The financial sector and innovation are not mutually exclusive. Prior to the blockchain, the only financial innovation was the ATM machine. They must be conservative by nature, and they are hesitant to modify what works for them. Unfortunately for them, blockchain will force them into a direct that they will not accept. The financial landscape is about to undergo significant transformation.
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You're absolutely right. However, blockchain entry into the some rural African countries has been really difficult. I feel that the traditional finance system of a country really needs to be open to truly undergo transformation.
Yes, I agree. I am from South Africa. Our banking system is really good, but there are a lot of people in the rural areas who has not access to bank accounts. I think the cell phone network can play a bigger role in Africa in reaching these areas.