"Finance isn't about choosing one system over another; it's about integrating different financial models to meet the needs of a diverse population," says Larry Cooke from Binance. "Traditional finance is less accessible with more barriers of entry. On the other hand, Defi uses technology to solve for or better most of traditional finance's shortcomings. Both are relevant, but with one surviving on legacy, the other evolving on current technologies."

Integrating traditional finance with DeFi could offer significant benefits. DeFi platforms have the potential to provide unbanked and underbanked populations with access to financial services, filling a critical gap where traditional banking systems have struggled to reach.At the same time, traditional banks could leverage DeFi technologies to streamline and enhance cross-border payments, remittances, and financial services for a broader range of users.

By leveraging traditional and decentralised financial solutions, Africa can build a dynamic financial ecosystem that benefits businesses, consumers, and economies.

Traditional banks and mobile money services provide essential financial infrastructure, while decentralised finance enhances cross-border transactions, improves financial inclusion, and empowers small businesses. For example, in many African countries, mobile money services like M-Pesa have transformed financial access, and the integration of DeFi solutions could enhance the reach and capabilities of these systems, offering more efficient payment solutions and lending opportunities to underserved populations.

The future of finance in Africa hinges on a collaborative approach between traditional and decentralised systems. If these sectors can work hand in hand, the possibilities are vast, from creating more seamless and secure cross-border transactions to enabling innovative new financial products tailored to the continent's unique needs. This synergy could pave the way for a more inclusive and resilient financial ecosystem, fostering growth and opportunity for all.

By leveraging traditional and decentralised financial solutions, Africa can continue building a dynamic financial ecosystem that benefits businesses, consumers, and economies.