With crypto and blockchain startups pushing innovation and financial inclusion across the continent, Africa is fast rising as a significant participant in the industry
As more people use cryptocurrencies, African crypto, and blockchain startups are overcoming special difficulties and grabbing chances to develop original ideas.
The 10 best crypto and blockchain startups in Africa are talked about in this piece. These startups are changing industries and helping the economy grow across different African nations with some stretching in impact beyond the shores of Africa.
Overview of Crypto and Blockchain Startups in Africa
Market Overview:
Leading the charge in Africa’s fast-expanding crypto and blockchain markets are nations like Nigeria and South Africa. Rising smartphone use and internet access drove the industry, valued at around $1.1 billion in 2023.
Challenges:
- Regulatory Issues: Lack of clear regulations creates uncertainty, making it difficult for startups to operate legally and attract investment.
- Technological Infrastructure: Inadequate infrastructure hinders the scalability and reliability of blockchain applications across the continent.
- Financial Literacy: Low levels of financial literacy among the general population limit understanding and trust in crypto technologies, slowing adoption rates.
Opportunities:
- Blockchain can enable unbanked people to access financial services, therefore helping to close economic disparities in Africa.
- Businesses and people both gain from cryptocurrencies’ speedier, less expensive substitute for cross-border payments.
The Top 10 Crypto and Blockchain Startups in Africa
Our top 10 picks include;
- H2O Securities (South Africa)
- Jambo (Congo)
- Scorefam (Nigeria)
- Wala (South Africa)
- SureRemit (Nigeria)
- NairaEx (Nigeria)
- Bitland (Ghana)
- BitPesa (Kenya)
- Sun Exchange (South Africa)
- Agrikore (Nigeria)
H2O Securities (South Africa)
H2O Security is a South African-based crypto and blockchain startup that has sought to use crypto and blockchain technology in unique ways. The startup is a division of the Exchange Trust Settlement Services LTD. Their primary mission is to incorporate the availability and affordability of water production and distribution through blockchain technology.
This African crypto and blockchain startup aims to develop a functioning and decentralized water supply system that ensures each citizen can access a proper water outlet. To accomplish this feat, the startup has expanded its very decentralized network, H20 Water Network, and applied a token strategy, H20N Token.
Julius Stey founded this crypto and blockchain startup in South Africa after two facts became. The first is the consistency in Africa’s crypto and blockchain adoption rate, and the second is South Africa’s readiness to adopt and embrace crypto and blockchain in business. Thus when it registered with the ETSS, it provided the same ecosystem to launch a decentralized network.
Julius founded the organization in 2021 and, within the same year, developed its native token on the Binance Smart Chain. Soon it was listed on the Coin Market Cap in May 2022. Its rudimentary application in the water supply industry has attracted numerous investors and clients from all over Africa. Global Emerging Markets (GEM) led a $150 million investment placing the organization as one of the fastest-growing blockchain startups in Africa.
Julius stated that their Initial decentralized listing was the turning point of their African blockchain startups. With an initial listing price of about $0.75, it acquired a trading volume of $100,000. Its rapid adoption growth soon increased the value of its token to $5 within less than an hour of operation.
Despite its initial high rate, the FTX crash affected it, reducing its value to $0.011575. Despite this, the organization believes it can recover fully and gain its initial glory one day.
Jambo (Congo)
The crypto and blockchain firms from Africa have inspired developers to test fresh technology ideas. Among the handful that really dug into the concept are Congo-based crypto and blockchain startup Jambo.
Founded with an eye toward creating Africa’s we3 user acquisition site, this startup By means of a “learn, play and earn” approach that democratizes access to crypto-based money generating possibilities, Jambo aims to grow the Web3 community in Africa.
In 2021 James Zhang launched this African crypto and blockchain company. James claims that if Africa can raise enough knowledge of the idea, it can dominate the crypto and blockchain scene.
