As African governments grapple to manage economies digitally, integrated digital payment and e-commerce company, Interswitch, has tipped block- chain technology to be the surest way.
Blockchain technology is a digital ledger that stores transactions. The digital system essentially records transactions in multiple places at the same time, thereby making it impossible to falsify the data stored on it.
Blockchain technology is evolving globally and businesses are integrating the technology into their business infrastructure.
However, Interswitch also understands there is a clear lack of understanding of the technology among African governments and businesses.
To that effect, it has started building a native blockchain infrastructure to plug the knowledge gap.
This initiative which is in collaboration with another advanced tech solution company, Interstellar, is expected to deepen digital payment, lower the cost of local and cross border payment, and as well, champion the cause for localisation of emerging technologies.
This is also as it released a white paper on the technology. The white paper attempts to lay the intricate details of the technology on a spreadsheet for better understanding.
In the document titled: Blockchain Technology: The Future of Africa’s Digital Economy, the payment company said blockchain will not only strengthen governance structure, but will most importantly, also help drive the growth of African businesses.
The document contains details on how it can leverage businesses and the prospects it has to transform the future of Africa’s digital economy.
The company’s Managing Director, Transaction Switching and Payment Processing, Akeem Lawal, said: “The whitepaper was inspired by the need to demystify the ambiguity around blockchain technology for African businesses thereby driving digitization and socio-economic growth across African markets. We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses transform and scale.”
He revealed that the whitepaper records the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records and safety.”
He added: “While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market.
“This initiative will deepen digital payment; lower the cost of local and cross border payment as well as champion the cause for localisation of emerging technology.”
He claimed the document addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unravelling these challenges.