With the crypto market going belly-up, most entrepreneurs are considering blockchain-based tech to fizzle out as well. But, with the advent of Web3 ecosystems, the usage of blockchain in the 21st century is far from over.
Africa has been a hub of tech innovations, especially in the fintech space. But, like most third-world tech industries, these are male-dominated spaces.
However, over the past few years, women entrepreneurs in the region are finally finding the break with the help of Web3-led fintech startups.
Why is this specific change taking place?
It’s a Fresh Start in the Tech Space
A brand-new system is required when any space, be it the tech industry or otherwise, needs to be democratized. This is what Web3 and blockchain is providing. In terms of gender, women can enter the space from the get-go, thereby not having to redefine an existing system and create change from the ground up.
Another factor that seems to be key here is the low entry cost into the sector. The Founders Factory Africa initiative is investing in the Web3 space and many women entrepreneurs can build their fintech startups with this help. Since the technical know-how is available to all, there is a lot more sense of democracy to the entire ecosystem, in terms of both financial support and knowledge sharing.
While a lot of African cryptocurrency startups are sharing the same fate as the American and European ones, there are still many untapped segments within fintech where Web3 can help the movement grow. And fintech is spreading like wildfire across African and ASEAN regions. So, now is the right time for change to kick in.
Web3 technology is finally allowing women in Africa to take risks in the fintech industry, which will largely help women in other industries break the barrier as well – claims some of the leading entrepreneurs in the segment.
Manager Research & Editor, Industry Media Solution Group – CyberMedia Research