Introduction

Web 3 has been a great force in 2023 and has transformed virtually all sectors of human endeavors. Web 3 aims to create a more open, transparent, and inclusive web, where users have more control over their data, identity, and digital assets. Africa is a continent that has a lot of potential for Web 3 adoption, as it faces many challenges and opportunities in the areas of finance, governance, education, health, energy, and more. According to a report by PwC, Africa's blockchain market is expected to grow from $412 million in 2019 to $1.8 billion in 2024, with a compound annual growth rate (CAGR) of 34.6%.

In this article, we will explore the top Web 3 projects and businesses that are making a difference in Africa in 2023, based on their impact, innovation, and scalability. These projects and businesses are using Web 3 technologies to solve real-world problems, create new opportunities, and empower African users and communities.

1. Yellow Card

Yellow Card is a platform that lets users buy and sell cryptocurrencies in Africa, using local currencies and payment methods. Yellow Card supports over 35 African countries, and offers a simple and secure way to access the crypto market. Users can buy and sell Bitcoin, Ethereum, Tether, and more, using bank transfers, mobile money, or cash. Yellow Card also provides educational resources, customer support, and compliance services to its users.

Yellow Card aims to make crypto accessible and affordable to everyone in Africa, and to drive financial inclusion and innovation. Yellow Card has over 1 million users, and has processed over $200 million in transactions.

2. Utu Technologies

Utu Technologies is a company that is building the trust infrastructure of Web 3, using artificial intelligence (AI) and blockchain. Utu Technologies provides trust-based solutions for dApps, platforms, and businesses, such as trust APIs, trust oracles, and trust tokens. Utu Technologies leverages its proprietary trust engine, which uses social and behavioral data to generate personalized and contextual trust recommendations.

Utu Technologies seeks to help users and platforms interact in a more trustworthy way, and to overcome the limitations of existing trust mechanisms, such as ratings, reviews, and scores. Utu Technologies has over 100,000 users, and has partnered with over 50 projects and platforms, such as Matic Network, Ocean Protocol, and Travala.

3. Quidax

Quidax is a platform that makes it easy to buy and sell cryptocurrencies in Africa. Quidax supports over 20 cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and its own native token, QDX. Users can trade crypto with fiat currencies, such as Nigerian Naira, Ghanaian Cedi, and South African Rand, or with other cryptocurrencies. Quidax also offers instant swap, order book, and over-the-counter (OTC) services, as well as USD savings and API products.

Quidax aims to provide a seamless and user-friendly crypto experience to its users, and to enable them to participate in the global digital economy. Quidax has over 400,000 users, and has processed over $3 billion in transactions.

4. EMURGO

EMURGO is a founding entity of the Cardano blockchain, and provides products and services to drive the adoption of Cardano's Web 3 ecosystem. EMURGO develops, supports, and incubates commercial ventures and projects that adopt Cardano's decentralized blockchain system. EMURGO offers solutions in the areas of education, investment, and infrastructure, such as EMURGO Academy, EMURGO Ventures, and EMURGO Trace.

EMURGO strives to be the most trusted and leading blockchain entity driving Cardano adoption, and to create value for Cardano users and stakeholders. EMURGO has offices in Japan, Singapore, Indonesia, India, and the US, and has partnered with over 20 projects and platforms, such as Ergo, COTI, and Travala.

5. Nesstcoin

Nestcoin is a Web 3 application company that builds, operates, and invests in crypto-native products. Nestcoin's products span across various domains, such as DeFi, media, digital art, and gaming. Some of Nestcoin's products include Baki, a robust and scalable forex service, JaraNetwork, a platform that enables users to create and manage their own digital currencies, and Breach, a media publication that covers the latest trends and insights on Web 3 and crypto.

Nestcoin sets its sight on making modern finance borderless, trustless, and delightful, and to empower users with Web 3 products, services, and solutions. Nestcoin has over 50,000 users, and has raised over $6.4 million in pre-seed funding.

