Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) have called on policymakers, businesses and innovators to embrace blockchain as a tool for sustainable development.
SiBAN said this can be done by fostering a regulatory environment that encourages innovation while ensuring consumer protection.
According to the body, blockchain technology is the cornerstone of a decentralised, transparent and inclusive future, with the ability to ensure trust, security and efficiency in transactions, while reshaping industries worldwide, from finance and trade to healthcare and governance.
SiBAN, which stated this, while recognising the transformative contributions of its esteemed member, Interstellar, to the African blockchain ecosystem, saying Interstellar’s recent partnership with the Pan-African Payment and Settlement System (PAPSS) to launch the PAPSS African Currency Marketplace (PACM) marked a monumental milestone in revolutionizing intra-African trade and financial sovereignty, aligning seamlessly with SiBAN’s vision of a blockchain-driven future.
President of SiBAN, Obinna Iwuno, said in Africa, where fragmented financial systems and high transaction costs have long hindered progress, blockchain offers a pathway to economic empowerment and self-reliance. He said the PACM, built on Interstellar’s Bantu blockchain network, is a testament to this potential, enabling 19 African countries and multinationals to transact seamlessly while adhering to local regulations.
“Interstellar’s innovative approach exemplifies the transformative potential of blockchain technology. Their work with PAPSS showcases how Nigerian blockchain expertise can address real-world challenges, positioning Africa as a global leader in financial innovation. We are immensely proud to have Interstellar as a SiBAN member,” Iwuno stated.
He said as Nigeria’s premier blockchain advocacy group, SiBAN is committed to promoting the adoption, education, and regulation of blockchain technology.
According to him, through strategic partnerships, thought leadership, and community engagement, SiBAN empowers its members to develop cutting-edge solutions that address local and global challenges. Interstellar’s success with PACM underscores the strength of SiBAN’s ecosystem, where collaboration and innovation thrive.
On his part, CEO of Interstellar, Ernest Mbenkum, said: “Blockchain is not just a technology; it is a catalyst for Africa’s economic renaissance. As a SiBAN member, we are honored to contribute to this vision, and we look forward to continued collaboration to unlock the full potential of blockchain for Nigeria and beyond.”
