Blockchain & fintech will revolutionize of igaming in Africa

Africa is the continent known to have the highest unbanked population in the world. While its people still find it interesting to keep money in the traditional ways of keeping money in safe pulse we could say it is trust issues and whilst some perceive the financial institution with different perspective.

Although many have seen this as disadvantage, many individuals seen it as an opportunity, this as been pivotal to the growth of Blockchain and Financial Technology (FINTECH) in the gaming ecosystem.

Blockchain is a type of decentralized and distributed ledger for maintaining a permanent and immutable record of transactional data in a chronological order. Blockchain stores transactional data in a continuously growing list of records called blocks. Blockchain uses cryptography to link and secure these blocks. For instance, in the real-world blockchain a digital ledger in which transaction made in bitcoin or another cryptocurrency are recorded or stored chronologically publicly and transparent no third party needed unlike the regular banking sector were the banking sector are the third party to process your transactions, you are in control of your finances and it is more secured convenience and fast.

Though, the future of financial service in Africa depends on these stakeholders capitalize on this technology and how do they interact with each other. However, they are no doubt in saying that Blockchain is the backbone technology which is revolutionizing the Fintech industry in Africa. Further, FinTech is everywhere. In the broadest sense, it is any financial transaction that uses technology, such as the way payment are processed the financial service industry is moving from exploration phase to application phase, it is very important for bookmakers to understand the role of Blockchain and Fintech if they want to take full advantage of this financial revolution.

However, the rapid growth of online betting is growing at a fast pace in Africa. Players are not only willing to have a good betting platforms that are easy to navigate or that attend to they queries in real-time but particularly they are very much interested in bookmaker’s payment structure, how quick they receive they fund on winnings. However, one of the biggest challenges Fintech companies face in Africa is trust. How to make people trust them, and how to make a safe and financial product. For instance the average Africans doesn’t feel secure doing transactions online and putting up is bank details online majority feel insecure as growing numbers of hackers are out there.

Although blockchain is cheap in terms of developing and it is highly secure and safe for financial products that brings innovation to the financial sector. Further, making global payments can be very slow, costly, error-prone and open to money laundering it takes days if not longer for money to move from one country to another with Blockchain enable on gaming platforms most especially offshore betting platforms this will make payment fast convenience and secured and you will get paid instantly. A very good example is 1XBET one of the bookmakers that has taking a giant stride to allow Blockchain enable on their gaming platforms through bitcoin and other cryptocurrency that allow players to fund they online betting account and receive payments within a twinkle of an eye.

However, Blockchain and FinTech is definitely playing a part in driving online gambling and economic growth in Africa. Therefore technology cannot achieve this alone, the government in Africa has a greater role to play by quickly adapting to changes in technology and providing the right regulations, particularly crypto to further the growth of financial institutions in Africa.

Written by Adeleye Awakan
Associate/Editor www.gbc.ng Africa’s leading digital gaming magazine. For consultant on gaming in Africa, Marketing, PR, Advertising, and Thoughtful leadership article contact: [email protected]

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