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In anticipation of the Africa Money and DeFi Summit, Elisha Owusu Akyaw (GhCryptoGuy), host of Hashing It Out, engaged in a discussion with Andrew Fassnidge, the founder of Africa Tech Summit, and Enoch Antwi, CEO of Dnar — a financial application that plans to rebuild and reenter the Ghanaian market this quarter. The dialogue explored the convergence of cryptocurrency advancements on the African continent and the financial technology industry. Fassnidge provided insights from his experience as an investor and conference organizer who has witnessed the emergence of several unicorns in the region, while Antwi shared his perspective as a founder in both fields.
Fassnidge commenced the podcast by detailing the current landscape of fintech in Africa, noting that although there has been significant growth in financial technology applications across the continent, the emergence of numerous failed startups that secured substantial funding has cast a negative light on the ecosystem. The unsustainable nature of innovations in this sector has undermined investor trust and caused the public to be cautious about utilizing local financial applications. Furthermore, the condition of local currencies has fostered a desire to preserve wealth in foreign currencies. This trend is contributing to the increasing popularity of decentralized finance and stablecoins within African markets.
Antwi also indicated that the ecosystem has reached a critical juncture where forthcoming innovations will be exponential. He expressed optimism that favorable regulations will emerge in the coming years. He stated:
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“I am hearing some good things coming out of different markets across Africa which weren’t happening three or four years ago in terms of regulation and policy towards digital assets. And normally, it was just, ‘Let’s ban it, let’s stop it.’ And now they realize, ‘Actually, well, we can’t stop it because people are using it anyway.’”
The episode further addresses challenges related to fundraising for African startups and the applications of decentralized finance on the continent.
Listen to the latest episode of Hashing It Out on Spotify, Apple Podcasts, Google Podcasts, or TuneIn. You can also explore Cointelegraph’s complete catalog of informative podcasts on the Cointelegraph Podcasts page.
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