World
Why Africa Might Define the Future of the Crypto Market
While many prominent experts call the African continent one of the most promising for the future of the cryptomarket, the numbers so far are not convincing. But what makes it so interesting and how do people in Africa actually use cryptocurrencies in 2021?
What makes Africa such a promising market
The report “The Stare of Crypto Africa” calls the region “one of, if not the most promising region for the adoption of cryptocurrencies”. Jack Dorsey, the CEO of Twitter and Square, tweets that “Africa will define the future” of the whole crypto industry.
At the same time, Africa is still the smallest economy by the total value of transactions in the world: with over 1.2 billion population it accounts only for 2% of the global value transacted in cryptocurrencies. So how does being the smallest economy in transactional volume in crypto blend with being one of the most promising regions?
The first answers can be derived from a recent Chainalysis report that states that only in one year, from July 2020 to June 2021, the African crypto-economy had grown over 1200%. Moreover, some countries in the region like Kenya or Nigeria are among the top 20 of the Global Adoption Index.
As researchers from Arcane put it, the African market’s success сan be attributed to “the unique combination of economic and demographic trends”. One of the drivers of its uniqueness is the fact that, according to different estimates, 57% to 66% of the population has no such thing as a simple bank account.
The situation forces people to look for alternatives and that is why such countries as Kenya and Nigeria are among the countries with the highest adoption rate of cryptocurrencies. In the end, due to the lack of the infrastructure affordable for the majority of citizens, people adapted and now they “have no problems with mastering new technologies”, as Sergey Ordin, marketing director of the international crypto community Roy Club with representative offices in Africa, puts it.
He also shared that “remarkably high interest towards innovative financial opportunities with low entry levels” shows in the Roy Club members statistics: however the offices in Africa opened their doors in 2021, the number of its participants is already 15% of all members at a global level (approximately 100 000 out of 700 000)
Use cases: From cutting transactional costs to financial independents
With most of the population unbanked and the fact that cross-border payments in Africa cost on average more than at any other main continent (per the World Bank, up to 8.9% per transaction while the global average is 6.8), there is no surprise that remittance payments became the most popular use case for cryptocurrencies.
Remittance payments volume has been steadily growing for the last couple of years. Per Chainalysis, it has grown 10 times from April 2019 to April 2021, for example. Also, with time, not only individuals but businesses started to use cryptocurrencies for doing international business in some areas. Artur Schaback, the confounder of the popular in Africa P2P exchange Paxful illustrated this point with an example:
“If you’re working with a partner in China to import goods to sell in Nigeria or Kenya, it can be hard to send enough fiat currency to China to complete your purchases. It’s often easier to just buy Bitcoin locally on a P2P exchange and then send it to your partner”
The situation drastically changed in the middle of 2020 when stay-home policies and other restrictions became a catalyst for exploring other use cases for cryptocurrencies. There is no surprise that when the pandemic worsened the situation with national currencies that had high devaluation rates even before 2020 people started to preserve their savings by using bitcoin and other cryptocurrencies. For example, in Nigeria, Chainalysis shows the correlation between the peaks of the devaluation of Naira, the local currency, and trading volumes on P2P platforms with this currency.
Also, 2020 inevitably worsened the situation with employment. Young people who are in general more well-versed in new technologies in a moment with growing unemployment and uncertainty opted to use cryptocurrencies as a source of income. Buchi Okoro, the CEO of the African crypto exchange Quidax, shared that a high proportion of the users of the exchange use cryptocurrencies “to earn a living”. And indeed, those who invested in bitcoin, for example, in March 2020 at a price of $6500 definitely succeeded making 900% profits by March 2021 when the bitcoin price was already $60000.
Now, when the bitcoin price growth is slowing down, another way to earn a living becomes more and more popular in Africa – staking. Staking is in many ways similar to mining since it involves users in performing such network functions as block validation with two main exceptions: it does not require expensive equipment and there is no need to acquire special skills. Staking is the mechanism of getting profit from owning cryptocurrencies that work on the Proof-of-Work algorithms and putting them on hold for some time.
Since P2P platforms are also very popular in Africa, the idea of sharing with the community is no stranger there. That is probably why staking pools became so popular. They work in the following way: members of the community pool their resources together to increase their chances for a good profit. For example, at Roy Club, according to Ordin, staking pools bring their members from 5% (for pools with 50,000 UMI) to 40% (for pools with over 1 billion UMI) monthly.
Moreover, the people’s readiness to adopt new technologies is coupled with their readiness to learn. Sergey Odin specifically highlighted the significant local interest in educational products like Roy School and Roy Academy that offer courses for both novices and advanced users free of charge.
To conclude, while the transactional volume is still tiny compared with other economies, the African continent has all chances to define the future of the crypto market with current growth rates and the readiness of its population to learn and adopt new technologies. While people immediately noticed that cryptocurrencies are useful for cutting costs of remittance payments, with time they also started to see a chance for financial independence and additional income in more complex products, like staking.
