Accra-based Web3 startup Mazzuma has secured an undisclosed amount of financing from Adaverse to implement the roll-out of Africa’s first ever AI-powered smart contract creation platform – MazzumaGPT. Adaverse joins other investors in this funding round to propel Mazzuma’s growth trajectory and expansion into new markets.

Founded in 2015, as a Web2 remittance payment app, Mazzuma has evolved into a pioneering force in the fintech landscape, saying that it has processed over $150 million in transaction volume with 400,000 customers in Africa and emerging markets.

“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,” Kofi Genfi, co-founder of Mazzuma, said in a statement. “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.”

Vincent Li, a founding partner at Adaverse, lauded Mazzuma’s growth in the fintech sector, saying any startup that wants to capitalize on Africa’s Web3 potential must treat innovation as a business enabler. “Successful ventures in technology have demonstrated that innovation is key to thriving in the ever-evolving landscape. With AI revolutionizing ease of payments, 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,” he noted in the statement.

“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,” said Shogo Ishida, Co-CEO of EMURGO Middle East and Africa.

With the demand for Web3 developers snowballing across the globe, recording a 552% increase in 2022 alone, Africa faces an acute shortage of blockchain developers. This is the problem MazzumaGPT targets to solve – helping create a huge number of developers with the use of low-code programming that is faster, more efficient and takes few weeks to train compared to months of training in traditional blockchain programming software.