Directors of DafriBank, Chairman Xolane Ndhlovu and Managing Director Catherine Anajemba, opined that African governments need to embrace technology to unlock the vast potential of Africa in this digital age and move countries and the continent forward.
“I have always encouraged our leaders and policymakers to embrace technology through strategic planning and dialogue instead of trying to block it. You cannot stop a pregnant woman whose time to give birth is due. The CBN crypto ban circular in February was meant to prevent Nigerians from trading in crypto, however current data shows that since the circular was issued, Nigeria’s crypto usage has increased to 110% through the P2P alternative route,” Ndhlovu explained.
He said further: “The government has no choice but to accept that crypto isn’t going anywhere. It is either they jump on the bandwagon or miss out on the value proposition this technology is offering.”
The cryptocurrency market, Catherine Anajemba, pointed out, has already proven most of the accusations wrong.
“Crypto is much more energy-efficient than Financial Markets, its anti-inflationary characteristics have held the ground, and the supporters of this technology have profited a lot. The pros heavily overwhelm the possible cons,” she submitted.
Anajemba further cleared the air about the working of DafriBank, especially with regard to crypto trading. “DafriBank and DafriXchange are two different companies owned by DafriGroup PLC. DafriBank is not a crypto company, DafriBank is a Bank with a favourable policy on digital currency. We see digital currency as the future. This explains the reason why our share (DBA) was offered in digital currency. A purchase of DBA is equivalent to owning a stake in DafriBank Digital. On the other hand, DafriXchange operates as a separate crypto exchange entity.”
Prompted about the best decision he has taken so far in his life, Xolane Ndhlovu, chairman of DafriGroup and its 16 subsidiaries including DafriBank, said: “Investing in Binance exchange in 2017 at inception. Binance today is the biggest crypto exchange in the world.”