Women-led SMEs leverage blockchain to bridge MENA and sub-Saharan Africa

Disclosure: The views and opinions expressed herein belong solely to the authors and do not represent the views and opinions of editorials.

Over the past decade, global interest in women-led and owned businesses has increased, leading to a robust community-building movement and the creation of innovative solutions for this growing market.

Despite available solutions, cross-border trade remains a major challenge for women-led small and medium-sized enterprises (SMEs) in the Middle East and North Africa, the MENA region, and sub-Saharan Africa. This challenge severely limits their ability to interact with each other and with the rest of the world, despite sharing many cultural values.

Blockchain technology is a promising new infrastructure for women entrepreneurs who are geographically close but economically unconnected. Women entrepreneurs in the Middle East and Sub-Saharan Africa are among those who will benefit most from emerging technologies. However, they face economic challenges that limit their authority and prevent them from accessing international markets. Inefficiencies, limited access to finance, high costs, lack of transparency, unfavorable regulations, and cultural barriers are all obstacles for women-led small businesses in the region.

Blockchain has the potential to revolutionize the financial sector and increase the social participation of women who trade across borders. Blockchain-based payment systems remove trade barriers and allow businesses to access new markets and customers. This allows businesses to instantly repatriate their profits.

This technology allows women-led companies to transform real-world assets into on-chain assets that they have full control over and can trade as they wish. This solution gives them financial independence, which is often denied to many people in this part of the world. This economic freedom is an essential catalyst for future socio-economic change.

One of the most innovative and upcoming applications of blockchain technology is its combination with AI to solve real-world problems. Boom, which uses decentralized AI to provide businesses with access to credit by generating credit scores, is an example of this integration. These credit scores are shared with financial institutions to help women-led small businesses access the loans and capital they need to grow and expand their businesses.

Blockchain technology is considered an infrastructure technology, and there is no longer any question that it will be adopted in the global economic model. With the introduction of Bitcoin ETFs and central bank digital currencies (CBDCs), it is clear that this technology is here to stay. Blockchain-based ecosystems will revolutionize the commercial landscape between MENA and the sub-Saharan region, providing a complete range of solutions to address the everyday challenges faced by cross-border trade and the unbanked. We offer solutions.

To enable women entrepreneurs to fully participate in the blockchain ecosystem, it is essential to address the high cost of information and communication technology (ICT), lack of reliable internet access, and gender disparity in technology. Providing digital literacy and her ICT training will help women entrepreneurs overcome these challenges and develop the skills needed to succeed in the digital world. Additionally, these challenges can also create opportunities for collaboration and innovation to support women-led small businesses.

To foster successful blockchain adoption among women entrepreneurs, technology companies need to work closely with holders, government agencies, financial institutions, and NGOs in different countries. Businesses need to create a favorable regulatory environment and directly support SMEs by providing training and education programs and financial lines for hardware.

Blockchain technology is critical to the future success of women-led small and medium-sized enterprises (SMEs) in the MENA and Africa regions. The relationship between blockchain and women is growing stronger and more promising by the day, and both parties need to work together to achieve success. Women play a key role in promoting technology adoption within the household and will undoubtedly contribute to bringing blockchain to the masses.

naomi whitney

naomi whitney

naomi whitneyAs Boom’s Chief Product Officer, she is a versatile executive who blends liberal arts thinking with technology. She is driven by her relentless pursuit of excellence, customer success, and a strong commitment to altruism. She uniquely combines her expertise from her tenure in the luxury beauty industry to bring her innovative work in the cryptocurrency space.

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