The Future of Cryptocurrencies in Africa Cryptocurrency to most people and institutions in Africa is a big, and daunting word. By John Kamara, African Thought Leader IT SIGNALS change, and a lot of people in our very divided continent are not ready for the change cryptocurrencies will bring to our lives. But, the truth is that whether we are ready or not this change has come knocking at Africa’s door, and the continent has the opportunity to take charge of its own destiny. The question now is not about cryptocurrency but what we are going to do to harness the full power of this opportunity. Bitcoin became the first decentralised cryptocurrency in 2009. It is important to note that Bitcoin is just one form of cryptocurrency that is available to the world at the moment. There are over 100 cryptocurrencies (Litecoin, RXP, Clubcoin, Iota etc) that are trading for various values, and solving various problems all over the world. Africa is missing out on the game once more because we are trying to figure out how to keep what we already have, rather than think of how we can adopt these new solutions and also protect our consumers. Blockchain is another important concept that needs to be defined. Blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically
contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. In Africa, we have numerous problems of trade and movement of money because of the borders that were created by former colonial masters and which still guide our ability to trade or move money around today. According to Afrexim Bank and other international institutions for us to grow as a continent Africans must trade amongst themselves consistently. We must navigate the problems of movement of money and bring the unbanked people in our countries into an ecosystem that is easy, and accessible immediately. Blockchain technology can help us solve some of these problems by providing smart contracts; security data solutions and cryptocurrency. Over the past 12 months, the African market has seen the emergence of more than 15 Bitcoin exchanges seeking to provide cheap and efficient trading services to African consumers. Some exchanges have expanded their services and established offices in Africa. In East Africa, local innovators have introduced
cryptocurrency systems to support cross-border transactions. In South Africa, cryptocurrencies are becoming popular. In Nigeria, local traders and activists believe this new money presents an opportunity to democratise the economy. This is propelled by the fact that people in Nigeria have been failed by conventional money. The Central Bank of Nigeria, which oversees an inflation rate of 12-14 per cent, making it one of the highest inflation rates in the world, recently announced that it cannot stop Bitcoin. A statement from the bank reads: “Central bank cannot control or regulate bitcoin. Just the same way no-one is going to control or regulate the Internet. We don’t own it.” This is a very sensible, correct and forward-looking approach. The intangible nature of digital currencies means that a government cannot physically remove the wealth of a citizen. This paradigm shift is a monumental step forward in the social contract, providing an additional layer of security to individuals. For the first time, open minded early adopters, and innovators in Africa can change the game, and begin to create value for us in this continent.
New Leadership and Vision for Silverstar Almost two decades after her foray into the casino industry as an accountant, Anneke Potgieter has made the number one entertainment destination on West Rand her home as she steps into the role as Director of Operations and Complex General Manager at Silverstar. Rising up the ranks at Tsogo Sun This determined and focused woman – who is also a mother of two - has been a part of the Tsogo Sun staff for almost two decades having started her long service with the group as an accountant when what was then Champions Casino opened (now The Ridge Casino). She moved swiftly up the ranks and her CV boasts positions at many Tsogo Sun properties including: Financial Manager at Hemingways and Suncoast, where she was also promoted to Operations & Financial Manager. In November of 2015 Anneke moved back to Hemingways Casino in East London as Director of Operations and Complex General Manager. Just short of two years later the opportunity to head up the team at Silverstar came along. Anneke’ decision to grab the opportunity with both hands was an easy one and she is delighted to enjoy the sunshine on the Highveld after 16 years of coastal weather, while she brings her vision for Silverstar to life.
Mentoring and Management Style When asked if there is one person who has been instrumental in shaping her career she replies enthusiastically: “My GM at Suncoast is a remarkable man who taught me to always be true to myself in any situation, to remain professional but also be compassionate when in a difficult situation. His management style most certainly shaped mine.” 28 I Gaming For Africa I February / March 2018
Although it was an adjustment going from managing numbers to managing people, Anneke believes that numbers tell you a story about the business but it is important to look at the human behaviour which influences the numbers. This methodology ensures a holistic approach to business which is not weighted towards one or the other but paints a realistic picture of the areas in which your business is excelling and failing. Anneke’s philosophy in the workplace is fair and in some ways unique: “I don’t believe in people working in silos – whether you are management or a cleaner, it’s ‘our’ business and we run it together. A very good friend once offered me the following advice: Always apply good judgement, common sense and integrity.” So far this advice has worked for her as is evidenced by her stellar career.
Making her Mark in Casino Industry Although it is quite unusual for a woman to head up complex operations in the casino industry, Anneke feels it has been beneficial as she is by nature a nurturing leader who gives direction and builds confidence in her staff. When asked if she could offer a word of advice to young people considering a career in the casino industry, she mused: “The casino industry is so diverse so unless you are interested in becoming a dealer
or slots technician, you can work in IT or marketing or finance and still be a part of the casino industry.” Anneke has consistently practiced a particular philosophy throughout her career journey at Tsogo Sun: be the best at what you are doing and trust that you will be recognised. Her growth from Accountant to Director of Operations and Complex General Manager is proof of that.
Vision for Silverstar Anneke’s vision for Silverstar is to bring life to the property and she is dedicated to uplifting and empowering her team to make her strategy a reality: “It is a beautiful property which offers the best of the best to all our patrons. Tsogo Sun has invested a lot of money on equipping Silverstar to be the West Rand’s premier entertainment destination. My goal is to ensure the group sees a return on their investment. I would like to see families enjoying the magnificent outdoor area Silverstar offers as well as the food and beverage offering and our broad entertainment spectrum.” Follow Silverstar on Twitter @SilverstarZA or keep up to date with our news on Facebook @SilverstarZA #LoveSilverstar