Blockchain Feasibility Survey Finds Potential Disruption in African Financial Services

Blockchain technology accelerator BitHub.Africa recently conducted a survey on the feasibility of blockchain technology being harnesses to create solutions to various problems in Africa. They study’s revelation come after a recent decision by Kenyan Central Bank to issue a warning against Bitcoin.

In December 2015, BitHub.Africa surveyed 96 members of the African Bitcoin Community using this form.

Geographically, 92% of the respondents were from Kenya with some  respondents from Democratic Republic of Congo, South Africa, Uganda and Tanzania.

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Figure 1: Country Survey Statistics.

In terms of gender, 89.5% of the respondents were male with 10.5% being female showing a significant gender divide in the African Bitcoin Community.

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Figure 2: Gender Survey Statistics

A breakdown of the respondents’ interests shows that 67.7% and 58.3% are interested in Startups and Digital Currencies respectively.

52% of the respondents are interested in technology innovations perhaps as Kenya is fast evolving into a technology hub within Africa.

38.5% of the respondents are interested in FinTech services and our Blockchain Accelerator. FinTech services have been growing rapidly in Kenya being the home of M-Pesa a mobile money payment service used by majority of Kenyans for local money transfer and bill payment. Recently micro lending services have also grown substantially with mobile applications such as M-Shwari, Mkopo Rahisi and Branch finding significant usage with borrowers interested in getting instant loans for their personal and business needs.

Banking Services and Mining also had 33% and 30% of the respondents interested. Notary services and Cultural rights have the least amount of interest at 7% and 10% respectively suggesting it is not clear from an African perspective how blockchain technology can be utilized for non-financial applications.

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Figure 3: Interests Survey Statistics

The survey’s results suggest that members of the African Bitcoin Community are clearly believe blockchain technology can provide opportunities to disrupt businesses in the financial sector and offer new growth for startups across the region.

 

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