BitKE sat down with Hetal Patel, Head of Venture Growth at Mercy Corps Ventures, to talk about their latest pilot program in Kenya on the sidelines of the Africa Tech Summit which took place in March 2022.
According to Hetal, 1 in 12 Kenyans already own cryptocurrency putting the country ahead of many emerging markets in leveraging these new technologies, including stablecoins, in providing digital microwork and access for the unbanked.
Due to the notoriously expensive nature of cross-border payments, Hetal highlighted 3 key advantages of leveraging stablecoins:
Stablecoins reduce the cost and friction of cross-border transactions
Stablecoin-based wallets increase the ability to offer work and digital microwork for the unemployed
Stablecoin-based wallets incentive savings for the unbanked populations.