Fintech Fridays #4 | Ghana is fast moving to the forefront of Cryptocurrency adoption finds new Binance survey

The Sound of Accra Podcast

On the fourth edition of Fintech Friday, we're diving into the exciting world of cryptocurrency adoption in one of Africa's leading countries, Ghana. In this episode, we'll explore how Ghana has emerged as a fast-growing economy and a hub for technology and startups, with a notable surge in smartphone adoption. We'll also delve into the results of a recent Binance and Pulse survey, revealing Ghana’s position as a front-runner in cryptocurrency and blockchain adoption on the continent. Join us as we discuss the potential impact of this trend on Ghana's financial landscape and what it means for the future of digital finance in Ghana.

Quote from Operations Manager of Binance Africa, Yande Nomvete:

“Our pulse survey really underscores how Ghana is embracing blockchain technology and how open they are to engaging on the topic,” says Yande Nomvete, Operations Manager for Binance in Africa. “The quiz achieved more than 20,000 impressions with a reach of more than 20,000 users over a three-day period, which is exceptional.”

The quiz was designed to unpack some of the core beliefs and understandings held by users in the region. From asking how important it is to have financial literacy in the context of cryptocurrency to unpacking how cryptocurrency can positively impact financial adoption in Africa, the survey prioritised core issues affecting companies and consumers. More than 50% of respondents believed that the significance of financial literacy in the context of cryptocurrency meant having an understanding of market trends, avoiding investment scams, and making informed decisions, highlighting a deep awareness of the rigour required to make the right investment choices with this currency.

More than 70% of respondents believe that cryptocurrency can positively impact financial inclusion in Africa by fostering innovation in the fintech sector and promoting economic growth, and yet the vast majority (more than 70%) are aware that using cryptocurrency requires vigilance and an awareness of security protocols.

“It was impressive how many respondents chose the correct security answers to questions around best security practices and approaches,” says Nomvete. “For example, when asked what was not a recommended security practice for cryptocurrency users, more than 70% said sharing private keys with friends. Users in the region also immediately identified the importance of anti-money laundering (AML) best practices in mitigating fraud, and the value of doing extensive research into reputable cryptocurrency exchanges before handing over their funds (60%).”

Ghana has a solid understanding of cryptocurrencies and the importance of building up a portfolio with a trusted service provider that has a reliable and proven reputation. Binance is determined to play a role in driving the adoption of trusted, reliable, and accessible cryptocurrency to the global market. Understanding the importance of crypto and how it can benefit the economy is key to ensuring growth, and working with a platform that prioritises security is essential to building a thriving portfolio. Binance has strict protocols, follows industry-leading technical measures, provides advanced data privacy tools, and has embedded security into the foundations of the organisation.

“Our understanding of the market wedded to the impressive cryptocurrency savvy of Ghanaian users equals long-term success for investors in this country,”

Reference links from today's episode:

https://watra.org/ghana/

Household survey on ICT in Ghana

Pulse Ghana article on Binance survey

Interview with Carlita Cash on The Sound of Accra Podcast on Ghana's Emerging blockchain market

Interview with Eric Annan from Aya on the future of Web3 and the Blockchain in Africa

Connect with Binance and Yande

Visit Binance Africa: https://www.instagram.com/binanceafrica_/

Connect with Yande on Linkedin: https://www.linkedin.com/in/yande-nomvete/

Visit Binance website: https://www.binance.com/

Timestamps

00:00 Ghana leads Africa in economy, peace, democracy, technology

04:46 Binance invests heavily in creating a robust and credible platform

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