World
Online African Women Conference: From Adaptation in Russia to Issues of Health and Spirituality
By Kestér Kenn Klomegâh
Women, generally, are fighting for their own empowerment in society. Gender equality dominates their activities, flexing their feminine muscles for higher positions, with men, in diverse professional aspects, including politics and entrepreneurial spheres of activity.
Such consistent struggle was backed by a collective declaration, worldwide observing March 8 as International Women’s Day. Until today, March 8 commemorates women’s fight for equality and liberation along with the women’s rights movement. In addition, the March 8 celebration focuses on issues such as gender equality, reproductive rights, and violence and abuse against women.
On the eve of March 8, the Cameroonian Diaspora (Diaspocam) and the “African Business Club” together with Russian women’s organisations, held a special online conference under the theme: “How to Succeed as a Woman in Russia”, which brought together over a hundred participants from different regions, including Africa.
The discussion was dedicated to the challenges of adaptation, career prospects, health, and spiritual security of a fast-growing number of young African women living in the Russian Federation. The conference was moderated by Louis Gouend, a specialist in business communications between Russia and Africa, President of the African Business Club, and an expert of the Council of Russia-Africa Cooperation under the State Duma, lower chamber of Russian legislators.
Louis Gouend congratulated the women participants while extending to them good health, wisdom, and new achievements. The main goal of the conference was to create a space of trust and exchange views on the full spectrum of women’s multidisciplinary approach to questions.
On adaptation and legislation: Alina Andrukh, Director of the International Department, spoke on the topic “Global Adaptation of Foreign Citizens in Russia.” She thoroughly examined educational trajectories for women, employment opportunities, and new legislative realities that foreign women need to consider when building a career in the Russian Federation.
The speaker further placed special emphasis on how to avoid getting into trouble, complying with Russian laws, and protecting one’s rights.
Health Without Barriers and Support Centres: One of the most anticipated speeches was given by Ekaterina Glok, a midwife by profession. In her presentation on “The Health of an African Woman in Russia,” she touched upon the delicate topics of reproductive and sexual health. The expert gave practical advice on how to overcome the language barrier and shyness when visiting a gynaecologist, and explained the specifics of the Russian healthcare system for foreign patients.
Ekaterina, however, reminded the women of the importance of regular medical check-ups: visiting a doctor, at least, once a year is necessary even in the absence of complaints. She informed the participants about the existence of support centres for women and single mothers, where they can turn to in difficult life situations. Additionally, the speaker announced her upcoming working missions in the Republic of Cameroon, planned for May 2026, and gave many practical tips on maintaining women’s health.
Social and Cultural Challenges – Warning About Dangers: An important block of questions concerning safety and conscious motherhood was highlighted by Mme Zima épouse Ndong Toung Celestine Charlotte, Cultural Advisor at the Embassy of Cameroon. She had a frank conversation, warning the girls about scammers and dishonest individuals offering attractive working conditions, behind which often lie indecent earnings and dangerous situations.
The Advisor reminded that for those who came to Russia to study, education should remain their main priority. She urged lady students to be vigilant, not to give in to dubious offers, and to postpone questions of pregnancy and starting a family to a later period, after completing their studies. She touched upon the legal and moral aspects of unwanted pregnancy, calling on the girls to engage in conscious life planning.
Economic Independence and Earning Opportunities: Luciana Tchami, a member of the executive bureau of Diaspocam, a non-profit social organisation, presented a report on “Women’s Capabilities: Professions and Part-Time Jobs for Young Women in Russia.” She gave examples of successful strategies for earning money and building a career within the conditions of the Russian labour market that are accessible to foreign students and young professionals.
The speaker detailed specific areas of work: young women can take short-term training courses and work in beauty salons (manicure, pedicure); many cafes and restaurants offer convenient part-time jobs. Luciana also mentioned specialised websites with attractive conditions for job seekers and opportunities for remote work: becoming a freelancer and helping with tasks online, for online stores, and in other areas.
Spiritual Support: A Reminder of a Woman’s Value. The conference concluded with Pastor Gustave Mbeng, responsible for charity at Diaspocam. His prayer-speech was dedicated to women’s rights and spiritual awakening. As a pastor, Mbeng reminded the participants that woman is the last and most ideal creation of God, perfect in all parameters of the universe. He emphasised that women are more beautiful and harmonious than men, and urged the girls to take care of themselves and not to distance themselves from God, so that there would be fewer difficulties and questions in life.
Pastor Gustave further paid special attention to the theme of preserving life. He took a stand against abortion, reminding that every child is a creation of God, and in the eyes of the Almighty, there is no such concept as abortion. If pregnancy does occur, it is important to preserve the child’s life and trust in God’s providence.
