Some financial experts have urged the regulators to work with large-scale agent banking, e-currency, and digital finance service providers to address digital identity challenges and increase financial inclusion in Africa, particularly at the grass-root level.
They made the announcement on Friday the second day of this year's Digital PayExpo in Lagos, where they gave a presentation and participated in a panel discussion.
"Decentralize finance Africa: Beyond the Hype, Understanding Use Cases for the Continent," is the theme for this year's Digital PayExpo.
CHILEKA Banda, Country Operations and Partnerships Manager, Flutterwave, Zambia, urged regulators to recognise that DeFi has a significant impact and is here to stay. She asked policymakers and regulators to develop an operational model that would safely and reliably connect consumers at lower costs for the benefit of individuals living in rural and remote locations.
“DeFi is here to stay but we still need to look at the consumers and so I will call on the regulators to consider and understand how this will impact Africa as a whole.
“Gamers use crypto to buy game time and convert it to actual cash.
"This means that DeFi has come to stay and regulators really have to do something about the consumer's protection. And without consumers, this digital innovation would not be.”
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