BitBarter has been revolutionizing global payments, particularly on the African continent, facilitated by the crypto technology.
Speaking recently at a parley with members of the media, Chief Executive Officer, BitBarter, Etienne Okeke, spoke on the transformative impact of blockchain and cryptocurrency on Africa’s financial landscape, explaining the role of BitBarter in simplifying global payments and addressing the myriad challenges faced by the African continent.
According to Okeke, “With the advent of Blockchain and Cryptocurrency, we can say that the 21st century is witnessing a remarkable 1,000X transformation in the way people conduct financial transactions, and BitBarter is one of such key payment providers building the rails to simplify global payments from Africa.
“Africa, with its population exceeding 1.3 billion and a payment industry valued at over $400 billion, has been at the forefront of payment innovation, attracting investments and regulatory changes. However, challenges such as currency instability, inflation, underdeveloped financial services, and high rates of unbanked and underbanked individuals persist.
Okeke maintained, “These challenges make it exceedingly difficult for businesses to make long-term plans, attract investments, and engage in international trade and have prompted both businesses and individuals to explore alternative solutions, with Blockchain technology and cryptocurrencies emerging as a reliable payment rail.”
Okeke, harped on the capacity of crypto and clockchain to facilitate instant payments, adding that BitBarter is leveraging the technology to enable nearly instant payments, eliminating the delays inherent in traditional financial transactions.
“Transparency and accessibility are other notable advantages of blockchain technology,” Okeke noted, adding, “For the first time in man’s history, 100% trusted transaction data is available to everyone in real-time.
“This has fostered accountability and acts as a deterrent for potential bad actors. This decentralized nature, which has made it accessible for everyone, has leveled the playing field for individuals, businesses, and governments across different geographic and political boundaries.”