Few years down the line we might see the whole banking and financial sector powered by blockchain technology. Many banks and financial institutions in the Western and Asian regions are already invested in it. They are working on integrating the decentralized distributed ledger technology into their everyday operations.
While the Western institutions are trying to fit Bitcoin technology to suit the needs of a developed economy, Asian banking, and fintech institutions are working on creating/modifying the blockchain technology to suit the needs of developing and emerging economies. But there are places which do not fall into either of these two categories. Most of the African economy is still cash dependent and it also houses a considerable number of unbanked and underbanked population. Bitcoin has so far been projected as the magic bullet which can solve the problems faced by this population.
Even though a few bitcoin-based financial startups have shown some promising results, solving the large scale problem in the region using just bitcoin is still a long shot. However, regular financial services using Bitcoin technology may have better results. African banks and financial institutions seem to have realized it now. And by drawing inspiration from their Western and Asian counterparts, they have started to focus on blockchain technology for their banking operations. Barclays Rise Enters Africa
Making this process easier is Barclays , the global banking, and financial institution. Apart from being one of the well-known names in the banking and finance circles, Barclays is also known for its leaning towards innovation in the fintech sector. The African subsidiary of the banking conglomerate, Barclays Africa is staying true to its parent company’s DNA by introducing Rise – the fintech innovation and acceleration program in the region. The first cohort of Barclays Accelerator as part of its Rise program is set […]
