CoinShots Logo
Vitalik Buterin Is Backing Zambia’s Bid To Be Africa’s Tech Hub
A group of young entrepreneurs are looking to reinvent the country as an African technology hub - with support from Ethereum co-creator Vitalik Buterin.
Harshvardhan
12:47 28th Mar, 2022
Adoption

Zambia may be better known for mining copper than crypto, but a group of young entrepreneurs are looking to reinvent the country as an African technology hub - with support from Ethereum co-creator Vitalik Buterin.

Startup founders from the southern African country and abroad are talking to the government about creating the regulatory and business environment that would attract more tech firms and capital. The group is in the process of organizing a conference in Lusaka, the capital, in May to draft detailed policy proposals that they believe will see Zambia succeed where previous African tech hubs have stuttered.

“Ultimately it comes down to being welcoming,” said Mwiya Musokotwane, an early champion of the project and the son of Finance Minister Situmbeko Musokotwane. “If the policy doesn’t really live up to people’s expectations, noone’s going to be there.”

Buterin, who helped create the world’s second largest cryptocurrency in 2013, expressed his support in a virtual meeting with Zambian President Hakainde Hichilema earlier this year. That followed a 2019 visit to the country as a guest of Mwiya, who wanted him to view a new charter city outside Lusaka that is also positioning itself to attract businesses.

“I was impressed by everyone I met’s willingness to go and do big things,” the crypto pioneer said in an interview.

The talks are a further sign of Africa’s recent and burgeoning role as a hotbed for startups, particularly in the fintech and e-commerce sectors. Businesses providing financial services to the continent’s millions of unbanked yet online people are attracting the attention of foreign investors particularly from the US, and African firms raised a record $5 billion in 2021.

Companies including Nigerian payments firm Flutterwave Inc., whose latest $250 million fund-raising round valued it at more than $3 billion, are also interested in growing a presence in Zambia, Mwiya Musokotwane said.

Source



CoinShots Logo

Social

Get in touch:

© 2022 Coinshots (AtlasZero LLC). All rights reserved.