Kenya has been urged to embrace peer to peer technology to enhance financial freedom and drive equitable access to financial resources.
Peer to peer technology refers to a network architecture where devices or nodes share resources and services directly without centralised control.
NoOne CEO Ray Youssef says P2P technology can revolutionise financial communication and inclusion between Kenya and other countries, aligning with African Continental Free Trade Area ( AfCFTA).
Youssef launched NoOne, a financial communication app that seeks to connect Kenya and the Global South to the world's financial systems through P2P technology.
"Our App is driven by a desire to tackle inequality and empower those facing financial disparities, especially in places like Kenya and Africa," Youssef said.
"It aims to show Kenyans how P2P technology and cryptocurrencies could revolutionize financial systems and boost autonomy within the Global South,” he said.
He said one of the primary challenges inhibiting intra-Africa trade is the prevalence of multiple national currencies and associated exchange rate complexities.
Youssef noted that the global financial landscape has witnessed a great surge in the adoption and integration of cryptocurrencies.
He said such digital assets, built on blockchain technology, offer unprecedented opportunities for economic growth, financial inclusion and cross-border transactions.
"African states stand at a unique crossroads where embracing cryptocurrency could unlock tremendous potential, particularly in enhancing intra-Africa trade," Yousef said.
Yousef said cryptocurrencies provide a borderless, frictionless means of exchange, eliminating the need for currency conversions and reducing transaction costs.
Yousef adds “By fostering a supportive regulatory environment and investing in blockchain education and infrastructure, African nations can attract investment and talent, positioning the continent as a hub for blockchain innovation and digital entrepreneurship.”
Currently, the app offers access to over 450 payment methods.
The financial communication app simplifies financial communications and transactions in areas with limited banking infrastructure, thereby fostering inclusivity and convenience.
The app circumvents traditional banking systems, ensuring transparency and securing financial transactions.
