This week’s Cardano DeFi project is on a mission to revolutionize affordable housing across the African continent through our earn-with-impact project: Empowa.
The previous guest was a token launch platform built on top of the Cardano blockchain that introduces new tools and methods for raising funds.
This initiative is a point of reference for Decentralized Finance (DeFi) on Cardano and every week or two we will invite someone to answer some questions and give us an update directly from within the Cardano community.
Hey, glad to have you here. Please introduce your team, where are you from, what are your backgrounds?
Just like many other blockchain projects, our team is scattered all over the world, from New York to Perth. But what brings us together is our connection to Africa.
Our team is a diverse bunch, each member bringing a unique set of skills honed over decades of experience in their respective fields. We’ve made sure to include key members who have successfully carried out projects throughout Africa, so we’re well-equipped to tackle the challenges ahead.
What is Empowa? And why have you chosen the Cardano blockchain for your project?
At Empowa, our mission is to revolutionize affordable housing across the African continent through our earn-with-impact project. By harnessing the power of DeFi and blockchain technology, we strive to enhance financial inclusion and empower individuals to achieve home ownership. We firmly believe that affordable housing in Africa presents a remarkable $1 trillion business opportunity, and we are dedicated to rewarding our community for their contributions in driving positive change.
When searching for the ideal blockchain platform to bring our vision to life, we were immediately drawn to Cardano. Cardano’s commitment to developing real-world use cases for blockchain technology, particularly its focus on Africa, resonated deeply with us. We recognized the alignment of values with the Cardano community, which shares our unwavering dedication to making a tangible impact.
Moreover, choosing Cardano as our blockchain solution was driven by practical considerations. We needed a cost-effective blockchain platform that wouldn’t impose exorbitant transaction fees on our users. By opting for Cardano, we can ensure that these fees remain reasonable, preventing any additional burden from being passed on to our customers.
At Empowa, we are excited to leverage the power of Cardano’s technology and collaborate with its passionate community as we strive to create lasting change in the affordable housing sector across Africa. Together, we will unlock opportunities, foster financial inclusion, and empower individuals to achieve their dreams of owning a home.
Your main focus is Africa. Why this continent in particular and what have you achieved so far?
There is a significant backlog of approximately 50 million affordable homes across the African continent. This backlog is further exacerbated by the fact that Africa has the youngest population and the fastest-growing population. As a result, there exists a tremendous opportunity within the affordable housing sector.
The backlog primarily stems from a broken financial system that has failed to create a home loan product that aligns with the prevailing circumstances. Recognizing this opportunity, we decided to launch our project in Africa, which seemed like the most suitable market.
We initiated our pilot project in Mozambique and within the first six months of entering the country, we made significant strides. We managed to increase the home loan market by 5%, effectively reducing the interest rate from 25% to 10%. Additionally, we successfully lowered the cost of a home from $55,000 to $10,000.
What does the future hold? Where do you envision Empowa in the upcoming years?
Our goal is to positively impact the lives of one million families by the year 2030. Although the Empowa project primarily targets Africa, its model has the potential to expand to other developing and developed markets.
By the conclusion of this year, we aim to establish homes in three countries.
Over the next decade, our aspiration is to realize a decentralized ecosystem that facilitates affordable housing initiatives worldwide.
Awesome. Any final words? Where can people learn more about Empowa?
Empowa is on a journey to tackle systemic failures in the financial system. Getting there requires innovation on multiple levels.
We invite those who want to support and earn from blockchain technology making a real impact to join that journey. To find out the latest about our project follow us on Twitter.
Disclaimer: The opinions and views of the people interviewed are their own and do not necessarily reflect those of the Cardano Foundation or IOG. Moreover, this content is for educational purposes, it doesn’t constitute financial advice.