What's next in web 3?
Africa 🌍

Africa was never part of all the technology narratives that shaped the web & internet pre-Android & smartphones

That's about to change now that Africans too are part of the web.

Web3 has a place for Africa to participate and shape the future
Imagine all the bias built into the web & internet infrastructure b/c Africans were never co-participants in designing the web?
An example is online wallet like PayPal versus Mpesa prepaid mobile wallet

African users often report frozen funds when receiving $1000 via Paypal yet in Kenya, Mpesa users can send and receive upto $3000 per day

Another example is how online wallets & financial services request for Physical Addresses and Utility bills for KYC (which many of us African do not have)

Mpesa & mobile money do not require physical addresses nor utility bills to onboard users
Another example is all the Western crypto exchanges from that do not recognize our National Identity Cards s as a valid form of identity for access to crypto services.

They insist on a passport + physical address + utility bills
Another example is all the online services that insist the only way to pay is either Paypal or AMex or Visa or Mastercard yet, close to 400 million users in Africa frequently use prepaid mobile money w/ SIM cards

Why don't these web services accept Mpesa or Mobile money ?
This one really bugs me... every time I have to retype my messages on messenger apps b/c autocorrect isn't built for my native language Swahili

Imagine all the time english native speakers save b/c the web is built by and for them

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More from @pesa_africa

6 Oct
How much funding is going into African Crypto & Blockchain startups?

Looks like crazy volumes of VC capital is flowing into Crypto blockchain startups in the rest of the world apart from Africa...
My guess is financial services related use cases rank high on the list: payments, cross border, trading & speculation etc

Central Banking regulations is still the bottleneck b/c of formal fiat rails which caps possible products and impedes onboarding
Some options

1) old fintechs pivot into crypto products eg Chipper Cash, Stax, Eversend
2) new crypto/blockchain startups emerge w/ fresh rounds of funding
3) old African crypto startups raise more money for new products/expansion/scaling
4) African banks join crypto hype train
Read 7 tweets
5 Oct
“A recent NielsenIQ study revealed that nearly 7 in 10 consumers around the world have changed the way they buy categories and brands as a result of the COVID 19 pandemic.”
“A majority of consumers now find themselves with less money to spend and an abundance of caution around spending it. the study highlights that 73% of consumers have experienced a recent shift in their personal financial situations, to varying degrees, since September of 2020”
“consumer groups are reevaluating what’s essential to them and their families. They are making tough decisions about what categories can be abandoned and what compromises can be made even within a category.”
Read 5 tweets
4 Oct
I cant help obsessing over @fonbnk1 The FIRST
DeFi App that converts prepaid mobile airtime credits into money for mobile users in Africa and Latin America #unlockyourpotential Image
I learnt about @fonbnk1 from my time at the just ended Stellar DFS lab African blockchain bootcamp. I was paired up with @cduffus as his coach and mentor Image
Close to 8 billion registered prepaid airtime SIM cards w/ more adoption that mobile phones, smartphones, crypto wallets, mobile money wallets and bank accounts

Prepaid airtime SIM cards are more universal than any other technology and digital currency
Read 12 tweets
21 Sep
European Football NFT Platform Sorare Raises $680M Series B

Sorare says it’s traded over $150 million worth of digital cards on its platform since January and currently has over 600,000 registered users coindesk.com/business/2021/…
Sharing this b/c Africa is a huge market for sport betting millions of users accessing bets via USSD, Smartphone App, Web App, SMS and Agent services

Betting companies are succesful post revenue technology startups b/t few will admit it
Mobile Money Top Payment Categories, Sport betting makes tye cut at top 4 in Kenya, Ghana, Uganda, Nigeria
Read 11 tweets
20 Sep
Regulation by Central bankers in hot African fintech markets is a market variable you have to work with / around / find loopholes. It is not a constraint that VCs or entrepreneurs can "wish away"

Lets not be naive

True of crypto as well
Wizaj, VP at Chipper Cash, African Fintech w/ $150million+ funding in 3 years was quoted saying

"40% of Chipper cash staff count is legal and compliance people"
Part of the problem is

1. Naive entrepreneurs (20s w/ no real world business experience)
2. Foreigner VCs now remote who will idealize anything for LPs
3. Lack of appreciation for Advocacy as a product
Read 8 tweets
14 Sep
Fuel prices going up in Kenya 🇰🇪 is an opportunity for alternative energy products - solar, ethanol, hybrid taxis... you name it!

This crisis is paving way for the business success stories of tomorrow
Severals example from Kenyan Uber drivers

1. more drivers are considering alternatives such as LPG Pro-gas which retails ~50% vs petrol (70kes vs 129kes). Some drivers have modified vehicles to cater for proGas compatible engines
2. Some Uber drivers are now considering hybrid ( electric & fuel) vehicles such as Honda Insight and Toyota Prius

3. Some taxi drivers have shifted to fully electric vehicles for example Nissan Nopia
Read 11 tweets

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