Our Journey on an ETHSafari to Explore Crypto in Africa

I recently embarked on an ETHSafari to explore how cryptocurrency is making waves in Africa. While African founders and projects are often overlooked at global Web3 events, it’s initiatives like ETHSafari that bring the crypto world right to their doorstep.

The journey from Nairobi, Kenya to Mombasa was surprisingly comfortable. Clean carriages, well-dressed passengers, and timely schedules were a refreshing change from the usual unpredictability of African travel. The new train line inaugurated in 2017 replaced the old “Lunatic Express,” offering a fitting ride to any crypto event.

After a two-hour drive from Mombasa, I arrived in Kilifi, a picturesque coastal town that served as the setting for ETHSafari. The venue, Beneath The Baobabs, felt like walking into a festival ground, spread across 50 acres and hosting vibrant New Year’s parties annually.

Africa has been at the forefront of financial innovation, with groundbreaking services like Kenya’s M-Pesa revolutionizing banking for millions of unbanked individuals. This success has set the stage for crypto adoption across the continent, where both M-Pesa and cryptocurrencies aim to enhance financial inclusion.

M-Pesa, with over 50 million users in multiple African countries, is hailed as a mobile money pioneer. Its low fees, accessibility, and ease of use have significantly increased financial inclusion in Kenya, with over 70% of the adult population now utilizing mobile money services like M-Pesa.

While M-Pesa and cryptocurrencies share the goal of financial inclusion, they operate differently. M-Pesa is centralized and regulated, catering to those tied to mobile networks. On the other hand, cryptocurrencies offer a decentralized financial system but face challenges like limited internet access, regulatory uncertainties, and currency volatility.

Despite these challenges, innovation continues to drive access to crypto in Africa. Firms like AZA Finance have integrated M-Pesa with crypto services to facilitate faster and cheaper remittances. Additionally, projects like Opera’s MiniPay wallet on the Celo blockchain bring stablecoins to individuals across Africa through their mobile phones.

In Africa, stablecoins are gaining significant traction due to their ability to shield against inflation and currency devaluation, prevalent in many African economies. As Chainalysis data reveals, stablecoins now make up around 43% of sub-Saharan Africa’s total crypto transactions, indicating a growing interest in stable and secure digital assets.

As Africa embraces the global crypto market, stablecoins and select cryptocurrencies are reshaping financial landscapes and offering protection against economic uncertainties. With initiatives like ETHSafari bridging the gap for African crypto talent and fostering collaborations, the continent’s innovative spirit continues to flourish in the realm of digital finance.