Africas #1 Web3 startup, Momint, secures $50,000 grant from DFINITY Foundation

Momint, Africa’s leading Web3 platform based in South Africa, has secured a $50,000 grant from the DFINITY Foundation, a Swiss non-profit organization known for having the largest blockchain R&D team globally. The grant was obtained through the Internet Computer Protocol (ICP) Hub of Southern Africa, also known as Mzansi Web3 (MW3), which is funded by DFINITY.

Momint will use the grant to integrate the ICP blockchain towards enhancing its business operations. This strategic move aims to solidify Momint’s global expansion efforts, positioning the local startup to gain, retain, and expand its market share in today’s highly competitive international digital economy.

MW3 was established as the ICP hub in Southern Africa to offer the region a purposeful gateway to the world of decentralized technologies. It aims to catalyze the growth of Web3 and blockchain innovation in our region by building a thriving and inclusive Web3 ecosystem that transforms industries, empowers developers, and fuels the next generation of blockchain-powered startups through education, mentorship, accelerator programs and the Global $200m+ ICP grants program (also funded by the DFINITY Foundation). 

“The innovation and opportunities presented by ICP in relation to the South African start-up scene is immense. The fact that Momint, the very best Web3 startup in Africa, is using our blockchain protocol to tokenise their real world assets offers a strong case study. Momint’s integration into the ICP ecosystem will give the company instant access to numerous resources, including technical support, Venture Capital and other implementation partners. These opportunities for rapid growth and acceleration will continue to enhance Momint’s status as a pioneering start-up, poised to play a significant role in redefining key sectors of the South African economy through the use of blockchain technology,” shares Shaheer Karrim, Co-Founder and CEO at MW3. 

Emilio Canessa, the Head of Global Adoptions at the DFINITY Foundation echoes Karrim’s sentiment, and adds that they are pleased to welcome Momint to the ICP ecosystem: “The tokenization of real world assets will play a crucial role in defining the future digital economies, especially in Africa. The unique technological features of ICP will give Momint a huge advantage, and we also look forward to supporting many more projects in the region.”

ICP’s technology offers several key advantages that make it well-suited for Momint’s real-world asset tracking applications. Ahren Posthumus, CEO and Founder of Momint, agrees: “Their secure consensus mechanism and low gas fees have enabled fast, affordable blockchain transactions for Momint. This has led to a notable uptick in the rate at which we are able to sell tokenised solar certificates, ultimately improving our efforts to democratize access to solar investments in South Africa today. The ICP blockchain protocol also provides us with a direct stream of data from our smart meters on all solar panels, creating an incorruptible record of energy generation and asset degradation over time.”

MW3’s utility extends itself to hundreds of other businesses and companies in South Africa seeking a more convenient blockchain solution. “You can’t begin to compare the gas fees for transactions. The ICP blockchain fees are far more affordable than those you would accumulate for transactions using Bitcoin or Ethereum, making it an accessible platform to any business interested in building tech on the blockchain in South Africa. Over the long-term, it holds immense potential to increase foreign direct investment in our country,” concludes Posthumus. 

MW3 is firm in its belief that knowledge offers the key to unlocking the full potential of Web3 technologies on the continent. “We provide top-notch educational resources, workshops, and training to equip South African developers with the skills they need to thrive in the blockchain space. We’re determined to make the transformative power of decentralized technologies more accessible, and hopefully, inspire others to join the Web3 movement,” adds Karrim. 

MW3 offers dedicated accelerator programs through their ecosystem partners designed to supercharge growth for projects using the ICP blockchain in South Africa, offering mentorship and other resources to provide local startups with the support they need to bring Web3 projects to life.

In addition to the grant funding this year, Momint has seen strong traction in their Solar Investment Product for the second quarter of 2024, with 1,770 payouts totaling $7,500 to solar certificate holders, delivering a 12%+ return on their solar investments annually. The company is also in the process of obtaining a CASP (Crypto Asset Service Provider) license and is exploring the launch of an eZAR (or digital Rand) to provide customers with seamless crypto-to-account withdrawal and everyday spending capabilities.

MW3 and Momint invite interested parties to engage with both companies, in an effort to expand the adoption and use-cases for Web3 tech in local markets.