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Why Naspers Got into Facebook Libra

South Africa's Naspers is one of the companies that put $10 million in Facebook Libra. The CEO was asked why he got into the deal. His response:

“It’s obviously early days … but the ambition that Facebook has with libra is exciting,” Van Dijk told TechCentral about PayU’s investment in the project. “It’s an empowering idea where you basically create a frictionless, costless way for people to transfer value to each other, so I think that’s exciting.”

That is surely what it is all about: unbanked and underbanked in developing world.

I’ve seen dozens of technical and regulatory and political and high-level analyses of Libra, many of which are worthwhile, but so far, little which has dwelt on its actual intended users, according to the white paper: the unbanked. That isn’t quite the category for whom Libra is something new, interesting, and important. But no one else seems to be talking about this. It’s strange to see this cornucopia of hotly argued reactions which go deep on pretty much everything but its actual users.

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