Africa’s Path to Blockchain Integration Begins with Poverty Alleviation, SumoTrust CEO Emphasizes

Incorporating blockchain technology into daily life in Nigeria and Africa has been a subject of much discussion and anticipation.

However, according to GT Igwe Chrisent, the CEO of SumoTrust, an online savings and investment platform, and Truzact, a crypto wallet, it is imperative to address poverty before blockchain technology can be effectively integrated into society.

This perspective was emphasized during the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023 in Abuja, Nigeria.

Chrisent expressed that eradicating hunger and poverty should be a priority for Africa before striving for a more extensive integration of blockchain technology.

Tackling Poverty in Africa

A World Bank report titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022” revealed that only 17 percent of Nigerian workers hold jobs with sufficient wages to lift people out of poverty.

Chrisent believes that facilitating the transition of impoverished individuals to the middle class is essential for driving more rapid adoption of blockchain technology.

Such an economic shift would enable people to meet their basic needs and have the means to save. Chrisent emphasized that financial stability in Africa plays a pivotal role in achieving this objective.

Chrisent noted that individuals need help to fully engage with and explore the potential of blockchain technology while they are still struggling to provide for their basic needs.

Despite the scalability advantages of integrating blockchain technology into society and the economy, the focus must initially be on alleviating poverty and ensuring access to fundamental amenities.

Nigeria’s Enthusiasm for Blockchain Despite Poverty Challenges

Despite its poverty-related challenges, Nigeria has emerged as one of the most active countries in terms of interest and adoption of Bitcoin and other cryptocurrencies.

Google Trends data reveals that Nigeria ranks second in search interest for the keyword “Bitcoin,” following El Salvador.

President Bola Tinubu’s campaign manifesto has raised hopes for blockchain technology and cryptocurrency adoption within Nigeria’s banking and finance sector.

If implemented, this manifesto could pave the way for significant technological advancements in the nation.

GT Igwe Chrisent’s perspective underscores the essential connection between poverty alleviation and the successful integration of blockchain technology in Africa.

NB: Any Information provided is NOT FINANCIAL ADVICE. Do Your Research before making any Financial Decisions.