The African continent has several issues that have so far, hindered payments within the continent, within individual countries, and in business relations between African businesses and their counterparts in other parts of the world.
- Certain inherent challenges within Africa have made payments hard for individuals and businesses
- This situation is even more complicated for businesses that have to relate with international partners
- Crypto payment solutions simplify payments both within Africa and outside of the continent.
Inherent Payment Challenges in Africa
Unfortunately, there are quite a number of challenges to traditional payment adoption on the continent.
The issue of the unbanked in Africa is not new. Report has shown that around 57% of Africa’s entire population has no access to formal banking services. Most of this unbanked population is situated in rural communities where livelihood is generally low. As a result, a substantial number of people on the continent are excluded from financial services such as loans and other value-added services.
Another major challenge to payments in Africa is national regulations. Already, there exists a language barrier among African countries that are largely fragmented into francophone, Anglophone, and Lusophone countries. Along with the language barrier are contravening national financial policies that sometimes restrict cross-border payments to other African countries and other parts of the world.
This directly places restrictions on the amount that can be paid for international transactions at any given time. In the real sense, these measures are meant to reduce inflation but they also make international trade hard.
Inflation is yet another barrier to international payment in Africa. Most African economies frequently experience inflation, with currencies losing value periodically. This poses a problem for the purchasing power of most people who constantly lose money by holding funds in local currencies.
Crypto Payments as a Solution
Cryptocurrency as a payment solution effectively solves all of the challenges explained above. With crypto payment solutions, rural dwellers and the unbanked can easily conduct transactions, make deposits in their wallets, and make and receive payments on their mobile devices. They will also avoid the stringent process involved in opening a local bank account.
Crypto payment solution also offers a fast means of completing transactions for African businesses. Businesses are no longer restricted by transaction limits and they can seamlessly transact with partners within and outside Africa.
As regards inflation, cryptocurrency offers a way for businesses and individuals to beat the rapid rate of inflation on the continent. Businesses can easily store funds in stablecoins and transact with them whenever there is the need for such.
IvoryPay is the Payment Solution for Businesses
Businesses in Africa and in other developing countries can now deploy IvoryPay as a payment solution. IvoryPay offers businesses the opportunity to receive payments in stable cryptocurrencies. Aside from receiving payments in crypto, businesses also have a place to store their funds to avoid inflation. They could also transact with partners both within and outside Africa by sending funds to them from within their business dashboards.
IvoryPay also offers businesses the advantage of staking their cryptos to earn more over a set period. Lastly, businesses can also obtain DeFi loans right within their dashboards. IvoryPay also offers businesses the opportunity to use its storefront to promote their business to a wider audience network.
To learn about IvoryPay’s offers, you can check out our website at www.ivorypay.io
Now is the time for Africa to adopt crypto payment solutions. The benefits are enormous for businesses and individuals alike. This is especially true for the younger generation who are tech-inclined and are fast adopting cryptocurrencies as a hedge against failing national currencies.