Billionaire venture capitalist Tim Draper backs Africa’s potential to lead global digital finance

Billionaire venture capitalist Tim Draper says Africa has an opportunity to leapfrog traditional financial systems by expanding the use of digital assets and blockchain technology.

Draper said the continent’s young population, growing digital infrastructure and increasing use of mobile and digital financial services could position Africa at the centre of the next phase of global financial innovation.

Speaking to Africa Blockchain Festival founder Olubunmi Fabanwo ahead of the Africa Blockchain Festival 2026 in Nairobi, Draper pointed to Africa’s historically large unbanked population and growing use of Bitcoin as evidence of the continent’s capacity to adopt alternative financial technologies.

“I’m very excited about what Africa’s done. Africa’s been a big part of the Bitcoin economy,” Draper said. “A lot of those people were using Bitcoin to transact and be a part of the world economy.”

He said Africa could move more rapidly than developed economies by adopting digital forms of money and financial infrastructure rather than replicating conventional systems.

“I think Africa can leapfrog the rest of the world by jumping from fiat currency to Bitcoin, and make all money in software before the rest of the world catches up,” Draper said.

His comments come as Kenya develops a formal regulatory framework for virtual assets.

The Virtual Asset Service Providers Act, 2025, which came into effect in November 2025, provides for the licensing and regulation of virtual asset service providers. The Central Bank of Kenya and the Capital Markets Authority are responsible for regulating different categories of activities under the framework.

The legislation covers areas including virtual asset wallets, payment processors, exchanges, brokers, investment advisers and certain virtual asset offerings.

Draper said blockchain technology could also have applications beyond cryptocurrency, including payments, business operations, financial reporting and record keeping.

Draper’s remarks come ahead of the Africa Blockchain Festival 2026, scheduled to take place in Nairobi from October 15 to 17.

The festival will bring together investors, technology companies, entrepreneurs, regulators and policymakers under the theme, “Capital, Code, and Continuity: Building Africa’s Permanent Digital Economy.”

Fabanwo said increased engagement between African policymakers, investors and entrepreneurs had helped accelerate development of the continent’s blockchain ecosystem.

“The core of it is trust and freedom,” Fabanwo said. “We’ve seen a lot of progress over the last three to five years, especially with African policymakers.”

He said Africa’s youthful population was also contributing to growing interest in emerging technologies.

“As young people, we’re bursting with energy, we want things to happen as quickly as possible, and we’re excited about the future,” he said.

The Nairobi gathering is expected to provide a platform for discussions on digital assets, blockchain technology, investment, regulation and the development of digital businesses capable of scaling beyond African markets.

Draper also said he remained interested in investing in African entrepreneurs building companies with international growth potential.

His previous exposure to the continent includes investment in Nigerian fintech company Paga and involvement in the African venture capital ecosystem through Savannah Fund.

“I’m very happy to continue to look and potentially invest in entrepreneurs who are doing extraordinary things, not just for Africa, but maybe from Africa to the rest of the world,” Draper said.

His comments come as African startups increasingly seek to expand beyond their domestic markets, while investors and regulators grapple with how to support innovation while addressing risks associated with emerging digital financial technologies.

For Kenya, the festival comes as the country moves toward implementing its virtual-asset regulatory framework and positioning Nairobi as a hub for financial technology, digital payments and blockchain innovation.