Blockchain Solutions for Africa’s Challenges
Emomotimi Agama, director general of the Nigerian Securities and Exchange Commission, praised blockchain technology, saying it has the potential to improve efficiency and aid in capital market regulation. Agama added that the technology will be particularly helpful in Africa, where communities grapple with issues ranging from financial exclusion to inefficiencies in the public and private sectors.
These bullish remarks on blockchain by Agama, who is considered a friend of cryptocurrency, are the latest from the Nigerian official praising the technology. The Nigerian SEC has been exploring the use of blockchain technology to build trust in capital markets.
Speaking after meeting with a delegation from the Algorand Foundation, Agama suggested that deploying blockchain technology could help countries overcome some of these challenges.
“We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market. My dream is to have all of the information we need to do our work in a blockchain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable,” Agama said.
To help the SEC prepare for blockchain technology, the director general revealed that the commission has enlisted the Algorand Foundation’s help. Eric Wragge, global head of business development at the Algorand Foundation, said a team has already been sent to assist Nigeria.
Commenting on the prospect of working with a leading blockchain- and cryptocurrency-embracing country, Wragge said:
It is an honor to be here. We are here to explain blockchain technology and how it can help your work. We are here to democratize the technology; it’s free to use, and anyone can use it. Our job is to travel the world, discover where the technology can be used, and help people implement it.
