Modupe Gbadeyanka
By Modupe Gbadeyanka
A report aimed to help drive the growth of African businesses through blockchain technology has been unveiled by Interswitch Group, a leading integrated digital payment and e-commerce company on the continent.
The whitepaper titled Blockchain Technology: The Future of Africa’s Digital Economy, according to the Managing Director of Transaction Switching and Payment Processing at Interswitch, Mr Akeem Lawal, “was inspired by the need to demystify the ambiguity around blockchain technology for African businesses, thereby driving digitization and socio-economic growth across African markets.”
“We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses to transform and scale,” he added.
Blockchain technology is a digital ledger that stores transactions. Essentially, it is a digital system for recording transactions in multiple places at the same time thereby making it impossible to falsify the data stored on it. The technology is evolving globally and businesses are integrating Blockchain technology into their business infrastructure.
The whitepaper document released by Interswitch contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy.
Mr Lawal disclosed that the document encapsulates the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records and safety.
“While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market,” he stated.
“This initiative will deepen digital payment, lower the cost of local and cross border payment as well as champion the cause for localization of emerging technology,” Mr Lawal assured.
He urged everyone to read the whitepaper document because it addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unravelling these challenges.
