How Crypto is being used for Social Good across Africa (Fintech Fridays Special Edition with Binance Africa Ep.10)
In the tenth episode of Fintech Fridays Special Edition with Binance Africa titled," How Crypto is being used for Social Good across Africa", we explore:
- The remarkable ways cryptocurrency is driving social good on the continent
- Transformative examples such as Binance's Charity education and feeding program in Uganda, and the widespread reach of their Masterclass program
- How enhancing financial inclusion to revolutionising real estate funding with startups like Mozambique's Empowa and SME credit solutions through Kenya's Pezesha, is reshaping Africa's economic landscape
A special thanks to our sponsors, Binance Africa, for supporting this episode.
About Binance
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://bit.ly/4gbOtZR
Disclaimer: For the avoidance of doubt, the use of the terminology of depositing or withdrawing does not mean that Binance receives, holds, or releases any fiat currency through its platform nor does it contemplate any deposit taking, remittances or similar activity by Binance.
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Episode Agenda
Role of Binance in Africa
- Financial product suite and digital asset exchange
- Increasing the freedom of money
- Portfolio of crypto products and offerings
Cryptocurrency for Social Good in Africa
- Humanitarian support by Binance Charities
- Education and feeding program in Uganda
- Use of crypto wallets for children in need
- Transparency and accountability in cryptocurrency
Binance's Educational Initiatives
- Free crypto education via Binance Masterclass program
- 400,000+ applicants educated since January 2020
- Topics covered: Cryptocurrency fundamentals, user protection, crypto trading, careers in blockchain
- 8-week blockchain development master class for developers
Use of Crypto for Financial Inclusion and Remittances
- Promotion of financial inclusion in Africa
- Facilitation of remittance payments
- $48 billion remitted to sub-Saharan Africa in 2019
- $562 million facilitated by cryptocurrencies like Ripple
- Reduction of cost and increase in speed of cross-border money transfers
- Providing financial services for the unbanked in rural areas
- Importance in Kenya and Nigeria
Crypto for Tackling Other Social Challenges
- Affordable housing
- Mozambican Fintech startup Empowa
- Using cryptocurrency to crowdsource funding for real estate development
- Small business challenges
- Kenyan Fintech startup Pezesha
- Focus on SME credit scoring and loan origination
- Converting crypto community into SME lenders
- Unlocking new capital for Kenyan enterprises
Timestamps
00:00 Binance boosts African crypto literacy through education.
03:10 Cryptocurrency enhances Africa's financial inclusion and remittances.
References
Binance - https://bit.ly/4gbOtZR
Binance Charity - https://www.developafrica.org/how-cryptocurrency-can-aid-development-education-africa
Binance Educates the world: https://www.binance.com/en/blog/ecosystem/binance-educates-the-world-a-recap-of-our-efforts-in-africa-421499824684902558
Crypto fintech startups doing social good - https://www.brookings.edu/articles/the-role-of-cryptocurrencies-in-sub-saharan-africa/
Why is Crypto gaining traction in Africa?