Africa is emerging as a pivotal player in the Web3 space, with industry insiders claiming that the continent is not merely catching up but actively setting the pace for global developments. This sentiment was echoed by Gideon Greaves, Head of Investments at Lisk, during a recent discussion at ETHSafari 2025 in Nairobi. Greaves argues that Africa’s unique blend of necessity-driven innovation and rising venture capital interest is crafting one of the most compelling narratives in the cryptocurrency sector today.
One vivid illustration of this innovation can be seen in the day-to-day lives of individuals across various African cities. In Nairobi, small shopkeepers are utilizing smartphones to facilitate crypto payments in bustling marketplaces. Freelancers in Lagos opt for stablecoins, a practical choice over local currencies like the naira, which is often subject to inflation. Meanwhile, farmers in rural Ghana are leveraging blockchain technology to connect directly with buyers, using simple applications that function on basic mobile devices.
Greaves explains that Africa represents a space where Web3 technology has moved beyond speculative ventures into practical, real-world applications. This shift is highlighted by Dominic Schwenter, COO of Lisk, who noted that many parts of the world have become ensnared in the speculative constructs of decentralized finance (DeFi) and non-fungible tokens (NFTs). In contrast, African entrepreneurs are focused on creating solutions for pressing challenges, such as building payment infrastructures and enhancing supply chain transparency.
The continent boasts the highest entrepreneurship rate globally, with one in five adults owning a business. This statistic underscores the urgency behind the drive for local solutions, as many founders in Africa cannot afford to chase trends divorced from real-world impact. Data from Chainalysis reinforces this narrative, revealing that stablecoins accounted for 43% of crypto transaction volume in Sub-Saharan Africa in 2024, showcasing their crucial role in preserving value and securing financial transactions amidst economic volatility.
For many Africans, stablecoins effectively function as digital dollar accounts accessible through mobiledevices. In regions where inflation is rampant and remittances take significant bites out of household incomes, these digital currencies are more than speculative instruments; they are essential lifelines. As Greaves succinctly puts it, “It’s not about speculation—it’s about survival.”
This necessity-driven approach significantly influences the landscape for startups in Africa. Unlike the Silicon Valley model, which often prioritizes token launches over user acquisition, African Web3 enterprises adopt a problem-led strategy. Michael Lawal, a partner at AyaHQ, emphasizes that a strong conviction in addressing real issues is vital for the success of founders in the region. AyaHQ operates as one of Africa’s largest Web3 founder incubation programs, supporting entrepreneurs in developing viable business models.
Successful African Web3 companies prioritize equity funding and real users, using tokens only when they serve a definitive purpose. Ikenna Oriza, CEO of Jamit, exemplifies this ethos. After evaluating multiple blockchain options, Oriza chose Lisk due to its dedicated support and resources tailored specifically for African founders aiming to reach a global market.
The African landscape is seeing an explosion of projects focused on practical solutions that operate effectively even in low-connectivity environments. These innovations include facilitating cross-border trade and providing access to credit for the underbanked, thereby enhancing financial inclusion across the continent.
Greaves has witnessed a dramatic shift in venture capital’s interest in Africa, especially following the 2021 crypto market surge. He believes that investors are now perceiving the continent not merely as a future opportunity but as a present-day investment frontier, especially as mature markets become saturated. “Capital follows function,” Greaves notes, pointing out that investment will gravitate toward ventures that tackle urgent, real-world problems.
Lisk’s mission aligns with this perspective. The company emphasizes comprehensive support for founders, focusing on local needs while helping them harness the advantages of Web3 technology. Their initiative includes over five local incubation programs across various target markets, providing tailored mentorship, capital access, and community support.
Looking ahead, both Greaves and Schwenter express strong optimism for Africa’s role in the Web3 ecosystem. They foresee the continent emulating India’s transformative impact on IT services, creating a significant growth engine that cannot be overlooked. Greaves envisions a future where stablecoins facilitate everyday trade and remittances, where the complexities of crypto fade into seamless user experiences, and where small businesses can thrive through tokenized finance solutions.
The regulatory landscape is expected to mature as well, with improved licensing frameworks and innovation sandboxes fostering sustainable growth within the sector. Greaves anticipates that in three to five years, successful African founders will significantly enhance access to financial services and global economic participation.
As this narrative unfolds, it is clear that Africa’s journey in the Web3 space is characterized by necessity, creativity, and resilience. If Glideson’s predictions hold true, this could well be the defining story of blockchain’s future—one that prioritizes tangible solutions over speculative endeavors. The unfolding drama promises to offer even more compelling insights as the ETHSafari progresses.
