PRESS RELEASE — June 15, 2023
Adaverse, a Cardano ecosystem accelerator in Africa and Asia, has announced a strategic investment in Mazzuma, a Ghanaian company innovating at the intersection of AI and blockchain to empower Web3 developers and revolutionize remittances in emerging markets. Adaverse joins other prominent investors in this funding round to aid Mazzuma’s growth trajectory and expansion into new markets.
The rise of Web3 payment solutions and the expanding use of mobile money is driving a remarkable upswing in Africa's fintech sector. With over 600 million registered accounts on the continent, mobile money has emerged as a formidable force in the financial landscape, paving the way for more digital products. In 2022, global mobile money transactions totalled a staggering $1.26 trillion, with Africa accounting for approximately 66% of this value, highlighting the region's significant presence in the industry and its potential for further growth. At the forefront of this fintech revolution is Mazzuma, a software innovation company that stands at the intersection of artificial intelligence (AI) and blockchain technology to provide tools and payment APIs for developers locally and globally, which will help cater to the growing need of Web3 developers in Africa.
"Successful ventures in technology have demonstrated that innovation is key to thriving in the ever-evolving landscape. With AI revolutionizing ease, Mazzuma is poised to make a significant change by leveraging AI, blockchain, and connecting Cardano's smart contract tools to empower young African developers and nurture their growth”, says Vincent Li, Founding partner at Adaverse.
Africa is poised to meet global demand for Web3 innovation, leveraging its abundant resources and a new wave of talented individuals. The need for inclusive and effective cross-border transactions is also driving a transformative shift in the continent’s financial landscape. Africa’s potential is undeniable, with an estimated $95.6 billion in annual remittances projected to grow by 7% from 2022. It is imperative to address the limitations of traditional remittance services, which have high costs, limited accessibility, and slow processing times, hampering economic growth.
The rise of Web3 payment platforms has brought forth innovative solutions to address the increasing demand for remittances globally, particularly among the African diaspora. Consequently, the demand for Web3 developers has skyrocketed, witnessing a remarkable 552% increase globally in 2022 alone. Africa faces a shortage of developers to keep pace with this exponential demand, as the industry is still in its early stages and lacks sufficient resources and regulatory support across many African nations. Furthermore, African Web2 developers encounter significant challenges when transitioning to Web3 environments, grappling with intricate technicalities, steep learning curves, and the complexities of Web3 programming languages. These barriers hinder the continent from fully harnessing the potential of decentralized platforms, which Mazzuma is aiming to bridge.
“Our entire ethos is to build tools that bridge the gap between the web2 and web3 ecosystems while leading the curve with the next technology frontier—artificial intelligence”, says Kofi Genfi, Co-Founder of Mazzuma.
Realizing the profound impact of skilled web developers as the dynamic fuel to ignite the economic reach and global potential of Africa, Mazzuma has unlocked the power of innovation and technological advancement to boost this sector using artificial intelligence (AI), blockchain tools, and payment APIs.
Originally established in 2015 as a remittance payment app, Mazzuma has evolved into a pioneering force in the fintech landscape, having processed over $150 million in transactional volume with 400,000 customers and beneficiaries, mainly in Africa and emerging markets. Mazzuma stands out among many other emerging remittance platforms as a developer-friendly infrastructure that seamlessly integrates into businesses, offering the ability to embed Mazzuma payments into websites and mobile applications through robust and flexible APIs. Building on its success and expertise in remittance services, Mazzuma is launching its flagship AI-powered tool, MazzumaGPT.
MazzumaGPT is an AI-powered smart contract generator that empowers developers to effortlessly scaffold and construct decentralized applications. This cutting-edge solution streamlines the migration of web2 projects to web3 environments and facilitates rapid smart contract development for existing developers. This groundbreaking multi-chain solution will integrate Cardano to enhance the development of Cardano-based projects and facilitate swifter technical development for Cardano developers.
Additionally, Mazzuma offers an On-Demand Liquidity (ODL) solution, providing remittance partners with access to settlement liquidity at zero interest and commission. This optimizes capital efficiency and fosters business growth.
Mazzuma Founding Story
Founders Kofi Genfi and Nii Osae Osae Dade, childhood friends with a shared vision, launched Mazzuma in Ghana. Their mission: to create world-class fintech software applications for global accessibility. Starting with mobile operating software, they soon recognized the need for exceptional fintech solutions from emerging markets to reach a global audience. Merging AI and blockchain technologies, Mazzuma's services revolutionized accessibility to emerging technologies. Genfi and Dade's outstanding contributions earned them nominations for Forbes 30 Under 30 in Technology. As Director of Business Strategy and Director of Software Engineering, respectively, they drive Mazzuma's mission of financial inclusion and innovative solutions. With an additional operational office in Delaware, USA, Mazzuma plans to expand into new markets, focusing on emerging economies.
How Mazzuma Empowers Cardano Web Developers
Cardano, renowned for its efficient Proof-of-Stake blockchain, offers low transaction fees and absolute transaction finality, making it ideal for blockchain-based payment platforms in emerging markets. Its commitment to Africa and developing the African ecosystem aligns perfectly with our vision. However, we recognized the steep learning curve required to develop applications on Cardano, which inspired us to integrate Plutus, the Cardano native smart contract language, into MazzumaGPT. This groundbreaking integration allows developers to effortlessly generate Plutus code using natural language prompts, improving access for underserved and young developers and driving web3 adoption on Cardano. Through partnerships with developer-focused tools and dApps within the Cardano ecosystem, facilitated by Adaverse and EMURGO Africa, we aim to enhance the developer experience and propel the entire community forward.
"We are proud to launch our new product, MazzumaGPT, and through our partnership with Adaverse, we have gained valuable access to the abundant resources within the Cardano ecosystem," says Kofi Genfi, Co-Founder of Mazzuma. "Their extensive network of partners has provided us with a powerful platform to showcase our products and services to a global audience. Furthermore, their technical expertise and resources have greatly streamlined our engineering processes, enabling us to deliver innovative solutions with efficiency and precision."
Shogo Ishida, Co-CEO of EMURGO Middle East and Africa also commented, "The blockchain use cases in Africa are poised for global impact, and I'm excited to witness Mazzuma's transformative role in expediting Web3 development globally. We're empowering young African developers to craft globally resonating solutions and driving their success in the dynamic blockchain landscape."
Adaverse is a Cardano-focused accelerator set up jointly by EMURGO Africa, a subsidiary of EMURGO, the official commercial arm of the Cardano protocol, and Everest Ventures Group, a leading blockchain and digital asset venture studio, looking to identify and scale promising Web3 projects in Africa and Asia, to advance the emerging digital economy.
Since its establishment in 2021, Adaverse has successfully established a strong market presence in Africa and Asia, bridging the two regions and contributing to the broader global Web3 ecosystem. With a primary focus on promoting Cardano integration, Adaverse offers comprehensive support in funding, strategy, and technical infrastructure to blockchain entrepreneurs at various stages of development.
To learn more about Mazzuma, visit the website.
Startups that are African-focused building Web3 solutions can apply for funding here.
Adaverse Official Links
Facebook: Adaverse Accelerator
Startup School: Adaverse Startup School
BuildUp Africa Podcast: BuildUp Africa