Momint's sunset stings. There's no sugarcoating it. A trend setting, game changing, trail blazing, first South African NFT marketplace to make all transactions in local currency, vanished. You might recall that the Nelson Mandela arrest warrant NFT we wrote about sold for more than $130,000. That was them. $2.1 million in seed funding? They secured it. Over 53,000 users and 400,000 transactions? Momint built that. Let's be clear: their closure isn't a full stop, it's a comma. An urgent comma calling for us to notice and continue the work they started.

Unlock Financial Inclusion's Untapped Potential

Momint’s story is more than one about NFTs—it’s about access. For example, consider SunCash and their collaboration with Sun Exchange. In their place, they powered schools and communities across the globe with solar energy through fractionalized solar cells. Investors got a nice 12% return — paid out in USDC! That’s DeFi bridging the energy gap and delivering financial opportunity, at once. It was a look into the future at what Web3 can really do to address actual issues in an impactful way.

Momint's struggles mirror the challenges faced by smallholder farmers across Africa. They struggle from a lack of access to capital, have no protections from volatile markets, and are frequently taken advantage of by predatory middlemen. Web3, with its potential for decentralized finance and auditable supply chains, might be their rosary. Picture crops made into tokens that give farmers a chance to borrow money and reach consumers directly around the world. Picture a world where smart contracts can maintain a free-market price and prevent corruption.

Web3 Empowers Forgotten Voices

Momint’s partnership with 1Voucher to turn crypto into vouchers redeemable at 10,000+ merchants across the country was a key move. It particularly focused on the unbanked, providing a user-friendly on-ramp from digital assets to real-world utility. This hits close to home, given that tens of millions of people in Africa are cut off from the formal financial system. They are the lost souls, the forsaken communities, the unheard multitudes—the unbanked, the underserved.

  • Limited Access: Traditional banks often require collateral and credit history, excluding many.
  • High Fees: Transaction costs can be prohibitive for low-income individuals.
  • Geographic Barriers: Bank branches are often concentrated in urban areas.

Web3 offers a solution. Picture this blockchain-based identity solutions for people without formal ID, opening up access to vital services. Imagine an affordable, decentralized world by connecting borrowers directly with lenders to avoid predatory loan sharks. This is the potential Momint saw and this is what we have to create together.

It's not just about finance. Consider the creative sector. Fostering opportunities for African artists and creators. Having African creators and innovators taken advantage of by traditional gatekeepers. NFTs provide artists a new, unprecedented level of access to global marketplaces, helping them earn money for their work and keep/control ownership. Most of all, we need platforms that champion African creativity and arts. Rather, these spaces should celebrate those voices and the richness of those voices.

Collaborate, Invest, Innovate Now

Momint’s fall serves as a reminder that our ecosystem can do better to uplift founders. Liquidity constraints, regulatory uncertainty and scaling adoption are legitimate hurdles, particularly in low-to-middle-income areas. This is a call to action!

This is not some technological pipe dream. Political support is essential. We need strong leaders who will actively advocate for digital innovation. They need to understand Web3’s ability to accelerate economic growth, foster social inclusion in digital spaces and more. We don’t just want them—we need them—to create an environment where African entrepreneurs can flourish.

  • Increased investment: We need venture capital firms that understand the African market and are willing to take risks on Web3 startups.
  • Friendly regulation: Governments must create clear and supportive regulatory frameworks that foster innovation while protecting consumers.
  • Web3 education: We need to invest in training and education programs to equip Africans with the skills they need to build and participate in the Web3 economy.
  • Collaboration: Local and international players must work together to leverage their expertise and resources.

According to Hiba Amin, Tapiwa Matthew Mutisi is absolutely correct, Momint’s legacy is a blueprint. Patience may be a virtue, but a blueprint is only a piece of paper without intentional action. Let their story be a cautionary tale, sure, but more importantly, let it be an inspiration. Allow this to catalyze a new front of Web3 technology creation on the continent. Together, we can amplify the silenced voices, introduce them to a world of financial inclusion and ensure a brighter future for us all. The revolution won't be centralized.

Tapiwa Matthew Mutisi is right, Momint leaves behind a blueprint. But a blueprint is just a piece of paper without action. Let their story be a cautionary tale, yes, but more importantly, let it be a catalyst. Let it fuel a new wave of Web3 innovation in Africa, one that empowers the forgotten voices, unlocks financial inclusion, and builds a more equitable future for all. The revolution won't be centralized.