THE ROLE OF BLOCKCHAIN TECHNOLOGY IN SECURING BANKING TRANSACTIONS IN AFRICA

Kwakye Agyapong, Isaac Boakye

Abstract


The rise of digital financial services in Africa has highlighted the growing need for secure and efficient banking systems. Blockchain technology, with its decentralized and immutable nature, offers promising solutions to address the security challenges inherent in traditional banking infrastructures across the continent. This study explores the potential of blockchain technology in enhancing the security of banking transactions in Africa by minimizing fraud, ensuring data transparency, and facilitating cross-border payments. The research examines how blockchain can revolutionize banking in Africa by providing secure transaction validation, improved customer privacy, and increased trust in financial institutions. Furthermore, it addresses the current barriers to blockchain adoption in African banks, such as regulatory challenges, technological infrastructure, and financial inclusion issues. The study concludes with strategic recommendations for integrating blockchain into the banking sector, emphasizing its capacity to foster financial innovation, increase transaction security, and drive economic growth across Africa.

JEL: K24, L86

 

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Keywords


data integrity, Africa, cybersecurity, transparency, blockchain technology

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References


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DOI: http://dx.doi.org/10.46827/ejefr.v8i6.1841

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