Blockchain expert Danny Oyekan has emphasized the growing recognition of the technology as a transformative force in Africa, with the potential to revolutionize financial systems, trade, and governance across the continent.
In a statement shared with PUNCH Online on Saturday, Oyekan highlighted how blockchain could bridge economic disparities, drive financial inclusion, and enhance transparency—provided the right policies and investments are in place.
Oyekan pointed out that blockchain could help bridge Africa’s significant financial gap. “Africa’s financial landscape remains fragmented, with millions excluded from traditional banking systems. The World Bank reports that more than 66% of Sub-Saharan Africa’s population is unbanked, limiting access to essential financial services,” he said.
While mobile money platforms like Kenya’s M-Pesa have made strides in improving financial inclusion, Oyekan noted ongoing challenges such as high transaction fees and delays in cross-border payments. “Blockchain-based financial solutions are emerging as alternatives to conventional banking. Platforms like BitPesa enable seamless, cost-effective cross-border transactions, reducing costs and enhancing efficiency by removing intermediaries. This innovation could support traders and SMEs across the continent, fueling economic growth,” he added.
Oyekan also shared how blockchain is enhancing transparency and efficiency in various sectors, including agriculture, music, and film. For example, Ghana-based Agrocenta uses blockchain to directly connect small-scale farmers with buyers, ensuring fair pricing and reducing exploitation by middlemen. The creative industry is also benefiting. “Musicians, filmmakers, and digital artists across Africa struggle with piracy and unfair royalty distribution. Blockchain-powered smart contracts can ensure transparent revenue distribution, allowing content creators to receive fair compensation,” Oyekan explained, noting how this innovation is reshaping the creative economy and empowering artists with greater control over their intellectual property.
Regarding the Nigerian government’s eNaira, which was launched years ago, Oyekan criticized issues related to security and usability, which have hindered its success.
On the topic of youth empowerment and blockchain education, Oyekan emphasized that Africa’s rapidly growing youth population could benefit from blockchain in terms of job creation and skill development. He also highlighted blockchain’s potential as a tool in the fight against corruption.
Despite its potential, Oyekan acknowledged the challenges to blockchain adoption in Africa, such as regulatory uncertainty, limited internet access, and low public awareness. “Governments must create clear policies to foster blockchain innovation while ensuring consumer protection. Furthermore, educational initiatives are essential to demystify blockchain technology and highlight its benefits,” he said.
As blockchain continues to gain momentum, Oyekan believes its role in Africa’s economic transformation is becoming increasingly evident. “With strategic adoption, blockchain could drive financial inclusion, improve governance, and contribute to a more integrated African economy. Although challenges remain, blockchain’s potential to reshape the continent’s future is undeniable,” he concluded.
