We recently sat down for a conversation with Yande Nomvete, Operations Manager Africa at Binance. She views cryptocurrency as a groundbreaking technology, capable of transcending borders with its transactional prowess.
Yande’s personal journey includes her residing in an Italian village for eight years to navigating the growth of cryptocurrency platforms like Luno and Chipper Cash. It reflects an unconventional path that led her to Binance, the forefront of blockchain and cryptocurrency infrastructure.
For our interview, we dived deep into Africa for Africa, women in crypto, and more.
Interview
Tech Labari: What unique opportunities does Africa present for the adoption and utilization of cryptocurrencies and blockchain technology?
Yande Nomvete: There are multiple benefits, but these that stand out for Africa are:
Financial Inclusion: Many people in Africa do not have access to traditional banking services. Cryptocurrencies can provide an alternative financial system that operates on the Internet, allowing individuals with Internet access to participate in the global economy without the need for a traditional bank account. This can help promote financial inclusion and give people more control over their finances. According to the World Bank, around 66% of sub-Saharan Africans lack access to traditional banking services. Cryptocurrencies offer a means of financial inclusion for these individuals.
For example, Peer-to-peer (P2P) Platforms like Binance P2P enable individuals to buy and sell cryptocurrencies directly with each other. In countries with limited banking infrastructure, this provides a way for people to access financial services and participate in the global economy.
Security and Fraud Prevention: Blockchain technology, which underpins most cryptocurrencies, offers robust security features. Utilizing cryptocurrencies for transactions can help prevent fraud and provide a more secure environment for financial transactions.
“We believe that the regulatory landscape plays a pivotal role in shaping the future of the cryptocurrency industry in African countries. Clear and supportive regulatory frameworks can foster innovation, attract investment, and provide a secure environment for users.”
Unlike many other exchanges, we do not allow users to trade on our platform without passing Know Your Customer (KYC) checks that include country of residence and personal identification information.
Financial Education: Closing the knowledge gap is essential when it comes to crypto. Users have the right to accurate information on crypto assets without fear of falling victim to unfair or deceptive advertising.
Example: Binance offers free educational resources to users through Binance Academy, which is accessible on our website.
Binance has several features to help users trade responsibly and make informed trading decisions. These include price protection features and several procedures to remind traders of impulsive trading behaviour like a “cooling-off period” function on its Futures platform. This temporarily disables derivative trading activities to help users abstain from compulsive trading behaviour.
Entrepreneurship and Economic Empowerment: Cryptocurrencies open up opportunities for individuals, especially for women entrepreneurs to access funding and engage in global trade. Through blockchain-based crowdfunding platforms and tokenization, women can raise capital for their projects or businesses. This can reduce the gender funding gap and create more equitable opportunities for women in the entrepreneurial space.
What are some of the key challenges hindering the widespread adoption of cryptocurrencies across the continent, and how are they being addressed?
In Africa, policymakers have faced challenges integrating cryptocurrencies into their monetary systems due to a lack of regulatory frameworks or limited authorization for crypto trading. Binance understands the importance of collaborating with African regulators as they work to establish comprehensive regulatory frameworks for digital assets. We firmly believe in our responsibility to work with regulators to create a well-regulated cryptocurrency market that offers enhanced user protection, stability, and innovation.
“I’d advise women considering joining the industry to join in wherever they can without feeling intimidated, crypto is a frontier technology with no legacy playbooks, we’re building and learning as we go.”
Binance is committed to working alongside regulators and policymakers to develop policies prioritizing consumer protection, innovation, and industry advancement. Our platform maintains robust compliance protocols, surpassing many traditional financial institutions in transparency thanks to blockchain technology’s public record, which enhances fund tracking and tracing.
Education is crucial for driving cryptocurrency adoption and enhancing security. Binance’s initiatives focus on making cryptocurrencies accessible through educational programs and partnerships. We launched Binance Masterclass programs in 2020, educating Africans on cryptocurrency fundamentals, scam identification, and security measures. Our commitment to education contributes to growing crypto adoption in Africa.
Binance Academy, another part of our educational efforts, provides open-access blockchain and crypto learning resources in over 20 languages. Users can access articles, videos, and online courses covering various topics. Binance Academy aims to expand access to free blockchain education globally, promoting financial inclusion and empowerment.
Binance is dedicated to collaborating with African regulators, providing educational resources, and fostering crypto adoption and blockchain development. We believe in the potential of blockchain and cryptocurrencies to offer financial freedom and inclusion to millions in Africa and beyond.
How do you see regulatory frameworks shaping the future of the cryptocurrency industry in African countries?
We believe that the regulatory landscape plays a pivotal role in shaping the future of the cryptocurrency industry in African countries. Clear and supportive regulatory frameworks can foster innovation, attract investment, and provide a secure environment for users.
