Bitcoin’s far-reaching influence is increasingly being felt in the telecommunication industry in Africa. Case in point, MTN Nigeria recently joined the metaverse with its partnership with Africarare, a South African Virtual Reality platform. This development represents a first from a traditional telecommunications company in the African region and shows the growing popularity of blockchain in Africa. MTN revealed that it was purchasing 144 plots of virtual land and that the investment was part of its commitment towards supporting new African innovation and noted its intention to expand its customer base through web 3.0. While this shows a promising relationship between the two industries, Bitcoin is still strongly compromising the telecom industry and its prospects of changing the Fintech world. Here is how.
People can purchase airtime and data bundles using bitcoin, pay for internet and phone bills, purchase gadgets, book hotels, and flights, donate to charities, pay for online subscriptions and buy from online stores. All of this is done through platforms such as NAIRAEx, Bitrawr, Shapelift, eToro, coinmama, EBitpoint, BIZZTRADE, and M-Pesa that convert bitcoin into local cash and finally deduct money for the bills or deliver goods and services. These platforms are based in Nigeria, South Africa, Zambia, Ghana, Tanzania, and Kenya.
The world of financial services using technology to make individuals’ lives easier had certainly become prosperous but Bitcoin is revolutionizing the financial industry completely.