Newsletter for Web3 Investment in Africa

Key Takeaways

Crypto cross-border payments in Africa will likely record more demand, while crypto startups are expected to expand their businesses in 2024.
Web3 payment services are set to mount pressure on traditional banks and remittance firms to lower transaction fees in Africa.

High Transaction Costs Fuel Demand for Crypto Remittances

The cost of sending money in Africa is the highest in the world, with an average cost of 8% (pdf), compared to the global average of 6.8% according to the World Bank’s December 2022 data. In some countries, according to the bank’s 2021 extensive data, the cost is even higher. The average cost of sending $200 from Tanzania was 27%, Nigeria 19%, South Africa 14.7% and Kenya 13.9%.

Read more:

https://www.blog.emurgo.africa/africa-thirsts-for-tokenized-cross-border-payments/