- Ghana will host the Africa Money DeFi Summit with support from top franchises such as Amazon Web Services, Pivo, and Fonbnk.
- The 2022 Summit brought together over 200 companies from over 20 countries globally.
- According to Disrupt Africa, fintech startups received the majority of the $1.5 billion investment funding in 2022.
Africa’s fintech industry is, by far, one of the fastest-growing industries in this new industrial revolution. In two decades, that franchise has grown into a trillion-dollar opportunity, attracting multiple investors from all over. Ghana will host The Africa Money and DeFi Summit on October 3rd and 4th. According to the organizations, this event will set a new pace for the industry as it prepares to welcome the web3 ecosystem into Africa’s market.
The emergence of new technology
Technology hit a crucial turning point over a decade ago, in 2009, when Nakamoto released Bitcoin into the world. Initially, the concept of digital currency was not welcomed instantly but gradually gained a substantial usher. During the Golden AGE OF Bitcoin, when its value surpassed $50k, mark innovators took a keen interest in its technology.
What appeared as a new form of currency would later redefine the entire financial system through its functionalities. The digital currency was the first step of the web3 ecosystem, and developers soon discovered how flexible the technology truly was.
It became painfully clear the technology’s superiority, and soon traditional financial institutions adopted the same technology to improve their efficiency. This led to the development of the decentralized finance system and the fintech industry.
Unfortunately, a vital factor became a threat to its adoption rate. The web3 ecosystem establishes a new approach to technology and cannot coexist with existing Web2 tech. This primary factor is why Africa soon became one of the best ecosystems that support DeFi and fintech.
In fact, according to Disrupt Africa, fintech startups received the majority of the $1.5 billion investment funding in 2022. It represented at least 43.4% (US$1,446,794,000) of the total funding. Key figureheads within Africa’s fintech are Moove, Yellow Card, MNT-Halan, Luno and a significant portion residing in Nigeria.
The sheer potential of the fintech industry has also aided the progress of other sectors. For instance, due to the easy financial service offered by fintech startups, Africa’s E-commerce has significantly expanded.
Also Read: Linking decentralised finance to African trade
Ghana hosts The Africa Money and DeFi Summit
West Africa has the highest adoption rate of DeFi, with representatives like Nigeria, Ghana and Niger having taken a significant chunk of the glory. To ensure the industry’s prosperity, Ghana will host the Africa Money DeFi Summit with support from top franchises such as Amazon Web Services, Pivo, and Fonbnk.
The event will focus on promoting Africa’s tech industry by bridging the gap between innovators and investors. Its main aim is to foster collaboration while discussing the industry’s current state. The Africa Money and DeFi Summit will feature industry experts, investors, regulators like the Bank of Ghana, innovators, and startups.
With the web3 ecosystem steadily gaining a solid foothold in Africa, the event provides ample opportunity for networking and discussing the current crisis of the franchise. Its 2022 edition was a success, selling out its tickets weeks before the summit.
The gathering will explore a diverse range of topics surrounding Africa’s web3 ecosystem. Alongside highlighting Africa’s fintech industry, the event will touch on Regenerative finance(ReFi), cryptocurrency, Insurtech, cybersecurity, and much more. The Africa Money and DeFi Summit will also feature masterclass sessions to provide unrivaled expert insights into the future of Africa’s fintech industry and web3 ecosystems.
With more startups launching their version of Digital money, the summit provides the perfect ecosystem for growth.
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The Africa Money and DeFi Summit 2022 was a success.
We can derive the hype and significance of The Africa Money and DeFi Summit 2023 from the immense success of its 2022 editions. The 2022 Summit brought together over 200 companies from over 20 countries globally. It facilitated the development of numerous partnerships from 44 sectors of the tech world.
Revio, a South African startup, was among the ten ventures chosen to present an issue, and their approach to different matters stunned many investors.
Nicole Dunn, CEO of Revio said, “Pitching at the Africa Money & DeFi summit was a real highlight. The exposure led to over 12 client leads, investor interest, and several strategic partnership conversations. The audience was well-curated and allowed us to test our value proposition in a new market and build a valuable network.”
Furthermore, they set the pace for innovation, causing a massive increase in African-based fintech startups.
According to its official website, the Africa Money and DeFi Summit has encouraged investors and startups within the Web3 ecosystem to apply for the Investment Showcase taking place. With an audience of top African-focused tech investors, participants can gain a network unlike any other. In addition, they can showcase their venture to peers while still receiving a class on how to approach the market today.
