Apollo Foundation Signs MOU With Lesotho Government For Blockchain Integration

Olowo by Olowo - 07:51 AM Nov 08, 2019

Blockchain platform Apollo has agreed a partnership with African nation Lesotho to develop and integrate blockchain solutions. The agreement which included a memorandum of understanding will see Apollo design blockchain systems for different sectors of the Lesotho government.

Africa continues to lag behind other continents in terms of harnessing blockchain technology however this is beginning to change in recent months.

Lesotho is one of the few countries in Africa that are seeking to harness the potentials of blockchain technology in different sectors of its economy. The partnership with Apollo was embarked by Lesotho Ministry of Communications and is the first of its kind for the Southern African nation.

According to the partnership, Apollo will be given license to create fintech solutions which would bring new wealth opportunities for the country. In addition, the blockchain platform will also integrate blockchain systems that will help reduce financial crime and maximize the country's mineral resources

Speaking about the partnership the director of business development for Apollo Foundation Steve McCullah revealed that he was impressed with Lesotho's quest towards developing blockchain solutions. “Lesotho is working to become a leader in technology,”.

He also assured the Lesotho government that Apollo would deliver on the terms of the partnership.

Blockchain Technology Can Transform The Financial Landscape Of Lesotho

Lesotho is a small African nation that has a growing economy but has yet to maximize the potentials of its resources. It has a large number of citizens working in neighboring South Africa with remittances a major source of revenue for the government. In addition, the country produces diamonds which its exports in commercial quantity.

Apollo blockchain technology can help simplify the supply management chain of its diamond industry bringing traceability and accountability to the sector. Lesotho government can also utilize its blockchain solutions to reduce the cost of remittance fees for its citizens abroad.

This partnership is one of the growing numbers of blockchain-related developments springing up in different African nations from the Apollo Foundation.

About The Author

OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.


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