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From YouTube: Web3 Adoption in Africa | Devcon Bogotá
Description
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https://archive.devcon.org/archive/watch/6/web3-adoption-in-africa/
Join to immerse yourself in the current realities and trajectories of Africa and Web3. Let’s talk about Africa from the perspective of Africans, the opportunities Africans see for our continent, and what the state of adoption is. Discussion themes include education and talent, DeFi, regulation landscape, culture and art, and the funding landscape for Web3 startups.
Speaker(s): Tony Olendo, Yoseph Ayele
Track: Opportunity & Global Impact
Keywords: Africa,adoption,impact
Follow us: https://twitter.com/efdevcon, https://twitter.com/ethereum
Learn more about devcon: https://www.devcon.org/
Learn more about ethereum: https://ethereum.org/
Devcon is the Ethereum conference for developers, researchers, thinkers, and makers.
Devcon 6 was held in Bogotá, Colombia on Oct 11 - 14, 2022.
Devcon is organized and presented by the Ethereum Foundation, with the support of our sponsors. To find out more, please visit https://ethereum.foundation/
A
A
How
are
you
yeah?
We
have
kind
of
a
small
crowd
because
it's
early
this
morning,
but
I
want
to
welcome
you
to
the
last
day
of
Devcon.
Thank
you
all
for
being
here
we're
starting
off
with
a
panel
on
web3
adoption
Africa,
and
we
have
a
great
crew
here
today.
The
panel
is
being
moderated
by
Yosef
and
he
is
being
joined
by
themes,
Tony,
Benson
and
Anda.
Please
welcome
them.
B
Good
morning,
everyone
thanks
for
making
it
out,
so
welcome
to
this
panel
conversation
about
web
free
adoption
on
the
African
continent.
How
many
of
you
have
been
to
anywhere
in
Africa
here
before
awesome?
How
many
of
you
are
working
with
anyone
from
the
continent?
Fantastic?
How
many
of
you
are
just
curious
to
know
about
the
continent
awesome,
so
we'll
try
to
do
justice
today,
to
give
you
a
little
bit
of
a
snippet
of
the
exciting
things,
the
challenges,
the
perspectives
from
the
ground,
and
one
of
the
reasons
why
we
actually
wanted
to
do.
B
B
So
I
think
it'll
be
really
amazing
for
us
to
really
understand
this
beautiful
amazing
continent
that
has
so
much
potential
that
we
don't
even
understand
what
that
potential
is
to
give
you
an
example
and
I,
don't
know
how
many
of
you
might
be
aware,
but
Africa
right
now
is
1.4
billion
people
and
we
have
the
fastest
growing
population.
The
youngest
population,
the
median
age,
is
18.8
years,
so
very,
very,
very
young
and
and
we're
expected
to
get
between
2.4
to
2.8
million
billion
people
by
2050..
B
Just
to
give
you
like
put
that
in
context
we're
going
to
have
twice
as
many
young
people
as
all
the
young
people
in
China
in
the
next
18
years,
50
more
than
all
the
young
people
in
India
and
our
young
people
are
going
to
be
almost
three
times
as
many
young
people
in
the
US
and
Europe
combined.
So
if
you're
kind
of
thinking
about
youth
age,
Workforce
Talent
base
a
lot
is
developing
in
the
continent
of
Africa
and
the
economy
is
growing
really
fast
as
well.
B
We
talk
about
Finance,
about
500,
plus
million
Africans,
have
access
to
banking
infrastructure,
similar
number
of
people
who
have
access
to
Internet,
mostly
through
mobile
phones.
Internet
money
is
huge
on
the
continent.
The
economic
growth
is
expected
to
reach.
You
know
about
6.7
trillion,
dollars
of
consumer
and
retails
and
business
spending
by
2030..
So
there's
a
lot
of
capital.
It's
not
just
you
know.
Sometimes
we
look
at
Africa
as
the
probably
like
population
to
help
and
support
was
actually
real,
talent-based
real
economic
activity.
Real
access
is
not
enough.
B
B
C
Hi
everyone,
my
name,
is
Tony
Orlando,
been
a
software
engineer
for
about
10
years.
I,
currently
work
at
polygon
as
the
senior
education
Solutions
architect
with
responsibility
for
zero
knowledge
technology.
I
am
a
early
member
of
developer.
Dao
I
worked
at
coordinape
and
I'm
really
excited
about
education
opportunities
in
Africa
and
that's
why
I
I'm
involved
with
web3,
Africa
and
afrofuture,
which
which
has
like
the
premier
nft
artists
across
Africa,
and
we
have
like
fellowships
and
drops
that
we
do
where
we
work
with
a
lot
of
African
artists.
D
Great
hi
everyone,
I'm
andan
Gaba
I,
serve
as
chief
of
operations
at
the
University
of
Cape
Town
Financial
Innovation
up
in
South
Africa
there.
We
essentially
translate
academic
research
into
novel
blockchain
applications,
so
we'll
work
with
Masters,
PhD
and
postdoc
students
to
convert
their
thesis,
ideas
and
topics
into
an
Azure
blockchain
application,
ranging
from
everything
from
offline
payments
to
nfts,
for
Content
collaborations
to
privacy.
