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The driving forces behind crypto adoption in Africa in 2022

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The development and acceptance of digital currencies in Africa have been truly monumental. Although in 2022, the digital asset industry saw several high-profile breaches of trust and was largely characterized by volatility, the adoption of cryptocurrencies within the continent continued to grow. There has also been a shift in reliance on traditional payment systems, creating a preference among young Africans for cutting-edge payment platforms over conventional ones.

Africa, the second-most populous continent in the world with over 1.5 billion inhabitants, boasts a truly diverse and developing economy. According to Chainalysis, Kenya, Nigeria, South Africa, and Tanzania had among the highest rates of cryptocurrency adoption worldwide, ranking in the top 20 of the global adoption index. As Web3 real use cases continue to grow, it is critical to comprehend the factors that have fueled this expansion.

Here are a few things to remember.

Remittance Payments

Remittances are a major driver of the global economy, with billions of dollars moving around the world each year. In Africa, remittances make up 1.3percent of GDP and are expected to grow at an annual rate of 5.2percent through 2025. The World Bank has estimated that there are about 400 million migrant workers in Africa, with about 50percent of these migrants living outside their home country.

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African households receive US$100billion in remittances each year – more than they spend on education and healthcare combined!

However, it is well known that several African nations now set a cap on the amount that can be transferred as well as charge steep rates. As a result, the number of remittance payments made using cryptocurrencies have been consistently increasing because of lower restrictions and fees, hence causing an upward scale in the crypto adoption rate as shown by Analysis.

A recent study also shows that African cross-region transfers make up a more significant share of its cryptocurrency market than any other region globally, with Sub-Saharan Africa receiving over US$48 billion of estimated remittances in 2019.

Binance is aware of how increasingly people’s daily lives are being influenced by the world of blockchain and cryptocurrency as the Web3 market expands and so they continue to add new utilities and functionalities to enhance every aspect of their users’ Web3 experience.

For example, its recent product, Binance Pay – a contactless, borderless, and secure cryptocurrency payment technology, that ensures that users around the world can send and receive crypto across continents. Features such as this,  provide increased accessibility of people’s own money whenever they need it and further highlight the user-centric character of digital assets.

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Fiat Devaluation

In recent times, there has been a continuous trend of the devaluation of multiple African currencies, and this has invariably increased the value of the African crypto market. This is because cryptocurrencies have given them the ability to preserve their savings without having to worry about inflation through stable digital currencies known as stablecoins.

Owing to this, Binance has continued to be one of the most popular and widely recognized platforms in the African crypto market, where Africans can trade bitcoins or exchange their currencies for other stablecoins.

International Trade

Cryptocurrencies have also grown to be a vital component of global trade as a result of their increasing acceptance in a variety of settings and nations. Before cryptocurrency, the cross-border payment bureaucracy was unquestionably a machine that prevented exchanges that could significantly benefit developing nations.

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Additionally, there is the difficulty of concluding international agreements using various currencies, a problem that is particularly prevalent on the African continent. Cryptocurrencies make it easier to transfer and receive money internationally, which is a game-changing option for countries with underdeveloped banking infrastructure. Since crypto-based transactions reduce the risk associated with international trading, safety concerns are also improved in this situation.

The data speaks for itself and it is clear that Africans are beginning to adopt new technologies, albeit still early. Considerable progress is also being made in the area of regulation and a stable regulatory environment will drive further support for innovation and solidify budding trust in the industry, leading to long-term growth.

Youth interest and education

Young people account for about 60percent of the African population and by 2030, young Africans are expected to constitute 42percent of global youth, according to the World Economic Forum. African youth are eager to explore new opportunities to raise their level of living and generate income.

It is impossible to separate the growth of cryptocurrencies in Africa from this group’s set of interests and needs considering that several Africans under the age of 25 are looking for the most cutting-edge and reputable industries to invest in. In addition, the rise of cryptocurrency usage across Africa is aided by regionalized crypto education programs such as the ones Binance offers have indeed helped fuel this interest and led to increased adoption.

