Web3 entrepreneurs in Ghana and Zimbabwe are showing how crypto can be used for social good. Presented by realMatrixport.
But in Africa, startups are working to deploy Web3 use cases, like bringing underbanked people online and into a more centralized financial system.
By using blockchain and automation to lower the costs of traditionally expensive processes, African startups have already begun to address issues like accessibility and fraud — with more use cases in the works.Courtesy of Kofi GenfiData from the World Bank shows that in Sub-Saharan Africa, the growing number of adults with a bank account can, or digital currencies and assets offered outside a traditional banking network.
In the past two years, Genfi said, Mazzuma processed over $140 million in transactions for its user base of 365,000 customers and 10,000 stores.
While Adesanmi's startup, Spleet — which helps users pay rent monthly instead of yearly, the norm in Nigeria — doesn't use blockchain technology, he's excited about the prospects of blockchain platforms like Eversend to transform business and investing in Africa. "You can't verify credentials about individuals in a centralized fashion because it's very hard to trust the origin of those credentials, it creates a central point of failure, and it makes it very hard to scale," Mapunga said, adding that taking a decentralized approach with blockchain would be"fundamental" in solving Africa's problems with identification verification.
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