Preserving
tool
wallets
great
thanks,
I.
F
My
name
is
Benson
joguna
I
come
from
Kenya
I
I
work
with
the
ethereum
foundation
as
a
fellow
to
promote
the
next
billion
use
cases
from
Africa
I'm,
also
founder
of
safari
Dao
East,
Kenya,
community
and
contributor
in
Africa,
defy
Alliance
and
also
working
with
smallholder
Farmers
to
de-risk
them
from
effects
of
climate
change.
Glad
to
be
here,
I'm
expecting
good
conversations.
Thank
you.
Awesome.
B
And
my
name
is
Joseph:
Ayala
I
am
from
Ethiopia
grew
up
in
Tanzania
and
Kenya,
and
a
huge
part
of
my
passion
right
now
is
increasing
the
level
of
Education
around
Webster
across
the
continent.
Seeing
a
lot
more
protocols
and
projects
that
are
building
the
future
economic
infrastructures
and
the
continent
coming
out
and
also
helping
develop
a
new
narrative
for
the
continent,
which
is
so
far,
we've
been
talking
about
Africa
needing
crypto
to
develop
and
back
the
unbanked
and
all
of
that,
but
actually
the
deeper
I
go.
B
Many
African
Builders
couldn't
be
here,
which
is
kind
of
a
case
in
point
that
a
huge
part
of
the
world
is
closed
off
for
Africans
at
the
moment.
And
so
we
need
to
have
Defcon
and
many
events
happening
on
the
continent,
so
that
many
of
you
can
come
and
experience
the
full
potential
and
opportunity
on
the
continent.
C
B
Awesome
so
we
have
a
number
of
themes
to
unpack
here
today
and
I
guess
the
biggest
one
that
many
of
us
are
really
excited
about
is
around
the
talent
base
and
what
that
really
looks
like
in
the
context
of
web3
and
I
love
to
just
ask
fiends
just
to
share
with
us
a
little
bit
of
what
are
the
aspects
of
African
talent.
That
is
really
not
understood
and
what
are
the
biggest
opportunities
that
you
see
when
it
comes
to
web
3
and
African
Talent
yeah.
E
I
think
many
things
that
are
misunderstood
around
the
talent
in
Africa
is
that
we
have
close
to
one
of
the
largest
numbers
of
entrepreneurs
in
the
region.
You
know
there
is
this:
continual
Narrative
of
you
know
helping
the
unbanked,
but
there's
an
opportunity
also
to
engage
those
in
mid
or
senior
level
positions
to
transition.
Their
skill
sets
into
the
ecosystem,
so
I
think
that
there's
a
huge
potential,
particularly
since
majority
of
the
population,
is
under
the
age
of
35..
F
Yeah,
maybe
to
contribute
in
what
I've
seen
web
2
developers,
we
very
talented.
We
have
most
high
number
of
developers
working
for
international
organizations
remotely
others
have
moved
out,
so
we
we
see
a
lot
of
interests
for
web
2
developers
to
move
to
Earth
three.
So
in
fact,
one
of
the
barriers
that
we
we
were
solving
is
the
education
bit
because
most
of
the
web
tool
asking.
Why
should
I
move
from
web
2
to
web3?
Then
you
realize
it's
a
capacity
building
issue
because
of
the
benefits
web
3
offers.
F
D
I
guess
from
my
side
as
well,
we
partner
with
polygon
and
impact
plus
to
do
a
web
2
to
web
3
bootcamp
for
developers
about
two
weeks
ago,
and
we
intend
on
doing
their
monthly
now,
focusing
primarily
on
people
at
the
University
doing
computer
science
we're
now
trying
to
transfer
over
and
we're
seeing
so
much
interest
like
our
list
was
over
subscriber
people
who
wanted
to
attend,
and
that
just
shows
you.
You
know
how
interested
people
are.
D
C
C
You
eventually
came
and
set
up
shop,
Microsoft
came
at
and
set
up
shop,
Facebook
came
through
Mandela
and
we
saw
like
as
a
surge
in
terms
of
just
like
income
and
and
then
just
impact
and
just
quality,
even
of
like
engineering
and
I
think
web2
understands
the
potential
of
Africa
and
I.
Think
I'm
I'm
not
seeing
protocols
fully
understanding
the
full
potential
of
Africa
inside
of
web
3..
C
A
lot
of
what
I'm
seeing
currently
are
like
extractive
initiatives,
where
it's
basically
Shilling
so
I
am
export
to
call
I'm
actually
going
to
come
and
set
up,
and
the
whole
goal
is
for
me
to
actually
get
you
to
use
my
platform
I.
Don't
really
care
about
you
as
a
as
a
developer
and
I
think
one
of
the
the
biggest
challenges
with
that
is
that
is
the
inside
of
web
2.
Incentives
are
really
clear.
I
am
here
to
do
a
job
you
are
here
to
pay
me
in
real
three
I
think
it
should
be.
C
It
should
be
slightly
different
and
so
how
we,
how
we
motivate
and
how
we
educate
existing
engineering
talent
in
Africa,
really
really
matters
at
the
level
of
just
base.
