The growth of cryptocurrency use in Africa has conflicting and compelling stories. Of the conflicting stories, we have scams, government bans, and general distrust of new technologies. Among the positive stories, I write this piece to highlight four reasons why it's essential for women in Africa to own cryptocurrencies.
Convenience
Crypto services offer the convenience of moving significant amounts of money in minutes and with fewer transaction costs. In contrast, remittance costs in Africa range from 3% to as high as 20%. This transaction cost burden couples up with transaction times ranging from minutes to weeks for settlement. For cross-border trade to grow significantly, payment options need to be seamless.
There are plenty of fintech services on the continent addressing challenges in payment, remittances, and lending. Crypto is an additional solution to cross-border remittances by offering linkage through email addresses and fewer KYC (know your customer) requirements. Crypto transaction fees are largely under 3%. The amount limit per transaction using crypto is often unlimited, although some services place it at $50,000 for withdrawals. Contrast this with a conventional 5,000 to $10,000 per transaction for most banking services.
Additionally, for bundling up transactions, it's easier to have the simplicity of a QR code to scan or a few steps to make a payment instead of handling large volumes of cash. Safe to say, that comes with safety, privacy, and traceability.
Privacy
It's incredible how simple it is to set up a crypto wallet. In less than five minutes of using your email address, you will have access to crypto services. Conventional financial services often require a lot of personal information before granting access to their financial services. With a crypto wallet, an email address is about nine times out of ten enough to get started.
KYC requirements in some instances limit access to credit for women who don't own assets such as land. This extends to other types of collateral that can count in creditworthiness. By comparison, it's easier to start with less and observe medium-term growth investing in crypto assets. Additionally, it's possible to be an individual lender in crypto, not only a borrower. Since your private information such as phone, home address, and marital or parental status isn't required in setting up a crypto wallet, that kind of privacy wins in financial access as well as options.
Continue reading: https://www.forbes.com/sites/roselynewanjiru/2022/10/11/four-reasons-why-its-essential-for-women-in-africa-to-own-crypto-assets/?sh=6c8cac994786
Convenience
Crypto services offer the convenience of moving significant amounts of money in minutes and with fewer transaction costs. In contrast, remittance costs in Africa range from 3% to as high as 20%. This transaction cost burden couples up with transaction times ranging from minutes to weeks for settlement. For cross-border trade to grow significantly, payment options need to be seamless.
There are plenty of fintech services on the continent addressing challenges in payment, remittances, and lending. Crypto is an additional solution to cross-border remittances by offering linkage through email addresses and fewer KYC (know your customer) requirements. Crypto transaction fees are largely under 3%. The amount limit per transaction using crypto is often unlimited, although some services place it at $50,000 for withdrawals. Contrast this with a conventional 5,000 to $10,000 per transaction for most banking services.
Additionally, for bundling up transactions, it's easier to have the simplicity of a QR code to scan or a few steps to make a payment instead of handling large volumes of cash. Safe to say, that comes with safety, privacy, and traceability.
Privacy
It's incredible how simple it is to set up a crypto wallet. In less than five minutes of using your email address, you will have access to crypto services. Conventional financial services often require a lot of personal information before granting access to their financial services. With a crypto wallet, an email address is about nine times out of ten enough to get started.
KYC requirements in some instances limit access to credit for women who don't own assets such as land. This extends to other types of collateral that can count in creditworthiness. By comparison, it's easier to start with less and observe medium-term growth investing in crypto assets. Additionally, it's possible to be an individual lender in crypto, not only a borrower. Since your private information such as phone, home address, and marital or parental status isn't required in setting up a crypto wallet, that kind of privacy wins in financial access as well as options.
Continue reading: https://www.forbes.com/sites/roselynewanjiru/2022/10/11/four-reasons-why-its-essential-for-women-in-africa-to-own-crypto-assets/?sh=6c8cac994786
