By Michael Kachitsa
You’ve heard of fast advancements in Asia’s economy. Now get ready for Africa’s.
Twitter TWTR, 1.87% CEO Jack Dorsey tweeted about his plans to move to Africa in 2020, saying he wants to live there for up to six months. Africa may be the last continent to undergo rapid economic development, but Dorsey nevertheless believes it has a lot of potential.
Africa is an untapped market for digital-payment systems, and there is a pronounced first-mover advantage for Dorsey and especially for Square SQ, 2.96%, his mobile-payment company, as he scours the continent for lucrative deals and investments.
This is precisely what he did during his last African tour, which started Nov. 8 and took him to Ghana, Ethiopia, Nigeria and South Africa. In the tweet, he also said Africa would define bitcoin’s BTCUSD, -0.43% future. This is unsurprising — Dorsey has been a bitcoin advocate for a while, and he plans to integrate the most popular cryptocurrency into Twitter and Square. His tour also took him to Ethiopia, where he was pitched by local startup companies.