With 70% Population Unbanked, Future of Bitcoin in Ghana is Bright

Aside South Africa, Kenya and to some extent the Federal Republic of Nigeria, Bitcoin doesn’t seem to be penetrating other African countries. Many have attributed it to lack of infrastructure and ignorance of the digital currency.
Godwin Bush, Director of Operations at PmCedis Capital, an Accra based Bitcoin Exchange, spoke to Cointelegraph about the future of Bitcoin in Ghana. He stated that Bitcoin adoption in Ghana is invigorating but it is most popular among the young generation. It is significant to mention that Bitcoin has an enormous power to lift the copious unemployed Ghanaian youth from squalor.
Ghana’s Unbanked
Recent World Bank Study revealed that, there are 26 universal banks and more than 110 rural and community banks across nationwide. In contrast, a whopping 70 percent of the adult population have no bank accounts. The study noted this stems from the concomitant cumbersome process and the punitive cost involved in opening a bank account. Apparently, the setting is ripe for Bitcoin to thrive.

This post was published at Coin Telegraph on 2016-10-11.