Interest
I.
Think
the
the
announcement
of
the
polygon
Africa
boot
camp,
the
blog
post
was
a
was,
was
the
best
performing
blog
post
in
the
history
of
the
polygon
blog.
C
C
B
One
of
the
things
that
is
a
little
different
from
many
other
markets
that
is
is
hardly
understood,
is
actually
most
devs.
If
you
just
even
look
at
developers,
most
devs
are
self-taught
or
learning
how
to
do
development
on
the
job.
So
recently,
Google
and
IFC
did
a
study
and
they
found
actually
it's
only
a
third
of
developers
that
learned
the
skills
through
formal
education.
The
rest
are
basically
self-taught
and
actually,
when
I'm
on
the
ground
and
chatting
with
a
bunch
of
people
at
you,
know,
community
events
and
so
on.
Most
people
I'm
coming
across.
B
They
taught
themselves
solidity
on
YouTube
without
anyone
hand
holding
them,
and
so,
when
you
think
about
education
yeah,
you
can
have
programs
and
structures,
and
all
of
that,
but
also
understand
that
it's
a
very
determined
hungry
self-driven
community
that
you're
working
with
and
I
think
that
really
sets
African
Talent
very
different
from
Global
Talent,
because
it's
there's
less
entitlement,
less
of
a
position
of
hey
I
have
15
things.
I
can
work
on
I
might
show
up,
I
might
not
show
up
it's.
B
The
word
really
means
a
lot
to
people
and
they're
building
and
investing
their
time
and
energy
to
actually
build
a
career
and
get
involved
in
this
space
and
actually
talking
about
web
2
and
web
3.
When
I
talk
to
people
who
are
transitioning
from
web
2
to
web
3.
This
narrative
and
this
idea
that
there's
no
one
basically
creating
a
ceiling
for
you,
you're
not
moving
you're,
not
moving
Upward
at
a
rate
that
your
manager
sets
for.
B
F
I've
also
seen
apart
from
web
to
or
the
developer
Talent,
we
have
other
talents
like
Community
Builders
people
who
are
really
good
in
mobilization,
really
good
in
online
social
Media
communication
doing
a
good
job,
because
at
the
end
of
the
day
developers
get
to
learn
of
things
going
on
through
such
people
and
yeah.
It's
still
a
space
that
we
feel
needs
more
and
more
people.
We
see
change,
evm1
chains,
hiring
relationship
managers,
Community
Builders
ambassadors,
which
is
a
really
good
thing,
since
it
helps
push
even
the
the
benefits
of
web3
into
the
market
outside.
E
Of
a
focus
of
development,
like
my
background,
is
in
public
policy
and
information
Sciences,
so
there's
a
lot
of
opportunity
for
people
to
actually
participate
in
this
ecosystem.
I
think
what
also
sets
Africa
apart
is
that
we're
solving
problems
for
today
and
not
10
years
from
now,
and
so
I
think
that
we
have
the
opportunity
to
support
this
entrepreneurial
spirit
that
already
exists
there
to
actually
not
only
help
the
continent
but
to
help
help
globally
as
well,
because
many
people
don't
have
the
luxury
to
like.
E
D
I
completely
agree
a
lot
of
the
work
we
do
at
the
University
there'll
be
lines
of
people
trying
to
get
into
our
Hub.
You
know
like
when
people
found
out
there
was
a
blockchain
based
Hub
at
the
University
of
Cape
Town.
They
thought
it
was
a
lie,
so
people
would
always
come
knock
on
our
door.
Is
this
really?
You
know
for
Wave,
3,
stuff
and
you're
like
yes,
it
is,
and
we've
really
sended
ourselves
around
solving
African
problems.
D
B
I,
have
one
hypothesis
and
it'd
be
great
to
hear
if
it's
true
or
not,
and
what
you
all
think
about
it.
So
one
pattern
that
I'm
observing
is
a
number
especially
younger
Talent
gets
into
web
three.
Initially,
it's
all
about.
How
can
I
increase
my
earning
capacity?
How
can
I
earn
Global
income
and
stay
at
home,
and
then
once
people
get
to
a
certain
level
of
comfort
and
say
hey
I'm
out
of
survival
mindset?
Let
me
actually
think
about
what
I
can
build.
F
Yes,
that's
that's
for
sure.
I
can
give
you
a
story
of
myself
when
I
finished
campus,
where
in
fact
education
in
campus
I
did
computer
science,
but
it
was
only
20
percent
programming.
You
do
the
rest
on
your
own
self-train,
all
developers,
not
one,
has
learned
everything
from
school.
You
do
it
by
self
training.
Now,
after
I
finished,
I
started
a
startup.
In
fact,
I
was
selected
among
the
20
budding
entrepreneurs,
but
then
you
have
to
pay
bills.
F
You
have
to
move
or
move
from
the
seat
and
move
from
the
village
to
the
city.
You
have
to
pay
rent,
you
have
to
eat
so
without,
for
example,
funding
and
you're
starting
such
a
startup.
You,
your
your
mindset,
is
hey.
Let
me
stop
trying
to
build
this.
Let
me
start
surviving.
Let
me
start
paying
for
my
rent.
