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Africa dominates crypto searches, demonstrates huge potential for uptake of blockchain technologies

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It is becoming more apparent that crypto markets will grow exponentially and not only in financially sophisticated markets with secure internet connection, high mobile penetration rates and a highly skilled labour force but even more so in developing countries where the use of cryptocurrencies for remittances, ecommerce and payments is more out of necessity than choice. LocalBitcoins and Paxful are peer-to-peer Bitcoin trading platforms that are popular among crypto users in Africa connecting as buyers and sellers. Despite recent setbacks such as the announcement by LocalBitcoins that the entity was suspending user accounts and implementing geo-restrictions in Ethiopia, Ghana, Botswana, Tunisia, Libya, and Nigeria, uptake of these new digital assets is still on the rise.

We’ve seen a lot of positive sentiment this year and a spike in interest in all things blockchain and cryptocurrency related. Google trends shows Nigeria and South Africa as the top countries in the world with the highest searches for terms such as Bitcoin. Uganda is also among the very top of the list of countries worldwide with the highest search interest in cryptocurrencies. Searches for blockchain are also on the rise worldwide with countries like Ghana leading the search traffic.

“This in addition to on-the-ground proof of interest makes us as the United Africa Blockchain Association certain that the future for deploying blockchain technologies in these key African markets is bright. Our first blockchain community engagement event for 2020 had over 200 attendees,” explained Grey Jabesi, UABA’s biz dev director and host of the Survival Skills podcast.

Africa to dominate crypto markets in the future? A closer look at the facts:

  • By 2025, nearly two-thirds of the estimated 303 million African households will have discretionary income.
  • Africa Annual report by Ornico Group expects consumer spending on the continent to rise to US$1 trillion by 2020.
  • Consumer expenditure on the continent has grown at a compound annual rate of 3.9 percent since 2010 and reached $1.4 trillion in 2015. This figure is expected to reach $2.1 trillion by 2025, and $2.5 trillion by 2030.
  • In sub-Saharan Africa, annual growth rate is expected to average 12% through 2035.
  • In Africa’s eight largest markets, private consumption is expected to grow at 5% a year (in real terms) to $1.25 trillion in 2025.
  • By 2025, almost half of Africans will be living in cities and mobile penetration – currently over 950 million mobile subscribers in Africa, according to telecommunications researcher Ovum.
  •  in Africa is estimated at over 90%.The African continent’s population is expected to reach 2 billion by 2050, accounting for 24% of the world’s population.
  • The working-age population in Africa is growing at a clip of 2.7 percent each year. 53% percent of income earners in Africa are between 16 and 34 years old – these consumers will contribute to more than $400 billion in total consumption growth in the next decade.

Blockchain adoption challenges

“Political instability and conflict, poor infrastructure, linguistic diversity, differences in consumer behaviour, fragmented markets, and low data availability and quality could pose some challenges to adoption of some blockchain powered innovations,” said Gareth Grobler, founder and ceo of iCE3X, one of the first digital asset exchanges to launch in South Africa and Nigeria. “Despite all those potential challenges, South Africa is still one of the leading countries worldwide as far as trying to find a way to create a digital asset friendly environment.

Our COO, Eugene Etsebeth was the inaugural Chairperson for the Intergovernmental Fintech Working Group back in 2016 during his tenure at the South African Reserve Bank. The wheels of government, unfortunately, do not turn as fast as we would like, but we are moving in the right direction and we look forward to being a licensed crypto-asset service provider (CASP). I personally have been consulting with the financial regulator since 2012 and I can honestly say that it is one of the best jurisdictions in which to operate,” Grobler explained.

Also Read: Gareth Grobler, Founder and CEO of iCE3X on the role of Digital Asset Exchanges in Africa

Examining factors that can influence or inhibit blockchain technology’s adoption and proliferation within the African markets is key. This includes analysing social factors and characteristics of adopters in terms of identifying behavioural barriers to adoption within different markets across the region. In addition, analysing the rate at which diffusion of innovation takes place in order to be able to device strategies and processes by which innovation is communicated through particular channels is critical.

