ass adoption, reduce fraud, and drive system compliance.
Speaking on the theme, Know-Your-Customer as a Catalyst for DeFi and Web3 Adoption in Africa, Ogunjobi said: “Trust has been established as an enabling factor that helps to build critical mass across industries. Web3 and blockchain protocols are no exemptions. There has to be a mechanism in place to ensure accountability and trust in the platforms, the protocols, the transactions, and the recipient counterparts within the system.
Continuing, he said: “Just like other financial institutions, compliance is a critical factor within the Web3 and blockchain spaces. Operators and users have to abide by the rules of the geographical space within which the transactions are done whether it be trading, payments or transfers.