Let
me
look
for
food
and
then
I'll
come
back
later,
so
actually
I
stopped
building
the
startup
and
moved
on
to
former
employ
moment
for
a
while
to
save
up,
but
actually
it's
a
real,
a
real
thing.
F
D
I
think
the
other
on
the
funding
point
is
definitely
a
shortage,
but
we're
now
seeing
interests
like
CV
cvvc
from
zuk
and
Switzerland.
Just
open
offices
in
Cape
Town
they're,
raising
a
20
million
dollar
fund
trying
to
invest
in
I,
think
over
100
startups,
all
based
on
blockchain
and
a
lot
of
other
VCS
now
based
on
the
continent,
are
now
looking
to
web3,
so
I'm
hoping
the
funding
app
can
be
filled
but
I
think
it's
not
just
VCS
I
need
to
come
to
the
table.
D
C
Basically,
they
want
to
see
a
model,
a
European
model
that
applies
to
something
that
they've
seen
before
before
they
want
to
invest
in
Africa,
and
it's
usually
a
really
frustrating
conversation
for
me
because
I'm
like
if
you're
looking
for,
if
you're
looking
for
something
that
is
European,
then
please
go
and
build
there.
You
know,
but
specifically
for
me
and
I'm
sorry,
I
I,
I
just
won't
have
a
filter
because
I'm
so
tired
of
the
rule
of
all
these
conversations
and
people
have
the
passionate
and
they
see
yeah
and
every
time
they
say
yeah.
C
We
have
a
passion
for
Africa.
We
care
about
diversity
and
inclusion,
but
nobody
wants
to
put
their
money
where
their
mouth
is,
but
but,
but
specifically
to
your
to
your
particular
question
that
that
is.
That
is
my
own
experience,
but
also
that
is
the
experience
of
very
many
people
in
terms
of
there's
a
because
of
the
because
of
the
social
economic
like
status
of
Africa.
You
have
you
most
of
our
developers.
C
I
remember,
I
was
in
a
I,
was
in
a
boot
camp
and
a
bunch
of
the
people
I
was
in.
This
was
like
a
global
boot
camp
and
a
bunch
of
the
people
I
was
in
I
was
with
were
from
different
parts
of
the
world,
and
they
said
that
they
actually
quit
their
jobs
to
be
a
part
of
the
boot
camp
and
I
at
the
time.
Just
could
not
afford
to
actually
do
that
because
of
the
socio-economic
status,
but
but
over
time
we
have
to
start
to
invest
more
and
more
and
I.
B
What
this
space
is
about
to
a
broader
audience
which
is
really
about,
is
really
important.
It's
really
valuable
and
there's
bankless
Africa.
Also
like
a
a
growing
Community,
that's
built
on
top
of
the
bankless
Dao
I,
don't
know:
do
you
guys
follow
like
the
bankless
dial
newsletter,
pretty
much
every
newsletter
that
I'm
receiving
somewhere
on
top
is
an
update
from
bankless
Africa.
So
that's
a
group.
That's
got
like
their
stuff
together,
yeah.
E
Yeah
I
think
the
thing
is:
is
that
like
I,
don't
want
to
like
there's
a
continued
narrative
that
all
Africans
are
poor
and
rely
on
a
scarcity
mindset
and
I?
Think
that
that's
what
it's
really
important
to
really
engage
those
in
the
middle
and
senior
level
positions,
because,
although
they
are
in
a
mid
or
senior
level
positions
when
they
apply
for
jobs
in
the
United
States
or
counts
in
the
United
States,
they
say
that
they
don't
have
like
American
experience
and
so
for
me.
E
C
Yeah
and
just
my
own
personal
hypothesis
is,
dolls,
are
just
digital
tribes,
and
so
basically,
the
Dow
model
inside
of
Africa
would
have
particular
success
and
different
kind
of
like
application.
We
just
just
simply
because
of
the
whole
notion
of
community
and
people
working
together
towards
they
are
towards
a
common
good
and
people.
Having
that
kind
of
philosophy,
I,
think,
is
something
that
could
be
explored
really
powerfully.
D
I
know
in
South
Africa
we
have
the
saying
I
am
because
we
are
and
I
feel,
like
Tao's
really
embody
that
it
goes
beyond
you
as
an
individual
and
I.
Think
yeah,
the
uptake
in
Dows
in
Africa
I
think
will
be
high
based
on
our
just
our
culture,
you
know
and
how
we
look
at
working
together.
Individuality
is
not
really
a
thing
there.
You
know
it's
all
about
teams
and
communities
and.
B
Yeah
and
tribes,
one
one
really
cool
project
that
I've
been
building
a
good
relationship
with
so
far
that
many
of
us
know
is
called
Web
tree
Bridge.
It's
based
in
Nigeria
and
they've,
been
around
since
2019
and
I
find
them
like
to
do
such
a
cool
mix
between
Community
Building
Hanson
skills,
education,
as
well
as
providing
the
values
based
foundation
so
that
people
are
getting
to
this
space
really
know.
First,
why
does
web
free
even
matter?
What
are
the
values
of
the
centralization?