Measuring the extent to which potential adopters perceive an opportunity to experiment with the blockchain-based innovations prior to committing to usage is necessary. Real market penetration can only be fully realised if companies consider factors that affect the rate of adoption of innovation including the extent to which the technology is perceived as difficult to understand and use, and also the degree to which the innovation may be experimented with on a limited basis, as well as the degree to which the results of those new products and services are visible to the potential adopter.

Ultimately, the extent to which these new 4IR technologies are perceived as being consistent with the existing values, past experiences, and needs of potential adopters will have a significant impact on which blockchain businesses will succeed in potentially the most important market for global businesses in the future just based on population growth the fastest growing consumer base on in the world.

Success in most markets, particularly those across sub-Saharan Africa requires companies to tailor their offerings to local needs and preferences of the different demographics of potential adopters. Understanding local needs and preferences that drive mass adoption of products and becoming aware of not only local product preferences but also local buying behaviours in order to maximise on first-mover advantages in a growing consumer market such as Africa could be the key to an effective market penetration strategy for companies developing blockchain-based products.

Written by: Heath Muchena is an author, journalist and the principal at Proudly Associated which advises international blockchain companies developing technologies that have use cases focused on emerging economy development, particularly in Africa.

Visit: Heath Muchena

Legal Business

9 Inspiring Women in the Nigerian LegalTech Space

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Kelechi Achinonu, Founder Techlawyered and Technology Lawyer

In celebration of International Women’s Day, 2020, Techlawyered would like to share with you the stories of extraordinary women in Nigeria who are innovating in their various roles, while leveraging technology to improve the legal practice and access to justice.

Rahila Olu-Silas Ambassador, World Legal Summit (West Africa)

Biggest Success in LegalTech

Collaborating with Open Law Library Washington DC, a U.S.A based Not-for-Profit Organization to automate the process of Bill drafting, codification, and publication of laws in digital formats in Nigeria

What has been your biggest challenge in Legal Technology?

Researching the legal framework that will enable the adoption of Machine-Consumable legislation in Nigeria. This will enable emerging technologies to consume our laws through APIs and process them without the human factor.

What motivates you to keep going?

The possibility of change in the way legal services is delivered in Nigeria

Funkola Odeleye , Co-founder and CEO at DIYLaw.ng

Biggest Success in LegalTech

I am not sure we have hit our biggest success yet but being able to simplify legal services and topics and making them attainable and understandable comes close

What has been your biggest challenge in Legal Technology?

The problem that we are trying to solve is making legal services accessible and our biggest challenge is how to make it accessible for those without access to technology. It is an irony of sorts.

What motivates you to keep going?

The sheer number of jobs that are being created because people are able to launch their businesses through our platform keeps me going. Also, getting kind words and referrals from people who have used our platform is an affirmation that we are doing something right.

Also Read : Women in Tech: Interview With Anna Collard, Founder Popcorn Training – A KnowBe4 Company

Adejoke Are , Co-founder/Project Lead, The Flemer Project

Biggest Success in LegalTech

I run an organization – the Flemer Project – that helps indigent pretrial detainees conclude their matters in court as quickly as possible, by leveraging on the support of young volunteer lawyers who directly provide legal representation to these detainees.

Although we are never physically present in court to monitor the performance of our volunteer lawyers, incorporating technology into our solution has made monitoring and evaluating their work quite a seamless affair. Through this approach, we have been able to provide legal representation to almost 200 indigent pretrial detainees and to secure the release of 60 of them from prison.

What has been your biggest challenge in Legal Technology?

I don’t have any technical experience or skill in building technology platforms and this has been a drag on the development of a comprehensive technology platform needed to manage our overall operations.

What motivates you to keep going?

The passion of our young volunteer lawyers who go over and beyond to give their best to people who can never repay them, and the fact that our solution literally changes people’s lives by helping them regain their freedom.

