With 70% Population Unbanked, Future of Bitcoin in Ghana is Bright

By October 11, 2016Bitcoin Business

Aside South Africa, Kenya and to some extent the Federal Republic of Nigeria, Bitcoin doesn’t seem to be penetrating other African countries. Many have attributed it to lack of infrastructure and ignorance of the digital currency. Godwin Bush, Director of Operations at PmCedis Capital, an Accra based Bitcoin Exchange, spoke to Cointelegraph about the future of Bitcoin in Ghana. He stated that Bitcoin adoption in Ghana is invigorating but it is most popular among the young generation. It is significant to mention that Bitcoin has an enormous power to lift the copious unemployed Ghanaian youth from squalor. Ghana’s Unbanked Recent World Bank Study revealed that, there are 26 universal banks and more than 110 rural and community banks across nationwide. In contrast, a whopping 70 percent of the adult population have no bank accounts. The study noted this stems from the concomitant cumbersome process and the punitive cost involved in opening a bank account. Apparently, the setting is ripe for Bitcoin to thrive. However, Godwin noted, “Most people purchase Bitcoin for payment of goods and services online and also for Forex Trading purposes.” Arguably this is an indication of increasing cross-border trade as a result of access to Bitcoin. Bitcoin exchanges not known He disclosed that there are several Bitcoin Exchanges in Ghana but a few are actually known to the public. The exchanges are pushing adoption through their services to the Ghanaian public. “By making it easier for people to convert their Bitcoin to cash and vice versa adoption goes up,” Godwin says. His general observation is that there are few people who are investing in Bitcoin as a portfolio. Under fire The Bitcoin Community in Kenya is currently under fire from their moribund government which claims Bitcoin has been aiding terrorist activities. When asked about Government interest […]

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