B
What
your
name
is
where
you
live,
where
you're
from
how
old
you
are,
if
you
know
how
to
execute,
if
you
know
how
to
build,
you've
got
a
track
record
and
people
will
work
with
you
and
I
think
that's
such
a
game
changer
for
a
huge
part
of
the
continent
where
you
know
people
try
to
apply
for
jobs
and
all
of
that
and
like
it's
hard,
it's
hard
and
there's
a
bias
against.
You
know
you're
from
Africa
people,
don't
know
what
to
trust.
B
C
B
As
you
know,
layer
ones
and
Protocols
are
coming
during
education
as
marketing
you're,
breeding,
mercenaries
and
people
will
leave
you
right
away.
People
are
smart.
So
if
you're
align
your
success
with
the
success
of
people,
you
will
be
the
really
solid
infrastructure
and
and
solid
users.
Solid
team
members.
Well.
E
I
think
the
important
thing
about
web3,
though
too,
is
that
it
has
an
opportunity
for
personal
branding,
right
and
so
independent
of
what
location
you
live
in.
If
you
do
really
good
work
and
you
promote
yourself
and
you
Pro
like
produce
something
that
has
a
product
Market
fit
and
generates
Revenue,
then
you
have
that
opportunity,
and
so
just
to
add
with
Dows
though
so
Dows
are
not
necessarily
places
for
people
to
Just
Vibe
or
develop
a
community.
E
B
Yeah
I
like
to
just
shift
the
gear
conscious
of
time
towards
financial
services
and
access
to
finance,
because
that's
a
huge
part
of
this
conversation
and
a
low
hanging
fruit
as
well
maybe
come
to
your
Benson
just
to.
Let
us
give
us
a
little
bit
of
a
perspective
from
the
lens
you
look
at
in
terms
of
how
web3,
crypto
and
financial
services
are
sort
of
working
together.
F
Thank
you
in
terms
of
financial
services
when
it
comes
to
to
peer
to
peer
transactions.
Africa
is
leading
that
shows
a
huge
need.
We
we
feel
the
the
problems
of
outright
leading
in
financial
services
is
some
of
the
countries.
The
regulations
are
not
outright
saying.
We
support
this
you're,
just
saying
use
it
at
your
own.
Payroll
use
it
at
your
own
risk.
Others
are
saying
we
completely
burn
it.
Others
are
quiet
so,
but
in
the
in
the
ground,
people
actually
trading
peer-to-peer
exchange
and
the
statistics
show
Africa
is
leading
globally.
F
Now,
on
the
other
end
in
web
2
in
terms
of
mobile
money,
we
see
also
the
highest
number
of
transactions
coming
from
from
Africa,
where
the
penetration
of
mobile,
particularly
I
talk
about.
Kenya
is
very
high,
which
is
over
98
percent,
and
that
means
people
are
actually
using
digital
money,
it's
digital
because
they
moved
to
a
shop,
give
out
fiat
currency
and
receive
it
as
a
text
message
on
their
phone
and
able
to
exchange
for
goods
and
services.
So
what
this
shows
is
the
digital
education.
F
B
Just
one
example
on
that
so
every
time
I'm
traveling
in
Kenya,
Ethiopia
and
Nigeria
I'm,
not
using
my
card
I'm,
not
using
Fiat
I'm,
only
using
peer-to-peer
moving
U.S
a
stable
coin
to
local
currency,
either
through
online
banking
or
through
m-pesa,
and
basically
pray
for
every
single
bill,
even
small
little
shop
to
get
a
candidate
to
the
boat
right
in
the
middle
of
a
village
or
whatever,
using
that.
So
some
of
the
infrastructure
actually
is
way
more
sophisticated
than
what
you
have
in
the
West
in
terms
of
payment
systems
and
all
of
that
yeah.
F
B
F
F
We
are
glad
the
new
president
of
Kenya
is
saying:
we
need
to
remove
people
from
The
Blacklist,
because
most
people
who've
done
mobile
money
borrowing
and
they
were
not
able
to
pay
in
some
Blacklist
and
they
cannot
borrow
again
so
we
we
feel
we
need
to
to
open
access
to
credit
and
in
a
way
build
build
economic
identities
through
their
transactions,
which
now
we
can
help
them
access,
cheaper
loans.
Here.
E
Well,
I
just
wanted
to
add
in
the
areas
of
remittance
as
well
is
what
the
the
benefits
so
remittance
of
not
everybody
knows
is
when
you
send
money
from
to
back
to
your
home
country,
and
so
those
also
have
like
a
middle
cost
as
well,
and
then
the
like
efficiency
of
sending
cryptocurrency
and
the
immediateness
of
it
as
well
as
a
benefit,
and
that's
like
a
billion
dollar
industry
right
there.
So
I
think
that
we
have
an
opportunity
really
because
they're
already
using
peer-to-peer
to
kind
of
merge
that
and
also
get
paid
in
crypto.
B
88
of
all
crypto
transactions
are
cross-border
transactions,
so
the
remittance
part
is
actually
really
huge
and,
and
a
huge
part
of
it
has
been
driven
by
shortage
of
foreign.
