MPESA was the first iteration of decentralized finance that allowed individuals to bypass the hectic processing of bank transfers ushering in mobile money.
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Cryptocurrencies in Africa continued to perform their functions amid market downturn and volatility. The decreases in value during the crypto bear market 2022 undoubtedly affected some African investors in the same way as investors globally. However, retail investors remained immune to downturns compared to speculative traders since they likely use crypto for specific purposes.
In African markets, crypto is a less tradeable asset and more of a hedge against capital restrictions and the volatility of local currencies. Even dramatic fluctuations in value, seen from this year’s crypto bear market, remain somewhat insignificant since African users normally cash in and out quickly. As long as Africa's crypto market allows users to transfer money in a timely and cost-effective manner, the specific price at which it trades is not a significant concern.
