In Africa, we know the hustle is real. Banking systems? Sometimes unreliable. Sending money? Expensive. Getting a loan? You better know someone who knows someone.
So when crypto came along and whispered sweetly, “You can be your own bank,” many of us said, “Eh! Say no more!”
That beautiful concept is called self-sovereignty. It’s about taking control of your own money, without needing banks, brokers, or government red tape.
But as we say in Kenya, “Ukipenda cha mtu, penda ile siasa inamletea.”
(If you love someone’s lifestyle, love the drama that comes with it too.)
Let’s break it down — the good, the bad, and the ugly, because that goes deep.
Self-sovereignty means you have full control over your money, your data, your keys, and your destiny. In crypto, you hold your private keys, which means no one can freeze your funds, charge you random fees, or demand 12 passport photos to access your own money.
Translation for your uncle:
If the bank collapses, crypto doesn’t. If the power goes out, okay yes, you’ll need to charge your phone. But your money is still yours.
Remittances: A cousin sends you money from Qatar. Crypto is faster and cheaper than Western Union.
Banking the unbanked: Don’t have a bank account? No problem. If you have a smartphone and internet, you’re in.
Avoiding dodgy inflation: Hello Zimbabwe, Sudan, and some parts of West Africa! Crypto gives you an option when your national currency is playing hide and seek.
Here’s the plot twist: With great freedom comes great fraud potential.
Crypto is like fire. You can cook with it, or you can burn your whole house down.
If someone steals your private key, there’s no helpline. If you forget your seed phrase, even your ancestors can’t help you.
And if you send your money to the wrong wallet, the blockchain doesn’t know how to say, “Are you sure you want to do this?”
Here’s a balanced approach — African-style:
Let’s start with the basics. Every time you onboard someone into crypto, please do more than just show them how to buy coins on WhatsApp.
Teach them:
Not your keys, not your coins.
Never invest because someone on TikTok promised you 200% returns in 5 days.
Scammers wear suits now. That doesn’t mean it’s legit.
Let’s normalize saying: “I don’t understand this thing, can you explain again?”
Hardware wallets: Because storing millions on your phone is just begging for heartbreak.
Multi-Factor Authentication (MFA): That one extra code can save your entire wallet.
Blockchain Analytics: Tools now exist to trace shady wallets and follow the money trail. Think of it like CSI: Crypto Edition.
Yes, we need regulation, but not the kind that kills innovation.
We need smart rules like:
KYC/AML: Know Your Customer and Anti-Money Laundering rules that stop crime but don’t choke startups.
Consumer protection: If you get scammed by a crypto app, there should be a way to get help — not just a Twitter rant.
Let’s create rules with the community, not against it.
We can’t wait for the West to give us rules. Let’s build our own:
Security standards
Audit guidelines
Ethics for projects
Verification seals for African-built crypto platforms
We don’t need to copy-paste Europe’s model — we need one that understands both the boda guy and the blockchain developer.
Imagine if each country had a Community Crypto Council, where:
Techies, lawyers, regulators, and local investors come together
Decisions are made transparently
Projects are reviewed by real users
Let the people who are in the game shape the game.
Crypto isn’t magic. It’s just math, code, and community.
Self-sovereignty is a beautiful thing — but don’t use it to buy fake land on the metaverse when you haven’t bought real land in Kisumu.
Let’s build a future where Africans are not just users of crypto, but creators, educators, and protectors of it.
Be your own bank — yes.
Just make sure it’s not the same one that gives away your money “accidentally.”
Now go forth, hodl responsibly, and teach your auntie that not every “new token” is the next Bitcoin.
#CryptoForAfricans #SelfSovereignty #WeAreTheBank
Fabian Owuor