Oluwatosin Amusan , Product Development Lead, Mylaw.ng

Biggest Success in LegalTech

Delivering legal services to customers via technology, from the comfort of their couch. The fact that my team and I were able to develop products and show value enough to earn the trust of customers who end up drawing on the products on mylaw.ng and coming back for more.

What has been your biggest challenge in Legal Technology?

Constantly answering the question “Is legal technology a viable sector in Nigeria”. Looking at it from a global perspective with 3 unicorns in legal tech this question does not surface in the international scene. However, In Nigeria, we have quite a number of legal tech startups who have to prove themselves 10 times harder, show double the traction required to prove that this is a viable sector.

What motivates you to keep going?

The refusal to settle for mediocrity. I make it a ritual to look back at works I have done in various facets of my life every six months, and without a doubt, I see the growth not just intellectually but in physical form. It is easy to get complacent with doing just what is required, but there is always room to improve and do better. No one changed the world by doing what just was required of them.

Faith Obafemi , Head of Strategy, Future-Proof Intelligence

Biggest Success in LegalTech

Establishing as a recognized expert in the blockchain space in less than 2 years. This has been a never-ending journey that has stretched me intellectually, financially, emotionally and otherwise. But, I have been better for it. I have met some of the most amazing persons on this journey. People who help broaden your horizon.

What has been your biggest challenge in Legal Technology?

Breaking/building a tech foundation. In the early days, things were just mostly Greek to me. But, the more I kept at it, the familiar it became and the easier it was to understand.

What motivates you to keep going?

Money! Hahaha, I know most people would’ve been expecting something knight worthy like passion to help others, desire to impact, etc. Well, why all that is great, it still requires money. I am yet to see a broke person help another or have an impact on others.  So, yes, money motivates me to keep going. Because, with money as a tool, I can achieve other things that I hold dear.

Rhoda Obi-Adigwe, Founder Wemora

Biggest Success in LegalTech

Our greatest success was when Hill gave us an award and a grant for our legal software which aids in the writing of will and creation of trust online. This was very inspiring to us knowing that our efforts were being recognized.

What has been your biggest challenge in Legal Technology?

Our biggest challenge to legal technology is cultural and traditional bias. People are still skeptical to include their personal and private details online making it difficult to prepare legal documents for them. This fear also arises from the fact that the country has no stringent data policy laws.

What motivates you to keep going?

The legal tech space is evolving and we are beginning to see most traditional things done online like the CAC providing platforms for business registration, so our motivation is to keep pressing knowing fully well that these changes and policies will soon affect our own part of legal IT.

Yinka Bada , Lead Product Manager, LawPavilion Business Solutions

Biggest Success in LegalTech

One of the things I can consider as part of my biggest success in legal technology is two-fold:

i. My involvement in conceptualizing and facilitating the development and continuous improvement of software solutions that solve challenges around Practice Management, Legal Research and Legal Drafting for lawyers and judges, hence improving their efficiency by making it easier for them to do more in less time than usual. I’ve been working with a team of bright minds to continuously improve the leading Electronic Law Reports platform; the only one with Legal Analytics, and most cited in courts by top lawyers, and judges of both the Court of Appeal and Supreme Court.

ii. Leading and mentoring at different times,  young and aspiring Product Managers and Software Engineers  to passionately seek to identify the pain points in our justice delivery system, and  proffer innovative solutions

What has been your biggest challenge in Legal Technology?

What I can consider as a challenge for me in legal technology is the huge amount of time, efforts and resources it has taken over the years to build and communicate the value of legal-tech solutions to the conservative legal industry; the sweet thing, however, is that this same industry is now embracing technology fully, and even asking for more

What motivates you to keep going?

The joy of facilitating an accelerated (albeit gradual) access to justice in Nigeria-  the possibility of having the practice of law and ultimately, the dispensation of justice continually become technologically improved for more efficiency and effectiveness.