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Celebrating 25 Years: Otumfuo Osei Tutu II’s Reign

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Celebrating 25 Years: Otumfuo Osei Tutu II's Reign

Today marks the 25th anniversary of Otumfuo Osei Tutu II’s reign as the Asantehene, the King of the Ashanti Kingdom.

The celebrations, which began with spectacular fireworks witnessed by Otumfuo himself, will culminate in the Silver Jubilee anniversary on Akwasidaekese on June 12 at Dwabrem, Manhyia Palace.

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This milestone is a testament to Otumfuo’s impactful leadership, dedication to the Asante people, and contributions to education and research as the Chancellor of KNUST.

The event is being celebrated across Ghana, with well-wishes and congratulations pouring in from various quarters, highlighting the significance of this occasion for Asanteman and Ghana as a whole.

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Mr. Beast in Ghana: Surprising Visit Sparks Excitement

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Mr. Beast

World-renowned YouTuber Mr. Beast, known for his philanthropic acts, has been spotted in Ghana, specifically in Accra and Tema, sparking excitement among locals.

His visit has led to discussions about his choice of Ghana over other African countries, with some suggesting that the country’s popularity as a tourist destination played a role.

Mr. Beast’s presence in Ghana is part of his global outreach, as he recently gifted a Ghanaian $25,000 as part of his X (Twitter) giveaway.

Read Also: Producers of 'Beast of No Nation' return to filming in Ghana, causing upset in parliament

The YouTuber has been seen exploring the country and interacting with locals, with many expressing their desire to meet him and participate in his charitable endeavors.

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Stephen Appiah to contest John Dumelo and Lydia Alhassan in MP race for Ayawaso West Wuogon

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Stephen Appiah to contest John Dumelo and Lydia Alhassan

Former Black Stars captain Stephen Appiah is set to enter the political fray by rubbing shoulders with notable personalities in the upcoming general elections.

The former Juventus midfielder is believed to be lacing his boots to face the likes of John Dumelo and the incumbent member of Parliament for the Ayawaso West Wuogon Constituency Lydia Alhassan.

While Dumelo and Alhassan represents the NDC and NPP respectively, Appiah is expected feature in the elections as an independent candidate.

This was revealed by the Spokesperson of the Ayew family Fiifi Tackie via X on Friday afternoon.

“Stephen Appiah to contest Ayawaso West Wuogon constituency as an independent Parliamentary candidate,” he wrote.

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If Stephen Appiah affirms the reported news, he will be following in the footsteps of other renowned figures in Ghana football who have indulged in politics recently.

Earlier this year, all-time top scorer of the Black Stars Asamoah Gyan was appointed as the sub-committee chair of Youth and Sports in the campaign committee of Dr Bawumia, the flagbearer of the ruling New Patriotic Party.

In acceptance of the appointment, Gyan emphasised the need to share hos ideas garnered through experience in the game.

Anas took $100,000 to stop documentary release – Kwesi Nyantakyi
‘I have enough experience to contribute to sports – Asamoah Gyan reacts to political appointment
“I always ask myself, how do we create change if we don’t want to change? How do we spectate without being on the bench, and how do we score without being on the field?… All I know and will ever know, all I love and will ever love is SPORTS.” he stated.

Another figure in Ghana football who recently announced his intention to engage in partisan politics is Kwesi Nyantakyi, former Ghana Football Association (GFA).

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The former football administrator showed up as one of the candidates to contest in the NPP primaries for the Ejisu constituency following the demise of incumbent John Kumah.

However, it didn’t pan out well for the former Wa All Stars owner as he lost disappointingly.

He garnered a paltry 35 votes after close to 1,081 delegates had cast their votes in the parliamentary primary of the New Patriotic Party (NPP) held in the Ejisu Constituency on April 13.

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Rebecca Osam: A Champion for Women’s Empowerment in Africa

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In a heartfelt social media post, Rebecca Osam, Managing Director of Reflo Company Limited, Reflo’s TV, and Femme Fatale Productions Limited, has pledged her full commitment to empowering young women.

Rebecca expressed her desire to move beyond mere inspiration and instead build a deeper connection with young women, offering guidance and support to help them achieve their goals.

