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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