Blockchain technology has the power to address financial inclusion challenges in Africa by reducing the percentage of the unbanked across the continent, according to Kashifu Inuwa, Director General of National Information Technology Development Agency (NITDA).
The NITDA DG, represented by Dr. Ayo Bakare, said this while speaking recently at the BusinessDay Blockchain Conference themed “Building Africa’s Future: Harnessing Blockchain Technology for Economic and Social Transformation.”
According to him, with “blockchain-powered financial systems, Africa can significantly reduce the percentage of its unbanked citizens, individuals can gain access to secure, low-cost digital identities, allowing them to open bank accounts, access credit, and engage in trade.”
He explains that blockchain would enable individuals to gain access to secure, low-cost digital identities, allowing them to open bank accounts, access credit, and engage in trade.
The NITDA DG also referenced the National Blockchain Policy, launched on May 16, 2023, by the Ministry of Communications, Innovation and Digital Economy, in collaboration with his agency. The policy, he says, aims to foster the growth of Nigeria’s blockchain industry, promoting socio-economic development and prosperity.
The initiative aligns with President Bola Tinubu’s Action Plan for a Better Nigeria, which promotes the use of blockchain technology in finance, identity management, revenue collection, and virtual assets, according to Inuwa.
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