Cryptocurrency in Africa has taken a stand. It’s now a favourable means of running our day-to-day lives. There was a massive 1200% growth rate of crypto usage in Africa from 2020 to 2021. This rose steadily up to 3500% in 2022. Crypto acceptance in Africa doesn’t come as a surprise. The fourth revolution is taking heights in Africa, evident in the crypto platforms’ efforts on the continent. For example, Binance. Africa has a very high number of unbanked individuals, with an estimated only 10%-15% banked. This has given crypto the ability to come in and fill this gap. Other factors influencing the quick spread of crypto in Africa include:
- Lack of access/enough financial institutions
- A high population of youths is crypto savvy
- Instability of fiat currencies
- Africans use cryptocurrency savings
- Remittance payments.
Gender disparity in crypto
The growth of crypto is inevitable, but one aspect stands out, the gender disparity in the ecosystem. The number of women in the ecosystem is low compared to the number of males. According to stats, it’s estimated that 16% of men are in crypto compared to 7% of women. Africa has a history of gender inequality, and this had me wondering, do women fear leading or has it become a custom for them that men should lead first?
African women making it big in crypto
Despite the “we follow second” spirit, the ecosystem has notable names. These are ladies who are taking the cryptocurrency ecosystem by storm. They are powerful, dedicated, and well-versed in crypto.
Ojuedeire Doris
Doris from Nigeria is the founder of Blockchain Ladies Africa (BAL). A 3 000-member all-female group that focuses on uniting African women and leading blockchain education. Doris is passionate about women in Africa and believes blockchain represents freedom for African women. With an initiative like hers, women have a place to be a part of this financial revolution firsthand.
Alakanani Itireleng
She is from Botswana. After the loss of her son in 2010, to help pay hospital bills, she came across bitcoin as a way of accepting international payments. This kick-started her journey in cryptocurrency. She is one of the first proponents of bitcoin in Africa.
Yaliwe Soko
She is from Zambia and has established her presence in the cryptocurrency ecosystem by becoming the Chairwoman of the United Africa Blockchain Association (UABA). Yaliwe is also the founder of Essence Crypto Consultants and United Africa Women in Blockchain. She has been passionate about crypto since 2016, pushing for its adoption, acceptance, and women’s involvement in the sector.
Roselyn Gicira Mwangi
She is from Nairobi, Kenya. She is the Chairperson of the Blockchain Association of Kenya. Added to this, she also heads the Kenyan Women in Blockchain Chapter. Her love for disruptive technology is seen through her support of crypto start-ups across east Africa. To sum up, women of Africa are taking bold steps, and with the likes of Yaliwe and the rest, the female sector is in safe hands. It is only a matter of time before the 16% gap shakes. We are in 2022, women or men, and the opportunities are the same; gender inequalities are a thing of the past now. Women need to venture into this financial revolution and be a part of the future.
