In the bustling sphere of cryptocurrency innovation, a new narrative is emerging out of Africa. While numerous projects tout financial inclusion as their rallying cry, many falter owing to a lack of local insight and enduring commitment. This has sparked a debate over whether Africa truly needs yet another digital wallet app—or rather, a genuine seat at the global fintech table.
The Mirage of Financial Inclusion
Cryptocurrency initiatives have swept across Africa with the promise of revolutionizing financial accessibility. Yet, the continent’s unique economic landscape often reveals these promises to be mere mirages. “Simply launching a wallet app isn’t enough,” notes Dr. Amina Okeke, a fintech analyst based in Lagos. “Without understanding local economies and building trust, these projects are just digital castles in the air.”
Many projects struggle because they fail to account for the continent’s diverse economic and cultural contexts. Africa is not a monolith. Its tapestry of languages, regulatory environments, and financial systems demands nuanced solutions. However, many crypto ventures—often spearheaded by outsiders—lack the on-the-ground knowledge necessary to navigate these complexities. This challenge is echoed in global efforts, such as Bitget Wallet’s partnership with Immersve to launch a crypto-linked Mastercard, which highlights the importance of aligning financial products with local needs.
A Seat at the Table
Here’s where the conversation takes an interesting turn. Rather than another wallet app, experts argue that Africa needs more influence in global cryptocurrency discourse. “Empowerment comes not from apps but from agency,” asserts Kwame Mensah, a blockchain entrepreneur from Accra. “We need African voices shaping the tools and policies that affect us.”
This sentiment is gaining traction. Last month, a consortium of African blockchain developers launched an initiative aimed at increasing representation in international crypto forums. Their goal? To ensure that African priorities are reflected in the global fintech agenda. It’s a move that could redefine Africa’s role in the cryptocurrency ecosystem—not as passive recipients, but as active architects. This aligns with broader industry trends, such as Mastercard’s expansion of its crypto team to drive blockchain initiatives, underscoring the growing recognition of diverse perspectives in shaping the future of fintech.
The Road Ahead
As we look to the future, the path is fraught with challenges but also ripe with opportunity. To effectuate meaningful change, collaboration between global crypto projects and African innovators is crucial. This means investing not only in technology but in partnerships that respect and incorporate local expertise and perspectives.
Moreover, creating sustainable impact requires long-term commitment. Short-lived projects that evaporate after initial funding do little to build trust or drive real progress. “It’s not just about launching a product—it’s about being in it for the long haul,” argues Dr. Okeke. “African economies need partners who are willing to weather the storms and celebrate the successes together.”
The conversation is far from over. As Africa continues to assert its place in the cryptocurrency world, questions linger about the best path forward. Can international crypto ventures adapt to genuinely support African economies? Will local developers gain the influence needed to steer the continent’s digital future? The answers remain to be seen, but one thing is clear: Africa’s voice is more crucial than ever in shaping the next chapter of cryptocurrency evolution.
Source
This article is based on: Africa Doesn’t Need Another Wallet App: It Needs a Seat at the Table (Op-ed)
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
