Cryptocurrency Adoption in Zambia Looks to be on the Rise as VALR Launches
Mature African markets like Nigeria, South Africa, Ghana, and Kenya usually pop-up in cryptocurrency adoption discussions. Receiving high praise, they’ve accounted as the key markets for financial technology on the continent. Zambia’s crypto ecosystem has been transformative, making some strides in regard to cryptocurrency trading and adoption. Last week, VALR, the largest crypto exchange headquartered in Africa, has launched in Zambia.
The latest expansion means that Zambian customers can now buy or sell bitcoin (BTC) and USD Coin (USDC) directly with Kwacha (ZMW), in addition to 60+ crypto assets already available on VALR.com. The only exchange in Zambia that provides local currency order books, as well as a full-service platform for trading and exchanging digital assets, is VALR. Through the VALR mobile app, online app, and API, traders have access to market data, may place limit orders, and can access the platform.
Zambia has advanced toward a digital economy during the past ten years by putting in place supportive financial sector legislation and essential infrastructure, including the Real Time Gross Settlement (RTGS) system and the National Financial Switch. Additionally, financial inclusion and sector growth initiatives have been put into practice. a rise in the number and monetary value of mobile money transactions (at an average annual rate of 127% from 2017 to 2021), which has a favorable effect on financial inclusion.
The introduction of VALR in Zambia comes after several well-known cryptocurrency companies began there and enjoyed some degree of success. Zambians could buy and sell Bitcoin (BTC) and Tether USD (USDT) from Nigerian-based cryptocurrency exchange YellowCard thanks to the recent availability of Kwacha (ZK) deposits on the service. According to Google Trends data in March 2022, interest in cryptocurrency transaction peaked in March 2022.
The Bank of Zambia (BoZ) had released a statement concerning the heightened interest in crypto. In contrast to other central banks in Africa, the central bank of Zambia established that there are no restrictions and that people engage in the sector at their own risk rather than calling for a complete disregard of cryptocurrencies. The apex bank also said it would try to put regulations in place that support innovation.
According to VALR CEO Farzam Ehsani, VALR is thrilled to now be serving the people of Zambia as the largest crypto exchange headquartered in Africa. The CEO added that the firm has created a top-notch product with an emphasis on strong security, exceptional performance, and regulatory compliance, and welcomes the Zambian retail and institutional sector to VALR.
“We have a world-class team that is supporting our Zambian customers and are really excited to offer the most competitive fees and greatest choice of digital assets from an exchange with a presence in Zambia,” says Blake Player, VALR’s head of business development. “VALR will be able to provide the best price for a Kwacha swap to crypto by making deep liquidity available directly in Zambia.
“VALR is committed to enabling the Blockchain ecosystem in Africa, and working with other businesses to expand access to digital assets is an important part of the brand’s ambitious growth strategy,” adds Player. “We welcome startups, mobile wallets and other Fintechs to build on VALR and use our powerful API to create exciting products for their customers,” Ehsani concluded.