Currency
is
really
really
hard
to
access
dollars
and
a
big
part
of
it
is
we're
just
not
exporting
enough
as
we're
importing
and
some
countries
keep
part
of
their
foreign
currency
Reserve
in
the
French
treasury.
So
just
to
give
you
some
education
here,
there's
this
thing
called
the
CFA,
which
stands
for
French
colonies
of
Africa.
14
countries
are
on
a
Saturday
1945..
B
What
that
basically
means
is
they
have
a
second
currency
called
CFA
in
relation
to
their
local
currency
and
in
return
they
have
to
deposit
50
percent
of
their
foreign
currency
Reserve
in
the
French
Treasury,
and
the
French
government
also
determines
sort
of
how
much
you
can
borrow
land
and
all
of
that
as
a
nation
and
basically
you're
earning
income,
but
half
of
it.
You
don't
get
to
bring
it
to
your
country,
and
that,
basically,
is
in
some
parts
like
it's.
B
Some
people
say
it's
helping
create
lower
inflation
compared
to
other
countries,
but
you
don't
have
autonomy
over
your
money
and
it
creates
such
a
huge
need,
and
so
you
go
to
Ethiopia.
For
example,
there's
a
hundred
percent
premium
for
accessing
dollars
and
stable
coins.
So
you
basically
paying
twice
as
much
for
one
dollar
as
the
bank
rate
is
you
go
to
Nigeria?
B
Last
week
it
was
70
premium
compared
to
the
bank
rate,
because
there's
such
high
demand
for
foreign
currency
and
people
are
basically
overriding
that
and
using
peer-to-peer
stable
coin
to
basically
buy
things
from
overseas.
In
order
to
sell
like
how
can
you
do
any
type
of
Commerce
if
our
global
economy
is
highly
interconnected,
so
the
the
remittance
part
is
actually
to
me
is
like
more
than
a
trillion
billion
dollar
industry
across
the
continent,
and
we
still
haven't
fully
cracked.
It
I.
D
D
So
many
countries
like
South
Africa's,
Financial
Services
System,
is
completely
different
from
Kenya's
yeah
and
the
solutions
we
might
need
are
very
different,
like
maybe
we
share
similarities
with
sort
of
alternative
sources
of
credit,
but
in
terms
of
peer-to-peer
challenges
or
something
it's
it's.
You
know
it's
fundamentally
different,
so
I
think
when
you
guys
and
anyone
speaks
about
it.
B
don't
speak
about
it
as
one
monolith.
You
know
idea,
there's
so
many
different
countries
and
cultures
and
situations
that
can
be
built.
A
C
There's
virtually
no
way
for
me
to
send
money
from
my
Trinidadian
Bank
to
her
Kenyan,
but
none
so
I
have
to
go
through
PayPal
and
not
my
PayPal,
but
my
my
my
close
friend
who
lives
in
the
U.S
I
kind
of
have
to
use
his
account
and
then
he
then
settles
directly
to
m-pesa
and
I.
Think
it
cost
me
about
40
percent,
like
in
transaction
fees.
C
I
got
her
on
to
crypto,
and
life
is
a
lot
easier
now,
so
I
just
want
to
I
just
want
to
shout
out
like
some
of
those
practical
examples
and
I
know.
This
is
an
eth
conference,
but
bitnob
is
using
the
Bitcoin
lightning
Network
right
now
and
they
launched,
and
you
could
actually
trade
and
send
like
do
400
remittances
directly
to
m-pesa
using
the
Bitcoin,
lightning
Network
and
those
are
some
of
the
like
interesting
applications
that
we
need.
C
But
I
did
want
to
also
talk
about
this,
not
just
in
the
context
of
foreign,
remittances
and
Africans
need
money
and
send
us
a
dollar
a
day,
but
specific
Innovation
on
I
just
hope.
I
was
hoping.
Ben
could
give
us
like
a
tldr
of
what
he
does
and
the
specific
Innovation
that
he's
doing
set
at
the
defy
space
and
specifically
with
insurance.
So
Ben.
Could
you
just
give
us
like
a
overview
of
what
you
do,
because
I
think
it's
one
of
the
most
Innovative
Concepts
I've
heard
thank.
F
How
can
we
ensure
they're
able
to
generate
this
consistently
and
it
can
help
them
grow
and
eventually,
without
any
help
from
outside,
they
can
build
themselves
so
because
we
realized
one
event
like
one:
drought
wipes
out
their
savings
wipes
out
their
money
to
use
for
next
season
money
to
pay
for
school
fees.
So
we
went
so
we
started
with
the
farmers
and
we
we
actually
realized.
The
lack
of
participation
in
insurance
is
the
lack
of
trust,
so
they
they
would
receive
Insurance
somebody
saw
the
problem.
F
Traditional
insurance
companies
came
in
brought
in
agents
who
sold,
but
then
they
disappeared.
You
don't
see
them
after
six
months
again,
when
the
next
season
comes
when
it's
when
they
come,
then
when
it
comes
to
payouts,
we
don't
know
how
much
when,
how
it's
all
a
black
box,
we
it's
very
opaque.
So
with
that
problem,
we
now
put
this
on
blockchain,
where
now
we're
able
to
put
up
the
triggers,
so
we
are
paying
it's
parametric
insurance.
