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Africa’s blockchain initiative starts with efforts to reduce poverty, according to SumoTrust CEO.
A number of individuals have urged Nigeria and the broader African continent to integrate blockchain technology into everyday practices; however, GT Igwe Chrisent, the CEO of SumoTrust, an online savings and investment platform, and Truzact, a cryptocurrency wallet, asserts that poverty must first be addressed before blockchain can be effectively woven into society.
During the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023, which took place in Abuja, Nigeria’s capital, Chrisent emphasized that hunger and poverty need to be eliminated in Africa to achieve a higher level of blockchain technology integration.
Chrisent (right) at the SIBAN Digital Assets Summit 2023. Source: SIBAN
A World Bank report titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022” indicates that only 17 percent of Nigerian workers occupy the highest-paying jobs necessary to lift individuals out of poverty.
In Chrisent’s perspective, assisting the impoverished in ascending to the middle class would significantly accelerate the adoption of blockchain technology, as it would allow individuals to afford three meals a day and have some savings. Nonetheless, the CEO noted that the stability of Africa’s economy is crucial for enabling this:
“If we do not fix that, we’ll keep having these conversations over and over again.”
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Despite the additional scalability that blockchain technology can bring to society and the economy, Chrisent remarked that individuals cannot concentrate on exploring this technology while they are still striving to secure basic necessities.
Related: Nigeria’s Web3 education efforts seek to tackle language challenges
In spite of the challenges posed by poverty, Nigeria has become one of the most engaged nations regarding the adoption and interest in Bitcoin (BTC) and other cryptocurrencies. Data from Google Trends shows that Nigeria ranks second in search interest for the term “Bitcoin,” following El Salvador.
The current President of Nigeria, Bola Tinubu, unveiled a manifesto during his campaign that, if enacted, would facilitate the use of blockchain technology and cryptocurrencies within the country’s banking and finance sector.
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