Her passion for women’s empowerment stems from her experiences growing up in Africa, where she witnessed firsthand the oppression and lack of opportunities faced by women. This drove her to co-found The Florence Mensah Foundation with her mother, aiming to empower African women and girls, and encourage them to recognise their worth, strength, and potential.

Through her foundation and personal endeavors, Rebecca seeks to provide a supportive platform for young women to thrive. She aims to be a relatable figure, offering mentorship and encouragement to help them overcome challenges and achieve success on their own terms.

Rebecca’s dedication to empowering young women proves her leadership and commitment to creating positive change in her community. Her efforts serve as an inspiration to others, highlighting the impact one person can have in driving gender equality and women’s empowerment.

As Rebecca continues her work, her message resonates with young women across Africa: “Anything is possible, and I am here to support and cheer you on every step of the way.”

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Caradise Ghana Car Rental Facilitates Transportation for Global Christian Forum held in Accra

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Caradise Ghana Car Rental has once again successfully facilitated the transportation of over 240 participants from 60 countries across the globe for the recently ended Global Christian Forum in Accra, Ghana.

Numerous buses hauled the various participants from the Airport to their designated hotels from the 12th to 15th of April, 2024. Participants were then transported from their hotels to the conference grounds daily for the gathering of devoted Christians from the 16th to the 19th of April, 2024.

The forum began with a vibrant, joyful worship service held at Accra Ridge Church. The Rev. Dr. Casely Essamuah welcomed participants to Ghana and to the Fourth Global Gathering, and participants spent the day sharing their faith stories with one another across the litany of differences represented. 

The forum was climaxed with a dinner and 25th anniversary celebration at the Action Chapel Internation Church hosted by Archbishop Nicholas Duncan-Williams.

After the forum, the participants took the opportunity to visit the Kwame Nkrumah Memorial Park and Mausoleum where they learnt about the great Pan-Africanist, Osagyefo Dr. Kwame Nkrumah and Ghana’s journey to inpendence.

The participants also spent a day in Cape Coast where they learnt about the millions of enslaved, dehumanised African men, women, and children at the Cape Coast Castle. Witnessing first hand how Africans were forcibly taken captive to the Americas, Caribbean, and Europe as objects of lucrative trade.

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DJ Khaled Announces Second Annual We The Best Foundation Golf Classic On June 12 & 13 in Miami Beach !

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GRAMMY® Award-winning, global megastar DJ Khaled proudly announces the return of his annual WE THE BEST FOUNDATION GOLF CLASSIC for the second year in a row.

For 2024, the mega-popular charity event expands to two days on Wednesday June 12 and Thursday June 13 in Miami, FL. Given the demand by countless superstar artists, A-list athletes, and entertainers to participate, he needed to stretch the proceedings over two days!

Once again, the event will be sponsored by Jordan Brand, and all proceeds support the We The Best Foundationand its numerous efforts to bolster education. Stay tuned for the multitude of exciting confirmed guests, and more.

Khaled created a cultural groundswell and personally appeared on ESPN’s SPORTSCENTER to break the news of the second installment of the WE THE BEST FOUNDATION GOLF CLASSIC today. Watch HERE.

Regarding the return of the WE THE BEST FOUNDATION GOLF CLASSIC, he commented, “Last year, the WE THE BEST FOUNDATION GOLF CLASSIC brought out so many friends and family to make a difference, play some great golf, and have an incredible day for a great cause. This year, we’re going even bigger, and we thank everyone for their continued support. TEE UP AND BLESS UP!”

Last year, the inaugural WE THE BEST FOUNDATION GOLF CLASSIC hosted Serena Williams, pro golfers Michael Block and Bubba Watson, Odell Beckham, JR., Shannon Sharpe, Victor Cruz, Jalen Rose, Terrell Owens, Marcus Jordan, Jeezy, Quavo, The-Dream, Swizz Beatz, Timbaland, Fat Joe, Cedric The Entertainer, Joey Fatone, and more. The foundation raised over $500,000 which benefited the enrichment of children and youth through educational programming, scholarships, and extracurricular activities.

More guests and partners for 2024 will be unveiled soon.

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