This was contained in a keynote address delivered by Co-founder and Chief Executive Officer, VerifyMe Nigeria, Esigie Aguelea, at the just-concluded fifth edition of the Africa Tech Summit held in Nairobi, Kenya.
He said: “In an increasingly interconnected world and with the rise in peer-to-peer transactions, facilitating openness, transparency and lower costs is key. Digital identity will be critical to driving this. Thankfully, open finance initiatives, such as mobile payments are already making the difference for many of the 85 per cent of unbanked adults in sub-Saharan Africa. However, we need accelerated action to achieve results on a large scale.
Elaborating on how digital identity will impact open finance, Aguele stated: “Undoubtedly, the regulatory systems of Web2 have proven to be insufficient for the growing pivot to Web3. As operators innovate around standards to provide holistic digital identity solutions, we are witnessing a scenario where regulators are pushing back against any fully decentralised privacy methods especially if it denies them access to security, oversight and governance.
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