According to Google trends the word ‘bitcoin’ is experiencing renewed interest and is currently seeing their highest search ranking since October, back when the price of BTC/USD was in in the $10,000 range.
The regions most interested are Nigeria, South Africa and Ghana.
As you can see in the graph below the word “bitcoin” is experiencing an uptrend in interest and the interest is coming predominantly from Africa.￼
Africa is a land where financial services are relatively scarce compared to the rest of the globe.
Nevertheless, more and more is being done to increase the level of monetary literacy and many experts are of the opinion that crypto can solve a lot of long-standing financial problems on the continent.
One such problem is the high cost of sending and receiving money globally.
In 2019, about $40 billion will be sent to Sub-Saharan African countries from people working abroad and they will be charged over the odds.
According to the World Bank, the average price of sending a $200 remittance costs an average of 6.84 percent of the amount sent.
The figure is much higher in sub-Saharan Africa where it will set you back 9.4% for the same amount of money.￼
Many experts now believe that crypto can be used to help the unbanked in Africa and there are now more and more firms across the continent have started to look at the opportunities in digital currencies.
As things stand at the moment there is still a real need for crypto education and there is still much to be done.