10 Dec Jack’s So Excited About Online Payments Across Africa He’s Coming To Stay!

More about Jack of Twitter and Square who is coming to live with us for a few months to better understand Africa and Africans from an online payment’s perspective.   Jack’s visit is big news - he is a very accomplished thought leader when it comes to fintech with Twitter and paytech with Square. He kindly shared his insights on global payment trends with Quartz Africa.  

Square has been really progressive for example with the implementation of Square Crypto, which has a team of developers working on bitcoin and Lightning Network.  Jack can really read the tealeaves so this is a stamp of approval for our continent . . validation that the future is bright. Not sure what it looks like yet but its certainly looking up.  

He reckons blockchain and cryptocurrency are going to be a big force as a cross-national currency.  Absolutely! The management of fiat could be a lot better, and cross border transacting between African countries and to other continents is complicated and expensive.  If it is allowed in the first place.  

When it comes to shopping and consumption of media, we live in the internet so why not a money of the internet?  And it needs to be bulletproof, independant and unstoppable by autocracies and jurisdictions. Africans have a need and are ready for crypto and the certainty of blockchain in areas like identity management, combatting bribery and corruption and it is likely going to be adopted for CBDCs (central bank digital currencies).  

Jack talks about how a universal currency and a seamless cross border dynamic could bring the world together.  Historically the world has been segregated and Africa has been the outcast and bullied and exploited by the rest of the world.  Now is the opportunity to take down the barriers, to bank unbanked, to identify and bring the previously unidentified people into the world economy.  

He talks about bitcoin being the currency of the internet . . establishing itself as a result of its strong brand, pure principles for public good, and its deflationary quality that makes it solid.  At last a currency that acts in the best interests of all who want to use it.

More specifically the following characteristics:

  • Deflationary, a scarce resource, increasing in value which means people prefer to save than spend.  As opposed to fiat which is worth less tomorrow and has fueled a consumer based spend it now society
  • Uncensorable, resilient from governments, miners, hackers, forking and alt competitors for over ten years
  • Driven by a passionate and principled community of supporters and developers who have been working on it for decades and wish it to be the money of the internet and money of the people


He ponders and posits that there will be a graceful and gradual transition from physical cash and cards to digital money . . legacy alternative payment methods being there for laggards and as a backup.    What a pleasure . . good things to come for us Africans.

Get in on the ground floor and establish your eCommerce business now - we can help you with the online payments side of your business.  Contact us at African Payment Solutions now!



A big thanks for inspiration on this blog to Quartz Africa https://qz.com/1642172/jack-dorsey-on-bitcoin-facebooks-crypto-and-the-end-of-cash/

 And https://www.bloomberg.com/news/articles/2019-11-15/jack-ma-sees-virgin-land-in-africa-for-e-commerce-entrepreneurs