The startup BreadAfrica, founded by Iam Etefia, represents a step towards the future of financial services in Africa, utilizing Web3 technology for simplifying money transfers and increasing financial accessibility.
Path to Creating BreadAfrica
Iam Etefia, known in Web3 circles, has an ambitious mission — to change Africa's financial landscape using blockchain technology. Previously founding startups like Peniremit and Peniwallet, he launched BreadAfrica in 2023 with Maven Harry. "I was born into a royal family in Nigeria, and my parents provided me with a high-quality education," he says, reflecting on his inspiration and journey to success.
New Horizons in Financial Services
In a short time, BreadAfrica has achieved significant success, processing over 1,000 transactions across seven countries. The platform enables users to quickly convert cryptocurrency into various local currencies. "We didn't want to build another on-ramp or off-ramp solution; we wanted a universal money bridge," Iam explains. This ensures quick and seamless access to funds for users.
Challenges and Advice for Aspiring Founders
Despite successful adaptation, Iam acknowledges that he and his team face legal and financial challenges in building a startup in Nigeria. He urges aspiring entrepreneurs to "stay curious" and "not be driven by money but by technology and the problem you want to solve."
Iam Etefia and BreadAfrica exemplify how African startups can leverage technology to create innovative solutions and enhance financial accessibility, shaping the future of the financial system on the continent.
