Changpeng Zhao, the CEO of Binance, explains the company’s motivation to advance crypto adoption in Africa. He identified the need for financial access due to low percentage of banked Africans as an opportunity.
Zhao highlighted different challenges of financial services on the continent, asserting that four-fifths of Africans don’t have bank accounts. He said Africa needs more financial solutions to provide more access and inclusion in financial transactions. CZ made the revelations via a post on his Twitter page on Wednesday, July 6. According to the post,
‘Blockchain provides that with a smartphone,’
Binance in Talks with Cote d’Ivoire’s President
Meanwhile, CZ reportedly met the president of Ivory Coast on Tuesday to discuss crucial issues around the adoption of digital assets in the West African country. The Ivorian president, Alassane Ouattara, disclosed this meeting via a tweet, highlighting its primary agenda.
‘Interesting discussions with @cz-binance and his team today in Abidjan. We discussed economic, financial, and regulatory implications of access to #Cryptocurrencies in Cote d’Ivoire.’ – President Outtara.
In what looked like an affirmation that Binance would set up shop in Cote d’Ivoire, Zhao tweeted about his stay in the country, referencing a team of volunteers.
‘About to start lunch with #Binance Angels (community volunteers) in Ivory Coast,’ he disclosed.
Binance seeks to further establish itself in the region, where it has already gained prominence. Zhao reportedly urged the country to adopt digital assets-related financial services in its commercial exchanges during his meeting with the Ivorian government.
Senegal Also Visited
BitKE also reported that CZ also met with the president of Senegal. The report says:
“During his visit, @cz_binance announced partnership with JokkoLabs to bring blockchain awareness and education programme throughout Francophone Africa.“
Africa Increasingly Embraces Crypto
Recent reports from the continent show a growing interest in digital assets. Last month, the Central African Republic became the first African country (and the second globally, behind El Salvador) to adopt Bitcoin as a legal tender.
While the number of crypto-friendly nations in Africa is still relatively small, the burgeoning asset class has gained significant ground in some countries. Some highly crypto-friendly African nations include Botswana, Ghana, Kenya, Nigeria, South Africa, and Zimbabwe.
