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How cryptocurrencies are being adapted for Africa [Business Africa]

AFOLAKE OYINLOYE ON BUSINESS AFRICA   -  
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Business Africa

Entrepreneurs all over Africa are venturing into new territories even as Africa’s development partners forge new paths to shared prosperity.

In this episode of Business Africa, we look into a cryptocurrency made to address the unique challenges of African entrepreneurs, how attracting international students could solve the critical issue of illegal migration and the sweet success of Kenyan tea exports.

You can watch the episode in the video player above.

Togolese Cryptocurrency

Have you been following the unprecedented rise of cryptocurrency stocks and value in recent months?

Have you wondered how you can be part of this revolution? Or whether digital currencies can be adapted for African economies?

Well, ex-Togolese football professional and now entrepreneur, Donaldson Sackey has developed the Timeless Capital Coin to address issues that are unique to entrepreneurs in developing countries.

"I think right now we are in space where everything is going on to the digitalization and during the pandemic in 2020, there are also a lot of people which were jobless, a lot of people which are not working regularly," Sackey told Afrcanews.

"During my football career and also my time back home, I realised there is a lot of struggle and finance sector.

"So it's something like people who are unbanked don't have the possibility to do cross-border payments. They need to go through different financial institutions.

"So we created a cryptocurrency, our cryptocurrency Timeless capital coin to challenge this situation and also that people which are unbanked had the possibility to use them more by doing some payment with our currency," he said.

Italy-Africa relations

Italy's geopolitical location puts it at the center of the migration spotlight, from Africa to Europe.

And indeed, the authorities in Italy have been hard-pressed to find solutions that stem the flow of illegal immigrants to Europe via their borders.

The Luis University in Italy is working on an innovative way that promotes legal and circular migration as a way of contributing to the development of African countries and hopefully reduce the appetite for risky, dangerous voyages across the ocean.

Kenya tea sector grows despite Covid-19 pandemic

In Kenya, tea is the main export crop and has considerable socio-economic importance.

While the coronavirus pandemic affected the entire agricultural sector in 2020, the industry continued to grow to the benefit of the government's coffers.

We explain why in the video above.