Building the Web3 economy, FTX partners with forex company AZA Finance to boost digital asset adoption in Africa.

FTX announced a partnership with global payments and forex firm AZA Finance to increase the adoption of digital assets in the African continent, jointly building the "Web3 economy."

FTX announced yesterday (16th) that it is partnering with AZA Finance to increase the usage of digital assets on the African continent. According to the official press release, Africa has seen rapid economic growth in recent years, but its underdeveloped infrastructure remains a challenge. The two parties are collaborating to address this issue by jointly constructing a "Web3 economy" in Africa.

In addition to digital currency payments and local currency exchanges, FTX and AZA Finance will also establish an NFT marketplace in Africa, bridging the gap for African artists to access the global market.

AZA Finance is a global payment and forex financial company founded in Nairobi, Kenya in 2013, offering over 300 currency pairs in 115 countries. The company has processed transactions exceeding $260 billion globally to date.

With a strong presence in Africa, AZA Finance currently operates in 10 African countries/markets and has launched Africa's first digital currency exchange. Recently, it acquired South African payment company Exchange4Free, becoming the largest "non-bank" currency exchange service provider in Africa.

Elizabeth Rossiello, the founder and CEO of AZA Finance, expressed her excitement about collaborating with FTX and praised Sam Bankman-Fried's exceptional leadership in realizing the mission of introducing the Web3 economy to Africa.

"When we established Africa's largest currency trading platform, we knew clearly that the African continent is the future of the digital economy. African enterprises are thriving, and these African users will be the native users of the Web3 economy in the future, as well as the builders of the Web3 economy."

"Our team has been deeply rooted in this for eight years, from Dakar in Senegal, Lagos in Nigeria to Kampala in Uganda. With a team of over 200 people, we know what Africa needs. Therefore, we are looking forward to working with FTX to bring Web3 to the world."

FTX stated that Africa has a high acceptance of the digital world and is ready to embrace the economic expansion of Web3 and the metaverse. As early as 2018, over half of the global population using mobile internet banking was in Africa, with the usage expected to peak by 2025.

Population dividend is also a reason for FTX's layout. It is projected that from now until 2050, the African population will double, with two-thirds of the population growth occurring in urban areas. By 2030, Africa will become the continent with the most abundant labor force globally.

On the other hand, the GDP of various African countries is also growing. Nigeria's GDP is expected to reach $445 billion in 2022, South Africa $350 billion, and Egypt $340 billion.

SBF, the founder and CEO of FTX, said:

"We are excited to collaborate with AZA Finance to expand our business in Africa. The progress that AZA Finance and Elizabeth Rossiello have made in Africa has amazed us, and we are looking forward to working with AZA Finance and local regulatory authorities to bring FTX's services to Africa in a compliant manner. At the same time, we also look forward to working with local artists and creators to build the NFT market."