Brimming with a youthful, tech-savvy population, Africa stands at the cusp of becoming a major nexus for web3 innovation. This transformation promises a proliferation of decentralized applications and platforms, spearheaded by the continent’s technological progress.
James Zhang, CEO and Co-founder of Jambo Technology (Jambo), stands as a significant proponent of this future-forward vision. He aims to place Africa at the forefront of the web3 revolution.
Jambo is a social enterprise devoted to fostering economic prosperity in developing nations by democratizing income-generation opportunities. The organization seeks to establish the largest and most influential web3 community across Africa.
Through the Jambo SuperApp, which incorporates the Jambo Academy, an educational program focused on web3, and the Earn Ecosystem that offers monetary rewards via web3 opportunities, Jambo aims to usher in billions of new users to web3. These facilities are conveniently available on their affordable web3 smartphone, the JamboColor.
Last month, I had the privilege of discussing Jambo’s future prospects and the potential of web3 in Africa with James. He emphasized the African continent’s dynamic mix of innovation, creativity, and entrepreneurship while highlighting the economic challenges many still face.
James drew attention to Africa’s unique demographic and technological profile – approximately 75% of Africans are under 35, smartphone penetration is estimated to reach 65% by 2025, and 15 of the world’s fastest-growing cities are there. With the world’s youngest and fastest-growing population, Africa’s rapid tech adoption rate primes it for integration into the global economy.
For James and his team at Jambo, web3 is the crux of this tech adoption, bringing unprecedented opportunities to Africans across the continent. “We aim to bridge the gap in developing nations by democratizing access to income-generation opportunities,” James states. “We’re building a web3 ecosystem that enables our users to explore new frontier technologies, opening up earnings opportunities through a hands-on network.”
Jambo, established in 2021, now extends its operations to over 19 regions across Africa and MENA, with key hubs in Nigeria, Kenya, South Africa, Congo, Ethiopia, and Morocco.
Reflecting on Jambo’s origins, James highlighted his motivation – not merely the technology itself but the opportunities it affords. His aspiration was to empower individuals in emerging markets with education and global earnings opportunities, enabling average persons to access opportunities typically provided by developed markets.
Jambo’s latest product, the JamboColor, an integrated web3 Android smartphone costing less than USD 100, provides a cost-effective alternative to the market. To ensure wide accessibility, Jambo will not profit from the sale of JamboColor.
Alongside Jambo’s commitment to its mission, fostering investor relations and expanding networks are fundamental as the company evolves. James expressed gratitude for his investors, who provide both financial and strategic support.
One of these investors is Yolo Investments, a venture capital firm specializing in seed and A-stage startups across gaming and fintech sectors. Tim Heath, their General Partner, praised their partnership with Jambo Technology: “We are proud to be a part of Jambo Technology. We fully align with their mission – to equip Africa with the technology necessary to propel web3 innovation and knowledge.”
James reciprocated this sentiment, appreciating Tim’s straightforward approach to venture capital and commitment to providing not just funds, but also the necessary networking and advisory support for Jambo’s success.
“Jambo seeks to serve as the bridge between developing nations and the global ecosystem, acting as the onboarding portal for the best applications,” James shared. “Yolo Investments’ extensive network of venture capital firms, portfolio companies, and partners has been invaluable in extending Jambo’s reach across borders and expanding our service offerings to our users.”
The collaborative efforts between Jambo and Yolo Investments, underpinned by their shared vision and mission, are crucial as they join forces to tackle global issues utilizing fintech.
As we look to the future, I eagerly anticipate the growth of Jambo’s expansive web3 ecosystem as they continue their work in democratizing web3 in Africa. Their mission is nothing less than making web3, and the myriad of opportunities it provides, universally accessible.
Tim Heath is the Founder and CEO of Yolo Investments, a leading venture capital company focused on seed and A-stage investment opportunities across gaming and fintech. Yolo has invested in over 80 companies.