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Fortune: In Some of Africa’s Biggest Markets, Cutting Currency Risk Means Swapping the Dollar for Bitcoin
Fortune: In Some of Africa’s Biggest Markets, Cutting Currency Risk Means Swapping the Dollar for Bitcoin

Fortune: In Some of Africa’s Biggest Markets, Cutting Currency Risk Means Swapping the Dollar for Bitcoin

Elizabeth Rossiello, founder of Nairobi-based fintech AZA Group, highlighted at the Fortune Global Tech Forum how fintech, specifically using Bitcoin, can help African markets bypass traditional banking systems. AZA, which started in Nairobi, offers currency trading solutions and was the first to use digital currency for reducing fund transfer costs in Sub-Saharan Africa. Rossiello noted the challenges of ‘dollarization’ in East Africa, where local banks were vulnerable to currency fluctuations when borrowing in dollars or euros. AZA now handles $100 million in transactions monthly and operates in 15 African countries. Rossiello envisions a diversified financial market in Africa, leveraging blockchain technology for transparency and efficiency. Read it here.

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