Once upon a time, only the super-rich could stash their money in Swiss bank accounts, hidden behind layers of secrecy and those iconic Swiss chocolates. The rest of us? We had to make do with stuffing cash under our mattresses, praying that termites weren’t feeling particularly ambitious that year.
But then, technology happened. International banking went online, and suddenly, the concept of "offshore accounts" became as accessible as a Safaricom bundle. Now, add cryptocurrency into the mix, and money is no longer just something you lock away—it’s something you teleport across the world faster than you can say "Lipa na M-Pesa."
Yet, in a turn of events that can only be described as a tragic comedy, some financial institutions in the country have seemingly been advised not to deal with crypto handlers, in essence they are hoping to just ignore cryptocurrency long enough, it will magically disappear—like the price of unga during campaign season. But as history has shown us, banning something doesn’t make it go away. It just makes people find creative ways to use it. (Remember how banning chang’aa only made it more popular?)
Crypto is in its optimistic phase, dominated by three key players: investors, speculators, and, inevitably, criminals. These groups currently shape the market, but the real opportunity lies beyond them. We are at a pivotal moment where blockchain solutions can be implemented to benefit the Kenyan masses—but this requires legislative support to foster growth and innovation.
Can financial institutions afford to ignore a currency that is rapidly gaining influence and has the potential to redefine Africa’s economic future? The narrative of Africa must change. We are more than the outdated images of poverty and struggle. With this technology, we can build a new Africa—one driven by innovation, financial inclusion, and economic sovereignty. We have every right to embrace this transformation and give it a chance to succeed.
The reality is, Kenya thrives on innovation. We pioneered mobile money with M-Pesa, and now the whole world is taking notes. We’ve hacked every system to make life more convenient—from borrowing money at 3 a.m. to ordering chips mwitu straight to our door. You really think a government decree will stop Kenyans from using crypto? Pfft. Try telling Kenyans that a matatu doesn’t accept cash—watch them find a way to pay via M-Pesa, Airtime, or even a promise to send later. Even with signs shouting "Hakuna Mpesa, Hapa".
So, what happens when a country decides its banks won’t touch crypto? Simple—people and capital leave. And not the kind of flight where politicians jet off to Dubai with taxpayer money. No, this is a quiet, deliberate exodus—where everyday Kenyans move their wealth into digital assets beyond the grip of local regulations and relocate to countries that support their financial freedom and way of life.
When institutions refuse to evolve, people find alternatives. The question isn’t whether crypto will thrive—it’s whether Kenya will embrace it or watch its innovators and capital flow elsewhere.
The thing is, crypto isn’t going away. As long as even one country in the world has legalized it, people will find a way to use it. The only thing a ban does is ensure that Kenya loses out on tax revenue, jobs, and innovation—kind of like shooting yourself in the foot, then demanding compensation from Insurance.
Governments are beginning to recognize that fiat currency isn’t the untouchable golden goose they once believed it to be. Overprinting has fueled inflation, central banks have mismanaged monetary policy, and trust in traditional financial systems is eroding. In contrast, crypto offers a decentralized, transparent, and accessible alternative—one that many trust more than politicians’ empty promises to stabilize economies. Meanwhile, central banks worldwide are quietly stockpiling gold, acknowledging that the devaluation of fiat currency is inevitable.
Instead of trying to outlaw the future, Kenya should be leading it. We have the talent, the entrepreneurial spirit, and the potential to be a Web3 powerhouse—attracting investors, developers, and innovators to build the next financial revolution right here in Nairobi.
Because the alternative is clear: while we sit around debating whether crypto is “real money,” the rest of the world is moving forward. And before we know it, we’ll be like that one guy who dismissed Bitcoin as a scam in 2012—only to watch his neighbor buy a Lambo with his crypto earnings.
So, to our policymakers and traditional financial institutions: let’s not repeat history. The new economy is coming, whether we embrace it or not. The only question is—will Kenya lead the way, or will we be left behind?
Fabian Owuor