[2016-02-20]African Banks Jump Into Fintech Startups And Bitcoin To Ride The Pre

[UNOE]

African banks, behind the times with fintech, could actually become pioneers in developing new financial technologies like the blockchain and bitcoin. Because these banks largely left it up to telecom companies to assume the role of financial service providers in parts of Africa, the banks are now investing in digital currency startups, according to Quartz Africa. The question is how long will it take.

Mbwana Alliy, a managing partner at the Savannah Fund, a technology venture company, said a headwind of fintech disruption is blowing from Europe and Silicon Valley into Africa. Blockchain innovation is heating up in places like Rand Merchant’s Alpha Code in Johannesburg, which hosted last December’s Afrikoin conference and currently operates a fintech accelerator, as well as Barclay’s Rise in Cape Town, which hosts Fintech Africa’s blockchain conference on Feb. 25.

https://www.cryptocoinsnews.com/african-banks-jump-fintech-startups-bitcoin-ride-prevailing-headwinds/

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[Kprawn]

" Standard Chartered, Standard Bank’s parent, is entering the fray. In mid-2015, the company’s chief innovation officer called blockchain a force for good in a posting and added that blockchain could eventually cut costs for financial services such as credit cards, remittances and money transfers, opening these services up to people who can’t afford them. "

Take note, they not saying ....We will makes these services cheaper to increase our profits... they have the vision of making it cheaper for more people

to be able to afford it. This is truly a big move for a bank to make, when they are faced with possible disruption. They could either chose to fight it or

to embrace it and moving forward. I googled this bank, and their slogan is ...moving forward. Once banks try to fight back with their

own Blockchain private permissioned ledgers... they will go backwards down the wrong path..... Bitcoin is already the solution.  

[aso118]

" Standard Chartered, Standard Bank’s parent, is entering the fray. In mid-2015, the company’s chief innovation officer called blockchain a force for good in a posting and added that blockchain could eventually cut costs for financial services such as credit cards, remittances and money transfers, opening these services up to people who can’t afford them. "

Take note, they not saying ....We will makes these services cheaper to increase our profits... they have the vision of making it cheaper for more people

to be able to afford it. This is truly a big move for a bank to make, when they are faced with possible disruption. They could either chose to fight it or

to embrace it and moving forward. I googled this bank, and their slogan is ...moving forward. Once banks try to fight back with their

own Blockchain private permissioned ledgers... they will go backwards down the wrong path..... Bitcoin is already the solution.  

It should read opening these services up to people who currently can't afford them.
I wouldn't attribute any altruistic motives to banks embracing the blockchain. Even if they take it to the masses, it is to increase volumes and ultimately improve profits. And he is definitely talking about the blockchain technology, not Bitcoin.

[Goms]

African banks, behind the times with fintech, could actually become pioneers in developing new financial technologies like the blockchain and bitcoin. Because these banks largely left it up to telecom companies to assume the role of financial service providers in parts of Africa, the banks are now investing in digital currency startups, according to Quartz Africa. The question is how long will it take.

Mbwana Alliy, a managing partner at the Savannah Fund, a technology venture company, said a headwind of fintech disruption is blowing from Europe and Silicon Valley into Africa. Blockchain innovation is heating up in places like Rand Merchant’s Alpha Code in Johannesburg, which hosted last December’s Afrikoin conference and currently operates a fintech accelerator, as well as Barclay’s Rise in Cape Town, which hosts Fintech Africa’s blockchain conference on Feb. 25.

https://www.cryptocoinsnews.com/african-banks-jump-fintech-startups-bitcoin-ride-prevailing-headwinds/

It might take up to ten years for bitcoins to be widely accepted throughout Africa.

[Denker]

African banks, behind the times with fintech, could actually become pioneers in developing new financial technologies like the blockchain and bitcoin. Because these banks largely left it up to telecom companies to assume the role of financial service providers in parts of Africa, the banks are now investing in digital currency startups, according to Quartz Africa. The question is how long will it take.

Mbwana Alliy, a managing partner at the Savannah Fund, a technology venture company, said a headwind of fintech disruption is blowing from Europe and Silicon Valley into Africa. Blockchain innovation is heating up in places like Rand Merchant’s Alpha Code in Johannesburg, which hosted last December’s Afrikoin conference and currently operates a fintech accelerator, as well as Barclay’s Rise in Cape Town, which hosts Fintech Africa’s blockchain conference on Feb. 25.

https://www.cryptocoinsnews.com/african-banks-jump-fintech-startups-bitcoin-ride-prevailing-headwinds/

It might take up to ten years for bitcoins to be widely accepted throughout Africa.

That is a good and realistic time horizon.
10 years is nothing and Bitcoin's infrastructure can grow incredibly fast.However during that time we will see ups and downs.Especially administrative barriers must be broken down.Not an easy task!

[Kprawn]

" Standard Chartered, Standard Bank’s parent, is entering the fray. In mid-2015, the company’s chief innovation officer called blockchain a force for good in a posting and added that blockchain could eventually cut costs for financial services such as credit cards, remittances and money transfers, opening these services up to people who can’t afford them. "

Take note, they not saying ....We will makes these services cheaper to increase our profits... they have the vision of making it cheaper for more people

to be able to afford it. This is truly a big move for a bank to make, when they are faced with possible disruption. They could either chose to fight it or

to embrace it and moving forward. I googled this bank, and their slogan is ...moving forward. Once banks try to fight back with their

own Blockchain private permissioned ledgers... they will go backwards down the wrong path..... Bitcoin is already the solution.  

It should read opening these services up to people who currently can't afford them.
I wouldn't attribute any altruistic motives to banks embracing the blockchain. Even if they take it to the masses, it is to increase volumes and ultimately improve profits. And he is definitely talking about the blockchain technology, not Bitcoin.

Well, I might have been too quick on the trigger there... I now see Barclays partnered with Circle and they using Bitcoin and not some private Blockchain. I have to say, I am VERY impressed by this

move, but still a bit sceptical. I hope this is a long term partnership and not just a quick entry into the Crypto Currency world to say that they were first to market with the idea. I think Africa is one of

the 3rd world countries where it is needed the most and where it will make the most difference in the life of many people. My hat goes off to them for doing this... 

[BellaBitBit]

More great news about banking the unbanked through cryptocurrency.  This is good for Africa and Bitcoin in general.