Let's be honest, when you hear about a "Royal Token Banquet" in Abu Dhabi, hosted by a Sheikh, your first thought probably isn't Africa. Perhaps you imagine opulence, fountains of caviar, Lamborghini dealerships at every turn, and people shaking hands in darkened back rooms with the global elite. You likely don't imagine a direct line to solving some of the continent's most pressing problems.

That is exactly why this event, organized by Promax Holding LLC, is so important and worthy of our support. It should equally matter to anyone who is invested in Africa’s long-term future—which should be all of us actually—and here’s why.

Financial Inclusion's Blockchain Bridge

Africa faces a massive financial inclusion crisis. Millions remain unbanked, keeping them out of the formal economy and at risk for exploitative alternatives like predatory lending. Traditional financial institutions can’t afford to serve these communities because of the costs and logistical barriers.

What if blockchain technology could help close that loophole? Now picture decentralized payment systems that do the same thing, letting anyone use a blockchain to hire you and bypass the legacy payment system just like that. Imagine adventurous micro-lending platforms, some of which provide direct loans to entrepreneurs, no collateral or credit history required. Imagine decentralized payout insurance solutions protecting farmers from sudden crop failures and creating a new more robust economic safety net for impoverished families.

Such is the promise of Web3 on the African continent. It isn’t as simple as having a bunch of fancy NFTs or volatile cryptocurrencies. It’s about using technology to help build a more equitable and inclusive financial system. The Promax convening brings together the smartest minds in the Web3 world. Most importantly, it brings a new, exciting and dynamic platform for collaboration and exploration of innovative solutions. Can these same executives imagine the day when blockchain technology might directly empower a smallholder farmer in Kenya? If so, can they finally align their investments with their principles and support projects that actually reduce financial exclusion? That’s the question we should all be asking.

Empowerment Through Decentralized Economies

More than financial inclusion, Web3 presents untold prospects for economic empowerment on the African continent. AI-driven innovation For too long, African entrepreneurs and small businesses have been hobbled by restricted access to capital, markets, and technology.

African producers need access—decentralized, peer-to-peer marketplaces can connect them directly with global consumers, removing unnecessary middle-men and maximizing profits. Tokenized assets have the potential to open up entirely new streams of financing for startups and small businesses. Local crowdfunding platforms can help communities of all sizes raise money for local projects while helping residents seed their own collective wealth.

I believe the key here is ownership. At its core, Web3 is about decentralizing control, restoring power to individuals and communities. This is particularly crucial across the African Continent. Historically, resource extraction has been a way to concentrate great wealth into the hands of a few. Web3 offers a chance to rewrite that narrative, to build a more equitable and sustainable economy where everyone has the opportunity to thrive. The question now is whether the “Royal Token Banquet” can turn into actual agency for African communities. Or can it through the same token, help foster a new generation of African tech leaders and innovators?

Navigating Risks Requires Responsible Innovation

Now, let's be realistic. While the potential benefits of Web3 in Africa are enticing, they present serious risks and challenges. Yet the digital divide remains a significant hurdle, as millions of communities face barriers to high-quality, consistent internet and digital skills. We know that regulatory uncertainty can really hurt innovation and creativity and lead to confusion for businesses and consumers alike. Then there’s the risk of exploitation and fraud, a serious danger that we cannot overlook.

We cannot afford to dive headfirst into Web3 without being honest about these risks. We cannot rely on innovation without guardianship, innovation that puts our most underserved communities first, addresses the digital divide, and protects consumers. African governments and institutions need to play a proactive role in creating an enabling environment for Web3 development, one that balances innovation with consumer protection.

This is not to say that we should just import whatever Web3 looks like in the West and copy paste those models onto Africa. We need to apply the new technology within the particular context and needs of the continent. That way, we can make sure it actually works to benefit the people. This means:

  • Investing in digital infrastructure and education.
  • Developing clear and transparent regulatory frameworks.
  • Promoting collaboration between governments, businesses, and civil society organizations.
  • Prioritizing projects that address social and economic challenges.

The Promax event has the potential to be a wonderful catalyst for this kind of responsible, forward-thinking innovation. By convening the right actors around the table—including one of their biggest opponents—we can initiate crucial discussion. Only then can Web3 truly benefit all Africans, as opposed to just the elite few.

For His Excellency Louai Mohamed Ali of Promax Group, there’s a genuine opportunity in all of this. So is His Excellency Dr Mohamed Al Ahdaly, the CEO of Promax Group. Instead, they can aspire to be more than gaudy banquet hosts. If bold, they can be the architects of a more equitable and prosperous future for Africa. The world is watching.