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February 29, 2024

EMURGO Africa 2023 Annual Report: EMURGO Africa's 2023 Key Contributions in Carbon Offset Trade, Lending, and Crypto On/Off Ramping

EMURGO Africa 2023 Annual Report: EMURGO Africa's 2023 Key Contributions in Carbon Offset Trade, Lending, and Crypto On/Off Ramping

EMURGO Africa 2023 Annual Report is finally out! 🥂✨

EMURGO Africa’s vision is to strengthen and develop economic resilience in African nations and its citizens and democratize access to basic needs through socially impactful web3 solutions.

This EMURGO Africa 2023 Annual Report sheds light on three key web3 business areas in Africa with significant potential for social impact and contribution: carbon offset trading, lending, and crypto-on/off ramping. We also highlight EMURGO Africa's contributions to each sector in 2023.

Check out the table of contents below 🌍⤵️

🛰️

Ch.1 Executive Summary
Ch.2 EMURGO Africa
2.1 About EMURGO Africa
2.2 Our Newsletter and Reports
2.3 Our Events in Africa
Ch.3 Carbon Offset Trade
3.1 Global Carbon Markets and Africa
3.2 Blockchain-Powered Carbon Offset Trade
3.3 EMURGO Africa Contribution
Ch. 4 Digital and Web3 Lending
4.1 Challenges in Access to Credits in Africa
4.2 Digital and Web3 Lending in Africa
4.3 EMURGO Africa Contribution
Ch.5 Crypto Trading and On/Off Ramping
5.1 Crypto Demand in Africa
5.2 Crypto On/Off Ramping Solutions in Africa
5.3 EMURGO Africa Contribution
Appendix. EMURGO Africa Portfolio

You can download the full report from here 👇🏾😌🪻

EA 2023 Annual - EMURGO Africa’s 2023 Key Contributions in Carbon Offset Trade, Lending, and Crypto On-Off-Ramping

🪻Summary🪻

Chapter 2 shares our vision, mission, and recent activities. We publish a weekly newsletter, THE Web 3.0 Connect, focusing on web3 investments and businesses in Africa. State of Web 3.0 in Africa report, a collaborative piece of EMURGO Africa and PwC, showcases the exponential growth and expansion of Web 3.0 technology businesses in Africa. We also publish quarterly and annual reports related to contributions to African societies and blockchain technology. The end of 2023, we held two events in Abuja, Nigeria, and Cape Town, South Africa. You can feel the vibes of the events and consider this an invitation to join us for future events and initiatives.

Chapter 3 explores carbon offset trade, emphasizing the critical challenges faced by the voluntary carbon market (VCM) in demonstrating and verifying the impact of carbon offsetting measures. Blockchain emerges as a solution to address credibility issues, fragmentation, and low liquidity in carbon markets. We introduce several existing blockchain-powered carbon trade platforms. In August 2023, EMURGO Africa invested $250,000 in Changeblock, an environmental credit exchange company, aligning with our commitment to advancing climate change-fighting technologies.

Chapter 4 focuses on lending in sub-Saharan African (SSA) countries, where less than 45% have access to any financial account. Over 80% of formal SMEs face unmet financing needs due to lack of collateral and poor credit history. Blockchain-based lending lowers interest rates, introduces new collateralization methods, and attracts more SME borrowers. Web3 lending typically offers 2-6% interest per year, compared to 2-6% monthly for digital lending. DeFi requires only a wallet, while digital finance demands a personal ID and credit history. In February 2024, EMURGO Africa strategically invested in Fig Finance to bring innovative financial solutions to underserved SMEs.

Chapter 5 explores the demand for cryptocurrencies and crypto on/off ramping solutions in Africa. Cryptocurrencies offer an attractive solution for preserving value in the face of currency decline, inflation, and rising debt in many African countries. For SMEs and immigrants, Africa's crypto trading platforms provide the more cost-effective means of sending money across borders than traditional bank transfer or money transfer agents. While the cost of sending $200 from Africa averages 8%, Africa's crypto trading platforms charge nearly 0 to at most 2 percent. The adoption of crypto assets is expected to persist as SMEs' cross-border payments and immigrants' remittances grow, driven by lower fees and faster transactions. We introduce the notable platforms providing on/off crypto ramping in Africa. In 2023, EMURGO Africa’s Accelerator, Adaverse, invested in initiatives like Fonbnk and Kotani Pay to revolutionize cross-border payments and foster financial independence without traditional institutions.

To read the full report, you can download the report from here 👇😌🪻 We hope you enjoy the report‼️ Thank you🙏🏾✨🦩🦩🦩

EA 2023 Annual - EMURGO Africa’s 2023 Key Contributions in Carbon Offset Trade, Lending, and Crypto On-Off-Ramping

Follow EMURGO Africa for more information

EMURGO Africa invests and supports local Web3 projects in the region to adopt Cardano’s decentralized blockchain technology to build socially impactful solutions.

As a regional entity of EMURGO, the official commercial arm of Cardano, EMURGO Africa also runs a local Cardano accelerator in Africa, Adaverse, which accepts applications year-round.

For more up-to-date information on EMURGO Africa, follow the official channels listed below.

About EMURGO Africa

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