Nigeria is taking significant steps to bring greater structure and oversight to Africa's rapidly expanding cryptocurrency market through the establishment of a new Virtual Asset Council. This proposed regulatory framework aims to increase transparency, strengthen investor confidence, and foster an environment where innovation can flourish alongside consumer protection.

The initiative is expected to support the continued growth of digital assets across Africa, particularly by enhancing the efficiency of cross-border payments—a sector where blockchain technology has already shown considerable promise. Faster and more affordable international transactions could unlock new opportunities for trade and financial inclusion for both businesses and individuals.

Pelumi Esho, CEO and Founder of 91 Payments, emphasized the importance of balanced regulation that encourages innovation while building trust within the virtual assets ecosystem. Industry stakeholders believe that clear regulatory guidelines could position Nigeria as one of Africa's leading digital finance hubs.

Africa's global diaspora plays a critical role in the continent's economic development, sending nearly $100 billion home annually—an amount exceeding foreign direct investment in many African countries. At the EMY Africa London Summit, business leaders, investors, and policymakers discussed how these remittances could evolve beyond household support to become a catalyst for long-term economic transformation.

Participants highlighted the need to create accessible investment vehicles, improve financial infrastructure, and foster trust between investors and entrepreneurs to unlock the full development potential of diaspora capital.

Additionally, in Bukavu, the enterprise Joella is showcasing how sustainable farming practices can simultaneously address economic and environmental challenges.

Sources: Africanews

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