Blockchain is more than just a technology—it’s a paradigm shift with the power to reshape industries, redefine governance, and unlock new economic frontiers.

Around the world, forward-thinking organizations and governments are integrating blockchain into their systems, leveraging its potential to drive efficiency, transparency, and financial inclusion. However, as Africa positions itself in the global digital economy, How can blockchain accelerate the continent’s development and competitiveness in the 21st century?

In this exclusive interview, global blockchain pioneer Danny Oyekan shares his expert insights on the transformative potential of blockchain across Africa. From financial inclusion and trade facilitation to governance, real estate, and energy sustainability, he unpacks the opportunities and challenges that will shape the future of blockchain on the continent.

We already know that Blockchain has many promises, but an important one is its ability to democratise financial access. Data has shown that Africa has over 350 million unbanked adults, yet mobile penetration is growing. So, there’s a gap. Blockchain offers a decentralised financial system that bypasses traditional banking barriers without physical branches, lengthy paperwork, or credit history.

We have seen several cases of fintech startups using blockchain to drive cross-border payments in Africa, disrupting traditional remittance channels and cutting transaction fees to make digital payments more inclusive.

Blockchain will benefit sectors that rely heavily on records, transactions, and traceability the most. Its real power is trustless automation and transparency, which will be a game-changer for them.

For example, Africa has the highest average remittance fee in the world, at about 8 - 10%. However, blockchain-based remittances can reduce that to below 3%, putting more money in people’s hands.

The agriculture supply chain would also benefit immensely from digitising and authenticating transactions, thereby reducing fraud and inefficiencies. Some startups are already leveraging this to transform food distribution this way.

Healthcare and governance are other vital sectors that will grow better with blockchain. Industries that swiftly adopt blockchain will leapfrog outdated systems and build trust-driven economies.

CBDCs have massive potential, and the eNaira experiment was ambitious, but adoption has been slower than expected—and that’s a learning curve for the rest of the continent. One takeaway is that CBDCs must solve real problems for mass adoption. Simply digitizing fiat currency without clear benefits over existing digital payments won’t drive usage. We’ve now seen that with the eNaira.

A more innovative play would be integrating it into existing mobile money ecosystems like M-Pesa to enhance financial inclusion while lowering transaction costs and ease of adoption.

Again, blockchain is the perfect record system that currently exists. Safe to say, it’s an anti-corruption machine by providing tamper-proof, immutable records, making fraud nearly impossible. If African governments implement blockchain-based procurement, voting, and budget tracking, we could drastically reduce financial leakages.

Of course, blockchain is not a magical wand to fix corruption, but it can remove opacity and hold leaders accountable.

Payment friction is the consistent and perhaps the biggest challenge in intra-African trade - multiple currencies, high forex costs, and slow settlements. These make remittances difficult, hindering the fluidity of trade.

Blockchain-powered stablecoins or cross-border payment networks can allow instant, low-cost transactions without intermediaries taking large cuts. Again, we’ve seen startups are already in this space to reduce the forex barriers for businesses by using blockchain to facilitate B2B payments across Africa.

For AfCFTA to succeed, we need a decentralized payment system that works in real-time—and blockchain is the answer.

The biggest barriers? Regulatory uncertainty, lack of awareness, and infrastructure limitations.

Education is critical—many people still associate blockchain solely with crypto speculation. Governments also need clear policies to foster innovation without stifling growth. If we solve these, blockchain adoption will soar.

Over the next 10 years, I see three significant milestones. First would be regulatory clarity for governments to create blockchain-based finance, property, and governance frameworks. This will help support the blockchain ecosystem's growth and increase adoption.

I also see increased adoption in finance and supply chains, where stablecoins and blockchain-powered trade will become mainstream.

Finally, blockchain may become integral to many African economies, driving financial inclusion and giving Africans access to borderless financial tools.

Blockchain isn’t a futuristic dream—it’s already here. Africa has the chance to own its digital economy, and I’m excited to be part of this transformation.

--

#FeaturedPost