Combining the several essential components that would result in the prosperity of crypto and blockchain adoption in Africa, Jambo is a crypto and blockchain business aiming to create a “super app”.
To cut entrance barriers, it mixes education with shared access to blockchain play-to-earning games. It also provides access to a well chosen blockchain network supporting distributed apps. Paradigm, an investing company with San-Fransciso headquarters, noticed its goal and mission.
It drove its series. With a $30 million grant, the company’s road towards greatness is clearly laid. The company has then increased its reachability all over Africa.
The money has helped the company to create their perfect Wen3 Super, which finally supplies all the required Web3 tools like crypto, NFT, and workspace for blockchain initiatives. The company bought $37 million at the end of 2022, ranking second in its listing.
Scorefam (Nigeria)
As Nigeria constantly upholds its title from its rivals, it ranks highest among all the countries in Africa in terms of crypto and blockchain usage.
For some years already, this nation has dominated the crypto and blockchain scene; its NFT artists have claimed among the highest earning rates worldwide.
Therefore, it is not surprising for a blockchain startup to land among the best evaluations. African blockchain startup Scorefam has embraced the passion of the country for sports and modern technologies. Attracting many sports enthusiasts from all over, the company has developed a working crypto and blockchain sports gaming platform.
Founded in 2021 to maximize the expanding crypto and blockchain franchise in Nigeria, Simisoluwa Adeyemo and Babasola Sofowora created SCorefam Scorefam mostly wants to build a community of people knowledgeable in blockchain and crypto technologies and their several uses.
By doing this, the company created a platform allowing users to stake a present football game and get a designated digital payment. To make their platform entertaining, both founders created a Minimum Viable Product on it.
Combining blockchain-based architecture with the gaming sector created an MVP with airdrop-infused system. Luckily, their strategy worked really well. Its users accumulated over 67.192 sakes within 24 hours of use.
This helped their system to separate from the competitors and determine its course. Scorefam has a native currency known as the Scorefam currency, or $STF, much as every other blockchain application.
Not too long later, their use of blockchain and crypto technologies attracted most deserved attention. Investors all around reached both founders to create a partnership that would provide the groundwork for its present situation now.
Notable companies such Chain Link, TDeFi, and Sportmonk also soon backed their initiatives to raise blockchain and crypto acceptance across Africa.
The startup therefore kept growing its user base gradually. The crypto and blockchain startup today has ties to almost 200 football leagues worldwide. Scorefam secured $25 million in Series A investment from GEM digital limited in 2022.
Adeyemo claims this money will significantly increase its technical capacity and open its business to other regions of Africa. Its integrated blockchain and crypto features distinguish it from its rivals by simplicity.
Wala (South Africa)
Based in Capetown, South Africa, Wala is a crypto and blockchain firm with an eye toward the remittance business many local economies depend on in Africa. Founded in 2017, the startup aims to provide financial services to the millions of “unbanked” Africans unable to access established financial institutions.
Wala seeks to enable average Africans to register bank accounts, access credit markets, enhance remittance transactions, and engage in the digital economy.
Operating on their Dala token (DALA), an ERC20-wrapped token that allows flawless (and borderless) payments free from transaction fees, the Wala platform Currently in Uganda, South Africa, and Zimbabwe, Wala intends to grow to surrounding African nations by 2019 and into 2020.
SureRemit (Nigeria)
SureRemit is a Nigeria crypto and blockchain startup that aims to turn the remittances industry on its head. The majority of them are owned by the Nigerian fintech holding company GreenHouse Capital, which is based in Abuja.
SureRemit works by utilizing crypto and blockchain technology to allow Africans anywhere in the world to make non-cash remittances to their friends and families back in Africa.
Users purchase vouchers by using the RMT utility token and can even pay utility bills with it. SureRemit has partnered with over a hundred affiliate merchants where the vouchers can be redeemed for real world goods and services.
Instead of sending back fiat currency, which can be taxed, SureRemit offers a different methodology to transfer value back to families. With increasing fees on standard remittances, more and more of the earnings people wish to send back to their loved ones is being eaten up by unnecessary fees imposed by financial institutions.