Technical organisation, moderation, translation and coordination of the conference were provided by Iness Zengue Abeng, President of the Association of International Students “Russia-Africa,” and Belle-Grâce Euphrasie, Dean, who acted as interpreter during the online event.
Conclusion and Future Plans: At the end, Louis Gouend extended gratitude to all participants, speakers, and presenters for the warm and trusting atmosphere.
The conference was held in an open dialogue format on the”Yandex Telemost” platform, which allowed women from different parts of Russia to ask questions live and receive moral support. Following the meeting, the organisers decided to hold such an online gathering, including organising a series of meetings not only for women but also for foreigners living in Russia.
The topics of future conferences will aim at education, open discussions, and debate on issues important for Africans in the Russian Federation: knowing one’s rights, being able to avoid unpleasant situations, behaving correctly in difficult life circumstances, and preserving cultural and spiritual identity.
Until now, prejudice and reactionary attitudes have denied full-fledged civic rights to millions of women, who are considered as workers, mothers, family partners, and citizens worldwide. Nevertheless, International Women’s Day, with its chequered history, is a public holiday in several countries. The United Nations observes the holiday in connection with a particular issue, campaign, or theme in women’s rights across the world.
World
Beijing Readies to Hand Over New ECOWAS Building Complex
By Kestér Kenn Klomegâh
Beijing’s decades-long policy decision to expand Chinese presence in Africa has, largely, transcended into gifting buildings. The African Union and Africa’s CDC to Zimbabwe’s parliamentary village, Ghana’s Foreign Ministry headquarters, and Egypt’s sports stadium, among many others, are classic examples. Following all these, China will hand over the new headquarters of the Economic Community of West African States (ECOWAS) in mid-March 2026.
Since the turn of the 21st century, China has risen to become Africa’s geopolitical partner, addressing concrete infrastructural projects across the continent. As is well-known, Beijing does so, with the sole aim of spending thousands of dollars to gain strategic control of the continent’s critical resources.
In an official news release, the regional bloc’s president, Dr Omar Alieu Touray, said that the new headquarters complex in Abuja, Nigeria, which will house the Commission, Parliament, and Court of Justice of the Economic Community of West African States (ECOWAS), will be operational in March 2026.
Built on a 7-hectare site along the road to Abuja airport, the building is currently completed. Known as the ‘Eye of West Africa,’ the new ECOWAS headquarters complex is entirely funded and built by the People’s Republic of China through the China International Development Cooperation Agency (China Aid).
It is a modern and functional administrative building, designed to meet the needs of the West African organisation. It will provide services to create a favourable working environment for the community’s staff members. The new complex comprises a main administrative building with three restaurants/cafeterias, banking rooms, a crèche, a gym, and three blocks containing 899 workstations: block A (central) has 11 floors, and blocks B and C have eight floors each.
It also includes a multipurpose building with security facilities, shops, a water tank, and archive rooms, as well as car parks with a total capacity of 702 parking spaces, a 720-seat auditorium, two committee rooms, a conference room, an equipment room, guard posts, and a helipad.
The new ECOWAS headquarters complex is seen as a symbol of the strengthening cooperation between China and the regional organisation. It is part of a technical and institutional partnership aimed at further supporting ECOWAS’ operational capacities, as well as part of ongoing cooperation between the two parties.
Accordingly, the headquarters complex will enable greater operational efficiency, reduced costs, and increased staff productivity. ECOWAS has expressed deep gratitude and sincere appreciation to China for its commitment and support to the regional organisation through the construction, seen as a ‘symbol of Beijing’s steadfast commitment to West African integration.’
World
Iranian Supreme Leader Ali Khamenei Dies After Air Strikes
By Dipo Olowookere
Iranian Supreme Leader, Mr Ayatollah Ali Khamenei, has died after coordinated airstrikes carried out by the United States and Israel on Tehran on Saturday morning.
His death was confirmed on Sunday morning by Iranian state media, which also disclosed that his daughter and grandchild were among those killed in the bombardment, which destroyed his compound.
Mr Khamenei was killed during a meeting with top leaders of the Middle East country yesterday, including the Defence Minister Amir Nasirzadeh and Revolutionary Guard commander Mohammad Pakpour, who reportedly died too.
His elimination has sparked mixed reactions, with some Iranians on the streets celebrating his demise, and others condemning the joint air strikes.
The President of the United States, Mr Donald Trump, described the late Iranian leader as “one of the most evil people in history,” expressing satisfaction at the action, which he said was “successful,” as it represented justice for both Iranians and Americans.
Meanwhile, Tehran has vowed to further respond to the attacks after initially firing missiles at six neighbours, including Qatar, Saudi Arabia, Kuwait, UAE, Bahrain, and Jordan.
Flight operations in the region have been disrupted because of the retaliatory action of Iran over the weekend, though most of the missiles were intercepted.
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