BUSINESS MAVERICK OP-ED: Blockchain and cryptocurrency regulation in Africa

African countries are no strangers to the use of digital solutions for money transfers, nor to the rapid implementation of such technologies.

Despite this, a high percentage of migrant work, both within and between African countries results in a disproportionate need for remittance mechanisms outside traditional banks. And foreign remittance remains a primary source of income for many African communities and households, with countries such as Lesotho purportedly attributing almost a third of their GDP to remittances from abroad.

Some governments, however, have been apprehensive and reserved, and in some instances unreceptive to the use of this technology. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, whilst Mauritius is a regional frontrunner. The regulatory sandbox created in Mauritius, for instance, demonstrates a progressive take on the general economic benefits that could follow a friendly, and even incentivised, approach to cryptocurrencies.

In Nigeria, no regulation has been issued by the Central Bank of Nigeria to date. However, the Bank has announced plans to release its white paper on the use and regulation of cryptocurrency in the country. So far, they have been against the use of cryptocurrency due to the risk that Nigerians will be victims of fraudulent schemes.

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