PwC-Emurgo Africa Report

Cardano is one of the largest open-source blockchain platforms that started its development in 2015 and formally launched in 2017, aiming to be a decentralized application development platform with a multi-asset ledger and verifiable smart contracts. It is THE blockchain platform for innovators and visionaries, to create positive changes to the world.

EMURGO, a co-founding entity of Cardano, has focused on providing the tools and resources necessary for developers, startups, and organizations to build unique and impactful Web3 products and services leveraging Cardano.

Being the former CEO of EMURGO Japan, I have personally spent many years driving awareness of blockchain technology to expand the Cardano ecosystem in developed countries. By fostering dialogue with top executives from global companies and government officials on the unique values of blockchain technology, EMURGO has established and nurtured relationships with key stakeholders in various major countries around the world.

While we have pursued the expansion of the ecosystem in developed countries, Africa has always been our primary focus since inception. In Africa, we aim to position Cardano as the standard open-source blockchain platform for adoption by entrepreneurs and organizations to develop decentralized products and services that can provide access to basic economic services for the 1 billion that currently lack this access..

At the beginning of 2021, we established EMURGO Middle East & Africa (Dubai) and its regional entity EMURGO Africa (Kenya), to focus our resources on developing the region’s blockchain market.

Thus far, we have established subsidiaries/joint ventures such as Adaverse (Africa-focused accelerator), and EMURGO Kepple Ventures to increase our visibility and reach, and also work together with other top-tier business stakeholders in the region. Thank you for your interest, and we are pleased to get connected with partners that can share our vision to build the next digital era together.

Yosuke Yoshida
Co-CEO of EMURGO Middle East & Africa
CEO of EMURGO Kepple Ventures

The advent of Web3 technology is not only revolutionizing the digital landscape in Africa but also unlocking the continent's untapped potential as a hub of soft power influence. While the concept of leapfrogging technology is often associated with Africa, the notion of Web3 Soft Power goes beyond mere technological advancements. It encompasses the transformative impact of Africa's Web3 services and innovations, not only on its own underdeveloped infrastructure but also on the global stage.

Venture capitalists have taken notice, with our experience of over 40 investments executed in Africa, reflecting the rapid growth of the tech industry on the continent. The emergence of two Web3 unicorns recently is a testament to Africa’s expanding influence, further fueled by a remarkable increase in venture capital inflows, 1.8% of the global total, from a meager 0.3% in 2021. This staggering growth rate of 429% demonstrates the growing recognition of Africa’s potential as a driving force behind Web3 innovations and the Web3 funding across Africa from 2021 to 2022 recorded 1,668% growth.

Catalytic platforms like NODO Product Community, founded by EMURGO Africa recently, play a pivotal role in fueling this movement, fostering collaborations and connections that further accelerate Africa's ascent as a Web3 powerhouse. As Africa's Web3 Soft Power continues to gain momentum, the continent's influence and transformative potential are poised to reshape the global landscape, creating a more connected and inclusive digital future for all. We believe Africa’s further growth and it is the center of Web3 Soft Power.

Shogo Ishida
Co-CEO of EMURGO Middle East & Africa
Director of Adaverse and Executive Director of NODO

Dear Readers,

Blockchain has just begun scratching the surface of what it can do for the African continent. The IFC estimates that 230 million jobs in Sub-Saharan Africa will require digital skills by 2030. That’s a $130 billion opportunity to train the future workforce in digital skills.

2.7 billion people globally don’t have access to the internet. That’s one-third of the world’s population. The majority of which are in Africa. 40% only of which have access to the internet. In comparison, 64% in Asia and the Pacific, 80% in the Americas, and 89% in Europe.

We launched EMURGO Africa approximately one year ago, out of our deepest conviction in the impact the power of blockchain can have on providing equitable opportunities around the continent. When just under 50% of the population is banked, is connected to the internet, and possesses mobile phones, we cannot disregard the opportunity blockchain creates, in leveraging the sheer human capital throughout the entire African continent. From fintech: liquidity provision, lending, and trade to climate change mitigation through on-chain transparency, logistics, inventory management, and supply chain of goods and services, to creating identities and providing accessible health care services for the unbanked, the use cases are endless.

In bridging the traditional defacto financial, trade, and infrastructure systems with new-age blockchain-driven advances in finance, trade and infrastructure, and data processing, we foresee an economic, social, and environmental revolution.

This is why we have come to Africa.

In the last year, we have invested in over 40 African startups, are building on-chain solutions for leading Fortune 500s, and financial institutions, and are facilitating the cross-border growth of novel change-making concepts that legitimize the informal economy and give its citizens rights in possessing an identity, accessing adequate healthcare and building financial capabilities.

It is not in replacing old systems that we seek to create value, it is rather in bridging traditional systems with novel, more efficient, and more sustainable ones. Thus creating equitable, fair, and progressive societies with access to the basic rights of education, financial literacy, and access to healthcare, safety, housing, and nutrition.

This is just the beginning of the blockchain revolution in Africa. Thank you for taking the time to know more about what blockchain can do for Africa and Africans.

Ahmed M Amer
Chief Executive Officer
EMURGO Africa