Nigeria, South Africa and Kenya are leading the adoption of blockchain and Web 3.0 technologies on the continent, a new report says.
Thank you for reading this post, don't forget to subscribe!
The report, State of Web 3.0 in Africa, by EMURGO Africa – a blockchain technology firm – and PwC was released today. The report casts a spotlight on the rise of blockchain investment within Africa.
This report comes at a time when blockchain technology is burgeoning and is regarded as a catalyst to transform many industries, from finance and healthcare to transportation and supply chain management.
According to PwC, blockchain technologies could boost the global economy with $1.76 trillion by 2030. Blockchain funding soared by 1,668% in 2022, the report says, compared to the preceding year, accumulating $91 million in countries like Kenya, South Africa and Nigeria.
This heralds Africa’s burgeoning presence within the global blockchain arena, says the report. The State of Web 3.0 in Africa report provides an analysis of the emergent influence of blockchain and Web 3.0 technologies within Africa and the Middle East region.
According to the research, Nigeria ranks in the top 10 worldwide for crypto adoption, emphasising the country’s role in propelling financial inclusion and nurturing innovation in the digital currency sector in West Africa.
Although the use of cryptocurrency remained banned in the country, earlier this year, the Nigerian government approved the national policy on blockchain.
These findings, the reports say, underline the transformative effect of blockchain and Web 3.0 technologies in Kenya, South Africa and Nigeria, establishing them as leading contributors to the digital revolution unfolding across Africa.
Web 3.0 technologies are experiencing exponential growth and expansion in Africa, with the potential to bring transformative change to various industries such as trade and industry, financial services and lending, supply chain management and logistics and healthcare provision and accessibility.
Even though Africa has so far received a mere 0.5% of global blockchain funding, the report says the commitment to Web 3.0 technologies and digital currencies are poised to recalibrate its technological and financial landscape, paving the way for unprecedented financial inclusion and innovation.
“Web 3.0 technologies are already redefining the African digital landscape, offering innovative solutions to long-standing challenges and empowering individuals and communities across the continent. This report presents an in-depth exploration of the potential of these technologies to drive positive change while highlighting the importance of fostering a collaborative environment between stakeholders, policymakers, and regulators to unlock the full potential of Web 3.0,” says Ahmed M Amer, CEO of EMURGO Africa.