainly be earning less.
Sorry, guys.
Gosh... more time to soak up the African sun. We're liking this new technology thing a lot. One thing us Africans relish is our Time. Time to do, to be, to laugh, to sit, to eat, to listen, to be at peace.
For me one of the greatest opportunities exist in a mass borderless collaboration in formulating a way to get Free Full Fast Wifi access to as many parts of the planet as possible.
Opening access to learning is the key to enhancing the life of any human.
Give a child a toy with open access to any subject and they'll find new things to find every day. Learning, sponge-like everything they encounter. Adults, given half a chance and 'permission', will behave in the same way given enough time with sufficient TRUST is enabled.
Creating ways to educate people the African Way - you can read how Africans learn differently by clicking the link.
African Leaders Talk Change :: The People action it
Every leader of every African country talks change. Few are walking it. The people, however, are. They're walking away from their countries to others where pastures may be greener, they're forging relationship globally with change-makers, they're designing change by creating what Their People need and how they need it. They're learning. Everything they can, as quickly as they can.
Because Africans also feel the race inside to be the 'Lion' to catch the juicy Kudu.
We (Africans) also see the trouble that comes with the Greed Led Economy and the 'Investment' that never saves us. Many Nations, with much strife and distress still taking place every moment, Africans will not easily lie down to the lies of the corporate world of the 'white man's magic medicines' or the 'life of promise' never fulfilled by idolising money.
The majority of the citizens of Africa are awakening to the consciousness of Value.
That Value doesn't mean having a big house, or fancy car.
It means having Value in your day, being free from man made stress and having value in your conversations.
Consumerism devalue's humans. It creates a desperation and a need to be better than at all costs. This is not something that is intrinsic in the African spirit. There are of course scenarios across history(and now) that show some of the worst specimens proving my point, have risen to the top. [a story for another time]
Suffice it to say that the Consumers of Africa going forward are tech savvy. They don't need intro's to the gadgets and the tech. They've got that sussed. So how are we going to enhance their lives tenfold to enhance their spending capabilities?
What will their interests be?
How can we manipulate their habits?
Social Impact
Shall I say it again?
If you're not positioning yourself to have the best paid, well looked after, pensioned and rested staff compliment then don't bother.
In Africa, everyone is your brother or your sister, aunt, cousin or friend. We are all connected. Hurt one, you hurt us all. Bonus internet connectivity means a divine connection to the universal African Whispering machine... fantastic, faster than the wind, when it works. ;-)
If your customers are positioned below profit in priority, don't bother.
The competition will not be won by the swaggiest advertising or most sought after Influencer say'ing 'Buy This, It's Great'.
Africans are far too savvy for the old style advertising mechanisms to play a role for long.
Conscious commercial application of what is best for the majority, will most likely win more long term consumers than your current Profit, Bonus, Board priority list.
Did I answer any Questions?
Probably not. That's potentially intentional.
The #Blockchain #SmartContract #Decentralisation opportunities in Africa are immeasurable. The businesses that will survive are those that focus on #SocialImpact in making an actual difference.
A difference that will continue to uplift people's capabilities to reach their potential in a limitless world. A difference that deeply values the time and wisdom of every person. The businesses that thrive are those that do this with a good heart.