Digital assets provide an easy and more secure way of doing business and Africa is quickly benefiting from these new economies of trade.
With over 1 billion people and a combined GDP of over $3.4 trillion, Africa has some of the fastest growing economies in the world.
The African Continental Free Trade Area (AfCTA) which was signed by 44 African countries earlier this year is expected to boost intra-Africa trade tool by driving industrialisation, economic diversification and development across the African continent.
Currently, Intra-Africa trade stands at 16 percent, but with the AfCTA agreement, it is expected to jump to 52 percent by 2022.
The Need for a Common Digital Standard
The ambitious initiative to form a continental common market in a digital era however creates some challenges when it comes to standards. Mobile phones and digital assets are allowing cross-border trade and this is only expected to grow.
However, we lack a common African standard or guideline to enable cross-border trade and digital assets transfer across Africa and the diaspora. This is where ADAF comes in.
ADAF is an open source repository for creating digital pan-african standardsADAF seeks to establish a platform where regulatory standards can be synced. This open source repository for trans-national standards will allow self-regulation where policy makers, entrepreneurs, civil societies, and consumers can participate in standardizing how digital assets are used, created, transacted, and managed.
At the moment, the African continent is fragmented and standards in trade and other areas are only just getting implemented. With the digital space, largely fueled by mobile phones across Africa, impacting communication and commerce, initiatives like ADAF may just help bring the continent together and help establish a more unified Pan-African approach to trade and relations.
