Nigeria is one of the top ten countries in the world for cryptocurrency adoption. This is according to the ‘State of Web3.0 in Africa’ report, which was released over the weekend and compiled by Emurgo Africa in strategic cooperation with PwC.
The paper presented a comprehensive and in-depth examination of the emerging influence of blockchain and Web3.0 technologies across Africa, the Middle East, and North Africa (MENA).
It shed light on the key emergence of blockchain investment in Africa.
It highlighted that blockchain funding increased by 1,668 percent in 2022 compared to the previous year, totaling $91 million in countries such as Kenya, South Africa, and Nigeria, announcing Africa’s growing prominence in the global blockchain arena.
It also stated that blockchain finance raised in Africa increased from $5.165 million in 2021 to $91 million in 2022. According to the paper, blockchain technology might be used in sectors such as SME financing, supply chain management, governance, digitising trade infrastructure, and title deed registration.
Other areas include education credential verification and mobility smart contracts for informal markets, among others. The report, which illustrated the growth and latent potential of blockchain and Web3.0 technologies across Africa, created an image of Kenya as a leader in blockchain adoption and digital innovation.
It demonstrated Kenya’s rapid progress in deploying blockchain solutions that promote East African economic development.
The survey noted an increase in the deployment of Web3.0 and blockchain technologies in South Africa, which are revolutionizing businesses through safe transactions in Southern Africa.
The research also emphasized the country’s role in driving financial inclusion and cultivating innovation in the West African digital currency sector.
These findings highlight the revolutionary impact of blockchain and Web3.0 technologies in Kenya, South Africa, and Nigeria, establishing them as important contributors to Africa’s digital revolution.
Concurrently, the Middle East and North Africa (MENA) area has been designated as the fastest-growing crypto market from 2021 to 2022, driving the digital revolution among users, regulators, and crypto investors alike.
On a global scale, crypto legislation is changing, with 40% of the 35 governments surveyed having implemented regulatory frameworks, 34% actively creating them, and only 9% planning to do so. Despite receiving only 0.5% of global blockchain funding to date, Africa’s commitment to Web3.0 technologies and digital currencies is poised to rebalance the continent’s technological and financial landscape, paving the way for unprecedented financial inclusion and innovation.
Weakening local currencies, along with shaky economic backgrounds, have resulted in fast increasing demand for USD-pegged stable coins on the continent, as consumers seek to preserve their asset values from free collapse and SMEs seek cheaper and more efficient payment methods.
This development demonstrates the growing acceptance of digital currencies and blockchain technology as viable alternatives in economically unpredictable circumstances.
“Web3.0 technologies are already redefining the African digital landscape, offering innovative solutions to long-standing challenges and empowering individuals and communities across the continent,” said Ahmed M. Amer, Chief Executive Officer of EMURGO Africa.
This research provides an in-depth examination of these technologies’ ability to create good change, while emphasizing the significance of building a collaborative environment among stakeholders, legislators, and regulators in order to realize the full promise of Web3.0.”
