Pursuance of trade, specifically with regards to capital markets has advanced with technological advancement. We are coming from ages were money as a medium of exchange was physical. Thanks to technology that has seen us change from using cowrie shells to using notes, from keeping money in ditches, grannies, to banks. Of cause, which was better is up to you, our great grand parents kept their money no further than beneath their bed heads, or somewhere buried. They did not have to worry about interest rates, long bank cues, network break downs, or such laws as declaration of beneficial ownership information. Even though primitive, we flourished. Capital markets, although were limited, along the way, following the Western bandwagons on the journey to civilization, we adopted.
When trade between us and "aliens" started flouring, after our white comrades had seen some gold in our land, fertile grounds for investment and stealing, they introduced the modern day banking. No wonder, our first banks were not our own, they were imported, they taught us about saving, but also made it easy for our masters to rob us of our wealth. Needless to say, we were already catching up with the trends of civilization. We were not naked any more, we were not surprised by such things as seeing ourselves in mirrors, we had learnt that we were not the only race on earth, there was life beyond our borders, and the white skinned, were not demons, but humans of different colour.
As we learnt to see, we realised these foreign banks were stealing from us. Never the less, we had stolen the ideas behind the game. We started envisioning not only national sovereignty or independence, but also financial sovereignty/independence and freedom. Yet, our cups were not yet full, we had to keep learning, the results were evident, we came up with our own banks. Still trying to catch up with the western world, mobile banking was introduced, followed by online banking. The internet brought impossibilities to possibility. Never the less we kept on running, least the world on its way to the promised land left us behind.
Mobile and online banking were indeed a big botleneck if we were to follow pace with the rest of the world. We easily adopted mobile banking, we are still struggling to adopt online banking and cryptocurrency. All these endeavours are in the name of gaining financial freedom and independence, which seems to me impossible in a world that has become a global village. Unlike in the past when we used to travel miles to trade, today one sits in the comfort of his home with his gadget and trades. How do you explain this to my grand mother? What about crypto currency how can she make sense of it when even some of her great grand child are still not well versed with it? And how shall we join our brothers in these new trends with widespread computer literacy? Yet even in the face of these, Africa has already tasted of the fruits of crypto currency. We cannot afford to back down. Crypto currency has already proved to be a better alternative to banking.
crypto currencies has proved to be a better alternative to traditional banking. Not only has it simplified e-commerce, crypto has been commended for providing macroeconomic advantages such as a hedge against hyperinflation, .”
Besides, the physical notes have proved to be fragile and unpredictable, leaving many Africans seeking for safety under the wings of cryptocurrencies to avoid situations like fluctuation. Youssef (2018),as cited by Mamadou MBAYE, Iba Der Thiam in: Crypto Currency : An Alternative For Monetary Sovereignty In Developing Countries; International Journal of entrepreneurship, notes that,
“Africans are converting their savings into cryptocurrency to shield it from hyperinflation. For instance, the Nigerian Naira lost 90% of its value against the US Dollar and the Euro over the past two years, while Bitcoin saw a remarkable surge of over 1000% in just 2020 alone."
While as the world is headed towards a cryptocurrency world, I fear that it may take long for Africa to follow pace. World bank reported that only 50% of African countries compared to 85% globally have access to computer skills trainings. The illiteracy levels are also alarming irrespective of the fact that cryptocurrency is a brain game. These coupled with other concerns such as the challenges of regulation given the complexities of Crypto-Currencies which has as well left many insecure and afraid of trying it out make the journey a long one. In light of these, how can i ever convince my grand mother to stop hiding money in sand under her pillow and granaries, or to trade online with some ghost trader without her thinking of me as an idiot?