6. Fonbnk

Fonbnk is a fintech company that enables a frictionless, financial on-ramp for emerging markets. Fonbnk leverages the existing network of mobile phone accounts, and allows users to convert their airtime into digital money. Users can exchange their prepaid airtime for MIN tokens, which are dollar-pegged cryptocurrencies that can be traded for other cryptocurrencies or fiat currencies. Fonbnk also offers a free-to-play score game, where users can predict the correct scores of football events and earn money based on the accuracy of their predictions.

Fonbnk sets out to provide a simple, safe, and easy way to access the crypto market, and to drive financial inclusion and innovation. Fonbnk has over 10,000 users, and has processed over $1 million in transactions.

7. Canza finance

Canza finance is a neobank that utilizes decentralized finance (DeFi) along with a network of experienced local money market players to distribute financial and transaction-based services to the masses. Canza finance offers a range of products and services, such as savings, loans, investments, payments, and remittances, powered by blockchain technology and smart contracts. Canza finance also provides educational resources, customer support, and compliance services to its users.

Canza finance aspires to create more earning opportunities for users by allowing them to earn on their terms, and to enable them to build abundant lives. Canza finance has over 100,000 users, and has raised over $3.2 million in seed funding.

8. Afropolitan

Afropolitan is a digital nation that connects the best that Africa and the diaspora offer across art, finance, tech, culture, health, sports, energy, and media. Afropolitan is building a network of blockchain, crypto, and DeFi products and services, such as Afropolitan Wallet, Afropolitan Exchange, Afropolitan NFT, Afropolitan DAO, and Afropolitan Media. Afropolitan also hosts events, workshops, and podcasts, to educate and engage its community.

Afropolitan seeks to help users and organizations unlock the value of Web 3 products, services, and solutions, and to empower their lives and change the world for the better. According to its website, Afropolitan has over 50,000 users, and has partnered with over 10 projects and platforms, such as Solana, Beam, and Celestia.

9. Stakefair

Stakefair is a gaming platform where users can predict the outcome of sports matches and other events, stake digital currency on these predictions, and earn money. Stakefair offers three different gaming modes, based on the users' risk level: multiflex gaming, locked gaming, and flexible gaming. Multiflex gaming is a high-risk high-reward model, where users can either win big or lose all. Locked gaming is a no-loss betting model, where users can invest in sports events without losing funds on a lost prediction. Flexible gaming is a balance between risk and reward, where users can win 100% capital plus bonus on a win, and get 20% capital back on a loss.

Stakefair's goal is to provide a secure and transparent gaming experience to its users, and to enable them to participate in the global digital economy. Stakefair has over 10,000 users, and has raised over $500,000 in seed funding.

10. Scorefam

Scorefam aims to make a social gaming platform that connects users with their favorite sports teams, players, and events. Scorefam allows users to create and join fan clubs, chat with other fans, play games, and earn rewards. Scorefam also integrates with Web 3 technologies, such as NFTs, DAOs, and DeFi, to create new ways for fans to interact with sports. Users can collect and trade NFTs of their favorite sports moments, participate in DAOs to govern their fan clubs, and access DeFi products to earn interest on their sports tokens.

Scorefam aims to create a more engaging and rewarding sports experience for users, and to bridge the gap between sports and Web 3.

Conclusion

Web 3 is a revolutionary movement that is transforming the internet and the world. Africa is a continent that is embracing Web 3 technologies and solutions, and creating new opportunities and value for its people and communities. The top Web 3 projects and businesses that are making a difference in Africa in 2023 are Yellow Card, Utu Technologies, Quidax, EMURGO, Nestcoin, Fonbnk, Canza finance, Afropolitan, Stakefair, and scorefam. These projects and businesses are using Web 3 to solve real-world problems, create new opportunities, and empower African users and communities. They are also contributing to the growth and development of the Web 3 ecosystem in Africa and beyond.