James Mwangi believes that cryptocurrencies can be a factor that will accelerate the development of Africa.
According to James Mwangi, CEO of Equity Group Holdings, Kenya’s largest banking conglomerate, if the African continent opens its doors to the digital asset industry, it could significantly improve technologically and economically. He said that for this, local organizations, by collaborating with regulators, can convince them of the benefits of crypto.
Speaking to Bloomberg, Mwangi argued that Africa must catch up with the fourth industrial revolution to keep up with the rest of the world.
“Africa will benefit greatly from the leaps in fourth industrial technologies. Cryptocurrency is one of them. Cryptocurrency can also complement the mobile money wallet, but mainly we need to talk to the regulators”
The financier stated that mobile payment transactions are more popular in Kenya compared to traditional payment methods. Therefore, the inclusion of new technologies can help Africa return to a more competitive structure.
“We think technology, especially the use of data and artificial intelligence, will be important pillars of the leap”
A significant proportion of African residents lack basic access to financial services that accelerate the use of digital assets. A survey conducted last year revealed that 69% of crypto owners are involved in the crypto industry to provide a better life for their families.