Nankunda Katangaza , Co-founder, African Law & Tech Network (ALT Network)

Biggest Success in LegalTech

I guess my biggest success in legal technology was in following my hunch that there was a need and interest on the part of African legal professionals in technology and what it could do for the legal sector and creating the ALT Network to kick-start that conversation on the continent. The ALT Network has grown to over 150 individual and business members over the past two years and has a thriving community and activities across the continent which I could not have predicted when we set up the platform!

Engaging with the fast-growing African tech community has brought incredible insight into the legal and regulatory needs of tech disruptors across all sectors. I am delighted that the Network has quickly grown into a valued pan-African interlocutor in the discussion between lawyers, technologists, and regulators to build effective, responsive and progressive frameworks for tech growth in Africa.

What has been your biggest challenge in Legal Technology?

My biggest challenge is also one that can be described as a ‘first world problem’ in that it is the challenge of opportunity and time – so many opportunities, not enough time! In the short couple of years, it has been around, ALT has attracted a significant following and interest from across the African legal and tech sectors.

Law cuts across each and every area of personal, public and commercial life and as such, ALT and its membership have a role to play across the continent from influencing public policy to creating tools for delivering access to the law to all. Finding the time to explore and follow all the possibilities and requests alongside a full-time job does keep me up at night!

What motivates you to keep going?

I have to say that the energy and enthusiasm of the ALT members is more motivation than anyone could ask for! Each day brings a new member. Each week brings a new idea and opportunity in a different country from an existing member so there’s never a quiet moment.

But more than anything, the prospect of bringing together people and entities from across the continent who are all driven by the same thing – to create and build prosperity for all Africans through innovative tech use and creating an enabling legal environment for success. It has also been amazing to meet so many Africans working in different sectors and industries and to collaborate with some of them.

Our recent partnership with Africa Digital Heritage, for example, to explore the legal issues arising in tech and the preservation of African cultural heritage was eye-opening and inspirational. I look forward to ALT continuing to be at the heart of similar collaborations and conversations over the years.

Also Read: Women in Tech: Interview With Elaine Wang, Cloud and Software Solutions Director for Rectron

Odunoluwa Longe, Country Director, Acceleration (West Africa) at HiiL

Biggest Success in LegalTech

My greatest success is seeing the entrepreneurs succeed. Success here does not just entail in competitions but in the ecosystem as well.

What has been your biggest challenge in Legal Technology?

My biggest challenge has been finding businesses that are solving justice problems and are focused on doing the same. A lot of people do not realize that justice is beyond just legal tech, It should be more focused on people gaining access to services that actually help them solve their problems.

What motivates you to keep going?

I am motivated by the need to help entrepreneurs and see them succeed.

Please join Techlawyered to celebrate these Wonder Women of Legal Tech.

Article By: Kelechi Achinonu

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Health

Afya Rekod, Kenyan healthtech startup launching AI consumer data driven platform to curb Corona pandemic

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Afya Rekod Founder and CEO, John Kamara (Source: Afya Rekod) 

Afya Rekod, a Kenyan health tech startup is sprinting to launch its artificial intelligence (AI) and Blockchain built consumer driven health data platform amidst the corona virus pandemic in support of global efforts to curb the disease by providing a portal for people across the world to store their health data in real-time, with a special focus on Covid-19.

The advanced system, which was built to help users store their own health data, access health information and connect to health service providers, was set to launch at the end of July 2020.

Also Read: Women in Tech: Interview With Anna Collard, Founder Popcorn Training – A KnowBe4 Company

The founder and CEO of Afya Rekod John Kamara stated: “Afya Rekod is a medical data storage platform that allows patients to store their health records, the medication they take as well as keep journals of their statuses and that of their kids and families. The platform is AI driven and uses various AI modules to help detect abnormalities, detect early out breaks and monitor mobility and evolution of diseases via timely data analytics.”

“Africa and most of the third world countries have limited doctors and access to healthcare services. Lack of patient data in real-time makes the problem even more damaging to both patients and health-service providers across the continent. Over 65% of Africans live in rural communities that are not connected and are off-grid in terms of access to healthcare services. This is the problem we are trying to solve,” explained Kamara.