NairaEx (Nigeria)
Another prominent crypto and blockchain startup in Africa is the Nigerian-based NairaEx cryptocurrency exchange. Launched in 2015 by a venture capital group operating in Nigeria, NairEx allows users to buy and sell the major cryptocurrencies on its exchange.
With over 100,000 users which have performed over 1 million transactions, NairaEx is one of the most popular crypto and blockchain in all of Africa.
NairEx allows for same day funding and withdrawal, and according to users, has an easier KYC for Africans who may not have identification that is required by many Western crypto exchanges.
Another feature that is hyped by many of its users is the incorporation of the trading fees into the transaction price, so there is no remaining fees that need to be sorted out once the transaction has occurred. Keep the money local, rather than sending it overseas.
Bitland (Ghana)
Using blockchain technology, Ghanaian crypto and blockchain startup Bitland is enabling Africans to establish legal title of their land by offering land register services.
Among the several bad effects of European colonization, land theft has had the most significant one on the continent since it has affected national economies, peace between adjacent countries, and left psychological scars as well.
Bitland has developed a simplified land registration system whereby individuals may permanently register their properties and deeds on the Bitshares blockchain, therefore enabling the whole world to view an unchangeable record.
Although it intends to grow its offerings worldwide over the next five years, right now it concentrates on Ghana.
BitPesa (Kenya)
Cross-border and B2B payments as well as cryptocurrency exchange activities are the main focus of this Kenyan blockchain and cryptocurrency startup.
Since many Africans live and work in one nation and send money to family in a neighboring nation, cross-border payments are essential to the pan-African economy.
BitPesa was established in 2013 to lower the expense of transferring funds between various African currencies and reducing dependency on antiquated financial institutions that have their roots in Europe.
Having already served Tanzania, Senegal, Uganda, the Democratic Republic of the Congo, and Nigeria, BitPesa is about to enter South Africa, the largest economy in Africa.
By giving indigenous Africans a more reasonably priced way to send and receive money, BitPesa aims to help people to take control of their financial future.
Sun Exchange (South Africa)
This African crypto and blockchain startup is generating waves in Africa and all around the world renewable energy sector.
Sun Exchange, a market established in South Africa, allows anyone anywhere to invest in solar energy projects in South Africa using Bitcoin (BTC). Sun Exchange is mostly focused on South African solar projects, but it also reaches other African countries as Kenya.
Unlike other crypto and blockchain companies, this one allows anyone with Bitcoin to lease solar energy systems to government buildings, companies, communities, and universities.
This investment strategy will help investors create rental income even while local communities in areas with a great demand for energy infrastructure pay for clean energy.
Agrikore (Nigeria)
The agriculture sector in Africa is perhaps the top sector of the economy that can be transformed by crypto and blockchain in ways that bring hundreds of billions in revenue and provide societal stabilization simultaneously.
Agrikore is a new crypto and blockchain startup headquartered in Nigeria with many actual use cases for blockchain technology.
First, Agrikore provides a marketplace where sellers and buyers can meet digitally without traveling hundreds or thousands of miles to meet. Agrikore is designed to transparently inject funds into the ecosystem, thereby providing liquidity to a sector that is often struggling.
The marketplace design also allows for on-chain payment, which is secure and instant, instead of relying on week-long payment transfers. For the end food supplier, Agrikore helps identify of all the players in the value chain so that they can adequately label their products and ensure all of it is accounted for.
This centralized database allows for real-time management of the entire value chain of agriculture, enabling efficient participation in the agricultural markets for every shareholder involved.
Conclusion
All things considered, Africa is seeing a boom in the creative crypto and blockchain startups changing several industries and promoting financial development.
From Agrikore in Nigeria to H2O Securities in South Africa, the selected firms exemplify how well blockchain technology can be used for significant solutions in water distribution, sports gaming, and agriculture among others.
