Cryptocurrency Can Potentially Complement Mobile Money, Says Kenyan Banker CryptoBlog

The CEO of one of Kenya’s biggest lenders has argued that there is potential for cryptocurrencies to complement mobile money in Africa, but first there is a need to convince regulators of their benefits.

Position of African regulators on crypto

Cryptocurrencies can potentially complement mobile money in Africa if regulators on the continent change their perception of digital currencies, the boss of one of Kenya’s biggest lenders has said. According to James Mwangi, CEO of Equity Group Holdings Plc, central banks must first be convinced of the benefits of cryptocurrencies.

In remarks published by Bloomberg, Mwangi noted that most central banks on the continent have either banned the use of cryptocurrency like bitcoin or imposed restrictions on its use. He noted, however, that a few countries have or are exploring ways to adopt cryptocurrencies.

According to Mwangi, the adoption of cryptocurrencies is also a way for Africa to leapfrog other continents in the adoption of fourth industrial technologies.

“Africa will greatly benefit from leapfrogging fourth industrial technologies, and cryptocurrency is one of them,” Mwangi explained.

Adopt emerging technologies

To support his argument, the CEO used the growth of mobile money transactions in Kenya as an example. According to Mwangi, mobile money transactions have since grown to such an extent that they now overtake hard currency transactions because Kenyan regulators were willing to try new technologies.

Mwangi also suggested that the use of emerging technologies such as artificial intelligence could be the basis for the continent’s leap into the fourth industrial revolution.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Casey J. Nelson