We recognize the importance of working collaboratively with regulatory authorities to ensure compliance with local laws while promoting the benefits of blockchain and cryptocurrencies. Binance is committed to contributing to the development of responsible and inclusive regulations that can unlock the full potential of the digital asset space in African nations, ultimately benefiting users, businesses, and the broader financial ecosystem.
What efforts are being made to educate and raise awareness about cryptocurrencies
The efforts are financial inclusion and financial education, closing the knowledge gap is essential when it comes to crypto. Users have the right to accurate information on crypto assets without fear of falling victim to unfair or deceptive advertising.
Education is crucial for driving cryptocurrency adoption and enhancing security. Binance’s initiatives focus on making cryptocurrencies accessible through educational programs and partnerships. We launched Binance Masterclass programs in 2020, educating Africans on cryptocurrency fundamentals, scam identification, and security measures. Our commitment to education contributes to growing crypto adoption in Africa.
Binance Academy, another part of our educational efforts, provides open-access blockchain and crypto learning resources in over 20 languages. Users can access articles, videos, and online courses covering various topics. Binance Academy aims to expand access to free blockchain education globally, promoting financial inclusion and empowerment.
We also hosted a Shades of Yellow event on 7th March to commemorate International Women’s Month and Binance’s continued commitment to equality and diversity.
The MC at the event was Farai Ntuli, a well-known speaker and youth employment expert, bringing her unique brand of charm and insight to the proceedings. The goal of the event was to acknowledge and honour women in technology and to further unpack the essential change that has to take place to ensure it becomes a more inclusive industry.
A seasoned speaker Hwalani Mabasois hosted a fireside chat with Koshiek Karan, a leader in the fintech and fitness space and an advocate for women’s inclusion and growth within the crypt space. His conversation focused on how women are shaping the future of modern finance.
Yaliwe Soko, the Chairwoman of the United Africa Blockchain Association also added to the conversation, unpacking insights on gender inequality, and how to bridge this gap.
The technology industry can be perceived as intimidating for women, especially with its track record as an exclusive and male-dominated industry. However, women are invaluable contributors to technology innovation, especially within the realm of Web3, and we are committed to bringing positive change to the culture of cryptocurrency so we can all benefit from this innovative potential.
This event is designed to mirror our renewed focus on driving this inclusivity and diversity, not just within the company, but across the industry.
The crypto space sometimes seems to be very male-dominated. Are there any initiatives or programs that exist to support and empower women in cryptocurrency and blockchain fields?
Binance is dedicated to providing accessible and secure cryptocurrency services, empowering Africans with the tools and knowledge needed to harness the transformative power of digital assets for financial prosperity and inclusion. Binance has also partnered with Women in Tech to offer women in vulnerable communities education on blockchain and Web3.
In 2023 alone, over 1,500 students registered in Burundi, Brazil, South Africa, Kenya, Uganda, and Zambia with the goal to fund the education of 2,800 students. We aim to continue to deepen these types of partnerships to further empower women to enter the crypto and blockchain space.
For those seeking in-depth knowledge about cryptocurrency, investment strategies, and how to participate in trading, Binance invites you to explore the resources available at the Binance Academy at academy.binance.com.
What advice would you give to women who are interested in starting their journey in the world of cryptocurrency and might want to follow in your footsteps?
I’d advise women considering joining the industry to join in wherever they can without feeling intimidated, crypto is a frontier technology with no legacy playbooks, we’re building and learning as we go. The doors are still wide open for voices and views that disrupt the status quo. It would be so transformative if more of those voices were women.
In the next five years, where do you think blockchain and cryptocurrency will be in Africa? Will it be regulated? Or more open?
Indeed, we share the belief that cryptocurrencies hold immense potential to shape the future of mobile money in Africa, with a strong emphasis on women’s empowerment. This optimism stems from the profound benefits they bring, including enhanced financial inclusion for the unbanked, reduced remittance costs, heightened security, financial stability, and individual empowerment.
Cryptocurrencies offer a means to bridge the gap in regions lacking robust banking infrastructure, fostering economic growth, and innovation, and importantly, empowering women in their financial journeys. Binance is dedicated to providing accessible and secure cryptocurrency services, recognizing the pivotal role women play in driving positive change. We aim to empower African women with the tools and knowledge needed to harness the transformative power of digital assets for financial prosperity and inclusion.
As we look ahead to the next five years, we remain optimistic about the regulatory developments that will create a conducive environment for blockchain and cryptocurrency growth in Africa. Binance is committed to collaborating with local stakeholders, governments, and businesses to contribute to the positive evolution of the financial landscape on the continent, with a particular focus on advancing women’s economic empowerment.
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