EXPERTS GHANA PayBox: Africa can leapfrog into decentralized finance 9 months ago Samuel Post Views: 201 From fintech to agritech, African technology innovators at the recent Africa Money & Defi Summit in Accra, Ghana proved that they are at the forefront of change on the continent. “Africa has the ability to leapfrog into decentralised finance (Defi) and smooth over the difficulties of cross-border finance through blockchain and web3” – said participant PayBox co-founder David Boye-Doku. One of the beneficiaries of the ITC NTF V program, PayBox is a fast-growing African fintech start-up cross-border mobile growth engine enabling easy access to offline and online digital payment and business solutions. “Decentralising finance in Africa will give everyone access and the choice of alternative currencies; it offers financial and digital inclusion,” – Boye-Doku said. ITC, through its NTF V Tech project in Ghana, sponsored fintech start-ups PayBox, Motito, Pal and Makewehelp to exhibit at the West Africa Money and Defi event. Fintech leaders like MFS Africa and Paystack and Web3-focused businesses Revio and Mazzuma als “It was amazing. We met many Nigerians who were looking for products that worked with web2.0 and web3 blockchain. We explained what we are doing in web2.0 and what we have started for web3 and they were interested,” – Boye-Doku said. PayBox began its business journey by offering mobile payment solutions to small and medium-sized enterprises. “The next phase is infusing web3 rails on mobile payments so that a local wallet can become an international wallet for small businesses and millennials in Africa. Your phone number can become a crypto wallet to send funds easily across Africa,”- said Boye-Doku. Web3 wallets can be web-based, mobile-based, or even hardware based. Their relatively simple user interaction provides the user access to decentralized blockchain-based apps that serve as gateways to crypto assets. This allows users to instantly send and receive those assets via mobile phone number, email or crypto address. Boye-Doku believes central bank digital currency (CBDC) is the key to the rapid development and growth of African economies. “It would allow capital to move freely at lightning speed with near zero transaction fees and convert crypto into currencies. This means we can spend in our domains as well as transact with people not in our domains. We chatted with a representative from the Bank of Ghana, and they are looking for a token that will sit on top of the Ghanaian CBDC. We are already building an exchange token so they can ride on that,”- he said. ITC helped Paybox to attend the summit. “ITC has been amazing,” said Boye-Doku. “They play a key role in empowering start-ups, giving them access to information, training and a global presence.” Source: ventureburn.com About Post Author Samuel I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. See author's posts SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: Boye-Doku, PayBox, Web3 wallets Continue Reading Previous Slotegrator opens 2023 at SiGMA Africa in JanuaryNext How International Betting Companies are Changing Ghana’s Gambling Industry More Stories EXPERTS KENYA Ministries, State Departments to cut expenditure by 10 per cent 14 hours ago Szarlot EXPERTS KENYA KRA Online Auction Opens Bidding Process To All Taxpayers 16 hours ago Samuel EXPERTS NIGERIA Nigeria: Application For Sports Betting License In Nigeria 16 hours ago Szarlot EXPERTS SOUTH AFRICA Emerging trends and future prospects: African and UK gaming laws 2 days ago Szarlot EXPERTS UGANDA Afcon 2027 will be ‘amazing’ in East Africa, pledges Ugandan organiser 6 days ago Iwo Bulski EXPERTS WORLD NEWS From Retail to Online Casino in Africa: A Transformative Journey 6 days ago Iwo Bulski EXPERTS UGANDA Ugandan KRA and LGRB offices order online connection to the central monitoring system in 2024 7 days ago Iwo Bulski EXPERTS NIGERIA Betway Nigeria unveils exciting new experience center in Ojodu Berger, Lagos 7 days ago Szarlot EXPERTS GHANA Sports betting in Ghana, an industry whose time has come 1 week ago Samuel BETTING GHANA PCG Moderator calls on government to crack down on sports betting 1 week ago Samuel EXPERTS KENYA Tools Kenyan players can use instead of GamStop for responsible gambling 1 week ago Szarlot EXPERTS KENYA Digital wallets as an enabler for financial services in Africa 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.