The ongoing Covid-19 pandemic has shown the world once again that centralised health management systems that rely solely on people walking into a health facility are not sufficient. The world also needs decentralised systems that enable people to update their own records anytime, anywhere in multi-formats.

One of the critical issues affecting the world during emergencies like this includes inefficiency that leads to untimely deaths due to lack of or limited data, scanty access to healthcare services, unverified information and delayed responses among other things.

“We are fast tracking to launch the platform four months ahead of its time to enable the world to capture real-time data that will heat-map areas where the Corona infections are growing and monitor the growth in real-time by collecting user-generated information from millions of users across multiple geographic locations to allow for sufficient data analysis in support of the global efforts to curb the disease,”

“Afya Rekod comes are a crucial time when the world is experiencing one of the biggest pandemics of its generations and we need to monitor the movement and evolution of the virus closely to determine the changing nature of symptoms among other things,” further stated Kamara.

The growing digitisation of healthcare at a time when the world is required to isolate provides an unprecedented opportunity for the world to come together and unite in efforts.

Afya Rekod is currently in discussions with various entities across governments and developing partners to explore how their efforts can be accelerated urgently for Covid-19.

The platform presents a unique ability to address critical emerging health needs as it has a differentiated product that is centred around the most important entity in a health equation – the individual or person – which presents a rapidly growing opportunity to launch an AI engine that solves and helps the world prevent the spread of global pandemics like Covid-19.

Visit: Afya Rekod

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Technology

Africa will lead the exportation of technology expertise to the rest of the world by 2025 – Tochukwu Egesi

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L-R Ofolue Gabriella, Sandra Nwachukwu, Chidinma Okafor, Sarah Omoike Igho, Tochukwu Egesi, Princess Anya Adaobi Aniuchi, Olalade Olanrewaju, Emike  Aigbodioh, Ndutimobong Sunday Enang, Funmilola Ariyo, Adebayo Pelumi and Fatima Aruna.

The Microsoft LEAPers training is a bi-weekly soft skills training by seasoned industry experts for Microsoft LEAP program beneficiaries selected from thousands of applicants in Nigeria. 

Alongside the program Manager, Princess Anya, Tochukwu Egesi, a Financial Services and digital economy consultant at Genesis Analytics, presented the topic “Problem Solving and Positioning for a Career in Tech.”

During his presentation, Tochukwu stated that the developed nations are running out of tech talents and Africa will lead the exportation of technology expertise to the rest of the world by 2025 as the demand for globally traded services increases. He also charged the all-women beneficiaries to take control of their career, by plotting a strategic career plan with action points as well as encouraged them to tackle social problems in Africa as a contribution to the society and a display of the skills gained from the Microsoft program.

The beneficiaries of the Microsoft LEAP  who are all doing their technology apprentice at Wragby a Microsoft Partner in Nigeria as part of the program include Sandra Nwachukwu, Chidinma Okafor, Sarah Omoike Igho, Adaobi Aniuchi, Olalade Olanrewaju, Emike  Aigbodioh, Ndutimobong Sunday Enang, Funmilola Ariyo, Adebayo  Pelumi and Fatima Aruna.

Also Read: Women in Tech: Interview With Ellen Fischat, Founder Story Room and Inspiring Fifty SA Ambassador

About Microsoft LEAP Program

The LEAP Engineering Acceleration Program is a Microsoft initiative that tries to increase diversity. Bringing more women into software engineering roles. By providing them with real-world experience through development and project management apprenticeships with hands-on projects.

About Tochukwu Egesi

Tochukwu is currently a consultant at Genesis Analytics in the Digital Economy and Financial Services Strategy practice. Tochukwu has worked on projects for banks, non-bank financial institutions, regulators and donors. Alongside Genesis, he is the co-founder of a healthcare startup, Rem Health. Tochukwu is an ACIB Charterholder and a registered member of the Institute of Chartered Accountants of Nigeria as well as the Chartered Institute of Bankers of Nigeria.

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