Q&A: Blockchain’s Role in African Remittances
- High remittance fees and delays push 70% of cross-border payments into informal channels.
- Blockchain reduces remittance fees to 0.5-3% and processes payments in minutes.
- Platforms like Bitpesa and Chipper Cash are leveraging blockchain to improve remittance services.
The integration of blockchain technology into Africa's remittance market is a significant step towards financial inclusion and efficiency. However, the challenge remains in ensuring regulatory consistency and internet access across rural areas to maximize the benefits of this transformation.
