While digital trends, payments and currencies are taking over at a fast rate globally, breaking down barriers and improving access to goods and services without the need for cash, we are seeing a great number of people excluded from our existing financial systems.

According to GSMA, the rapid growth of digital payments in Africa has left 65% of adults across sub-Saharan Africa unbanked. However, as the crypto industry simultaneously sees market growth across Africa, there is an opportunity to merge it into our financial systems to further increase financial inclusion. 

Jambo, a Congo-based startup is helping the unbanked individuals in Africa through its Web3 application. The startup recently raised $7.5 million in seed funding from an array of prominent backers in the crypto industry, including Delphi Ventures, Coinbase Ventures, and Three Arrows Capital. It also raised a $30 million series A funding round led by crypto-focused venture firm Paradigm.

The startup’s super app is a one-stop mobile application for multiple services such as ride-hailing, banking, communication, and food delivery. Examples include China’s WeChat, India’s Paytm, and Southeast Asia’s Grab which was valued at $40 billion ahead of its U.S. share-listing last year.

Through the app, Jambo wants to introduce young Africans to Web 3 financial ecosystems through play-to-earn gaming and decentralized finance (DeFi) services including currency exchanges and remittances.

“We are looking at bringing the best Web3 services to Africa. Africa is like 1% super-rich and 99% different. There is not as much of a middle class as there would be in any other emerging market in the world, 80% of the population is unbanked. Jambo is improving this by supporting the unbanked.” said James Zhang, Co-founder, and CEO of Jambo.

Africa has been a fast adopter of crypto.  The continent’s crypto market grew by over $100 billion between July 2020 and June 2021, according to the World Economic Forum, which translates into value growth of about 1,200%. Although that may be the case, James emphasizes that educating the African audience is very important so that  Jambo is able to introduce them to the financial opportunities within Web3.
“Think of us as a new bank where you can earn capital. However, most importantly we are here to educate the market on the opportunities in Web3.” he adds.

James Zhang grew up in the Democratic Republic of the Congo and lived through two civil wars. His appreciation for cryptocurrency is based on his experience of that kind of instability.