F
So
if
there
is
rainfall
below
a
certain
parameter,
then
we
trigger
a
payout
and
that
list
is
generated
and
connected
to
mobile
money
which
Now
using
a
smart
contract.
It's
able
to
constantly
check
the
existing
weather
conditions
we
and
then,
after
a
period
of
time,
it
can
say
now
pay
out
this
amount
of
money
to
this
person.
The
second
thing
using
ussd,
that's
where
you
dance
the
800
hash
Etc.
The
farmers
can
now
check
the
status
of
their
policy
by
dialing.
They
will
be
told
okay,
you
have
triggered
25
percent.
F
B
Yeah
I
really
like
the
experimentation
around
the
insurance
space
because
we'll,
as
you
said,
we
talk
a
lot
about
finance
and
it's
all
about
sort
of
sending
receiving
money
and
also
just
local
payment
systems.
But
if
you
think
about
all
the
different
sophisticated
economic
and
financial
infrastructures
that
you
need
basically
we're,
we
have
some
things,
but
we've
got
a
lot
to
build
and
I
think
what
web3
rails.
Allow
us
to
do
is
build
them
with
the
right
fundamentals
and
in
a
way
that
actually
works
for
the
local,
economic
and
social,
political,
Dynamics
and
I.
B
Think
that's
something
that
sometimes
people
from
outside
coming
in
saying
hey.
This
makes
a
lot
of
sense.
Let's
just
build
it
for
you!
Actually,
it's
not
that
simple,
because
you're
entering
a
whole
economic
environment,
where
Dynamics
are
very,
very
different
from
what
you're
used
to
and
I
think
what
your
your
example
really
shows:
sort
of
how
you
can
build
a
bottom-up
space
solution
to
addressing
such
a
huge
Market.
B
Let's
talk
regulation
and
policy,
but
before
we
jump
into
like
the
specifics,
I
guess,
one
thing
I
like
to
mention
is
a
lot
of
the
conversations
about
crypto
policy
that
have
happened
so
far
with
policy
makers
is
hey.
How
can
we
legalize
this
token?
How
can
we
buy
this
crypto?
How
can
we
make
it
easier
to
sell
and
I
think
some
conversations
that
really
missing
is
really
zooming
out
and
helping
educate,
African
policy
makers
and
leaders
like?
Why
should
we
move
to
a
digital
economy?
B
Let's
have
that
broader
conversation
to
really
help
understand
why
we're
in
it
and
then
the
token
is
really
the
last
part
of
the
discussion
and
like
walk
through
the
the
whole
journey
of
why
this
makes
sense
for
you
why
you
all
have
actually
more
sovereignty,
more
income,
more
stability
and
like
make
building
that
narrative,
so
I
just
want
to
kind
of
point
out.
That's
the
narrative.
That's
really
missing,
but
I
think
it
is
important
for
us
to
also
talk
about
the
regulatory
conversation
specifically
to
access
to
financial
services.
C
Yeah
so
so
I
hail
from
Kenya
and
we
have
one
of
the
most
vocal
Central
Bank
well,
one
of
the
most
vocal
Governors
who
speaks
very
negatively
about
crypto.
So
he
is
very
team
ngmi
and
we've
seen
how
that
has
stifled,
stifled,
Innovation
inside
of
the
crypto
space,
because
we
had
startups
that
would
have
would
have
would
have
been
much
further
along.
This
is
five
years
ago
and
I
won't
go
into
the
specifics
of
all
the
drama
that
that
occurred.
C
But
essentially,
when
we,
the
the
level
of
the
intervention
that
is
actually
required,
is
a
lot
more
education
around
well,
the
education
director
towards
policy
makers
and
regulators
and
specifically
showing
their
models
of
how
regulation
could
actually
work
inside
of
this
particular
space.
That
makes
things
that
that
basically
allows
Innovation
and
and
and
developing
to
actually
occur
inside
of
the
ecosystem
and
I.
C
D
I
know
what
we've
done:
We've
working
with
us:
African
Reserve
Banks,
our
Central
Bank
and
they've
funded
two
masters
students
and
a
PhD
student
to
do
thesis
research
around
Financial
stability
and
cryptocurrencies
and
they're
now
coming
to
the
table.
If
you've
listened
to
the
South
African
kavana
before
they
were
very
anti-cryptocurrency,
but
in
the
last
two
months
they
are
now
forcing
all
the
local
banks
to
reopen
their
accounts
of
the
cryptocurrency
exchanges,
and
this
is
months
of
us-
is
going
back
and
forth,
both
in
speaking
to
them.
D
Imagine
getting
most
of
the
students
to
write
a
thesis
topic
over
two
years
and
they're
starting
to
listen.
We
think
you
know,
because
he
writed
that
stifle
Innovation
a
lot
and
African
government,
so
I
hate
to
to
generalize.
They
want
control
over
everything
and
unfortunately,
in
this
game,
that's
not
how
it
works.
So
I
I
hope
to
still
hear
a
different
yeah.
B
What
actually
talk
to
people
who
are
working
directly
with
central
banks
across
African
countries?
