According to GT Igwe Chrisent, the CEO of SumoTrust, an online savings and investment platform, poverty must be eradicated before blockchain technology can be properly integrated into African society.
Chrisent stated at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) Digital Assets Summit 2023, held in Abuja, Nigeria’s capital, that Africa’s starvation and poverty must be eradicated before achieving a higher level of blockchain technology integration.
According to a World Bank report titled “A Better Future for All Nigerians: Nigeria Poverty Assessment 2022,” only 17 percent of Nigerian laborers are employed in the highest-paying positions that can help people escape poverty.
In Chrisent’s view, assisting the poor move to the middle class would be the biggest driver of faster blockchain technology adoption because it enables people to afford three square meals daily and have a little extra to save. However, according to the CEO, the stability of the African economy is essential for this to occur.
“ If we do not fix that, we’ll keep having these conversations over and over again”
Chrisent stated that despite the additional scalability afforded by integrating blockchain technology into society and the economy, individuals could not focus on exploring the technology while struggling to provide fundamental amenities.
Despite its poverty, Nigeria has emerged as one of the most active nations regarding Bitcoin adoption and interest in other cryptocurrencies. According to Google Trends data, Nigeria rates second in search volume for the keyword “Bitcoin,” trailing only El Salvador.
During his campaign, the current president of Nigeria, Bola Tinubu, published a manifesto that, if implemented, would permit the use of blockchain technology and cryptocurrencies in the country’s banking and finance sector.