The
sentiment
that
I'm
hearing
is
actually
they're
not
categorically
opposed
to
this
space.
So
it's
not
sort
of
a
fundamental
like
no,
no,
no,
the
challenge
that
I
don't
know
about
Kenyans,
but
maybe
I'm
talking
from
the
Nigerian
lens
here
now.
The
the
Nars
that
I'm
hearing
is
actually
that
they
are
trying
to
get
to
act
more
financial
sovereignty
like
themselves,
because
there's
a
lot
of
foreign
interference,
there's
a
whole
lot
of
dependence.
B
B
Think
they're
interested
in
central
cbdc's
I
think
they're,
like
what
I'm
hearing
is
they're
building
like
an
internal
Network
across
many
central
banks
across
the
whole
continent,
to
even
be
able
to
do
settlement
amongst
one
another
without
having
to
go
through
Swift
or
without
having
to
go
through
these
major
Global
players
and
having
to
use
US
dollars
or
Euro,
and
all
of
that.
So
that's
those
are
the
problems
that
they're
trying
to
Grapple
with
and
so
I
think
working
with
them
on
a
step-by-step
basis.
F
Yeah,
let
me
load
some
government
institutions,
because
we
have
others
who
are
really
helpful
in,
for
example,
the
capital
markets,
where
they're
creating
a
Sandbox,
they
say
come
and
experiment
with
anything
that
is
looks
like
a
security
which
includes
crypto.
So
this
is
giving
people
opportunity
to
to
apply
then,
for
example,
the
regulator
in
Insurance
also
has
a
Sandbox
come
and
experiment
some
of
the
solutions.
F
So
such
such,
if
you
see
more
governments
going
that
direction
to
be
really
helpful,
because
even
m-pesa,
which
is
now
really
huge
in
the
continent,
began
with
regulation
issues
the
central
bank,
we
do
not
know
where
to
place
it
is
it
under
the
the
bank
side.
Is
it
under
the
saving
side,
so
it
didn't
yeah,
but
because
it
was
just
an
innovation
they
had
to
adopt
so
I
feel
it's
the
same
thing
with
crypto
as
I
read
the
commentary
on
line
it's
a
host
that
has
been
let
out
of
the
race.
F
Now
it's
already
out,
it's
running,
you
can't
block
it.
So
you
yeah,
like
you,
see
one
thing
that
the
government's
also
noticing
is
the
capital
or
the
money
coming
in,
for
example,
in
terms
of
money
that
came
in
in
Africa
between
mid
2020
and
2021
was
1.105.
something
billion
dollars.
So
when
they
see
such
things
they
say,
oh,
it
can
actually
benefit.
You
can
actually
bring
in
development
in
the
country,
so
I
think
more
and
more
The
Regulators
are
changing
their
stance.
E
So,
just
to
add
to
that
politicians
are
motivated
by
their
constituents
right
and
so
why
I
got
into
doubt
governance,
because
I
was
a
political
scientist
as
well.
Is
that
our
systems
weren't
designed
for
us
so
I,
think
Community
design
is
really
important
when
you're
doing
these,
but
also
you
can
engage
people
through
experiential
learning
by
participating
in
governance,
so
they
actually
show
up
for
those
meetings
and
say
hey.
B
F
B
E
I
forgot
is
one
thing
is
because
we
can
collectively
you
know,
design
these
systems
or
talk
about
it
in
like
in
a
more
like
greater
light,
but
it
is,
it
has
like
52
countries,
it's
a
continent
right,
it's
very
deep.
It
has
histories
as
well,
and
so
I
think
that
really
aligns
us
is
that
we
have
a
huge
unemployment
rate.
D
I
think
you're
on
the
pan-african
question.
It's
it's
too
early
to
tell
as
well.
Hopefully
you
know
this
growing
youth
population.
We
might
see
something.
We've
tried
to
bring
different,
African
central
banks
together
to
discuss
crypto.
We
had
a
conference
in
Cape
Town
in
April.
It
wasn't
that
greatly
attended
we're
trying
to
do
them
sort
of
year
on
year
and
we'll
keep
you
updated
there.
My
Twitter
Anda
a-n-d-a
NGC
ABA,
underscore
thanks.
A
B
I
have
a
slightly
different
view
like
a
lot
of
the
young
younger
people
like
20
and
under
that
I
engage
with
I,
don't
I,
don't
sense
this
world
view
of
hey
I.
Am
this
identity
your
that
identity,
therefore,
like
we're
in
different
terms,
I
think
the
the
shared
native
that
I
hear
is
we
want
to
thrive
in
this
world?
B
We
want
a
piece
of
this
world
as
much
as
everyone
else
has
right
and
the
aspect
of
just
like
you
know
this
shared
experience
of
you
know
Africa
in
the
current
geopolitical
and
economic
Paradigm
kind
of
being
positioned
right
at
the
bottom.
This
is
like
that
shared
experience.
That's
there
so
I
think
there's
a
there's.
A
commonness
of
people
wanting
to
live
a
better
life
and
have
much
of
this
world
that
we
enjoy
here
in
Western
and
in
other
parts
of
the
world
is,
is
something
that
you
know.