Women and Money: Lack of Crypto Education Holding Back South African Women

In another interview for our series of Women in Web3, we gather insights from Isabelle Heyl on the lack of resources and education impeding crypto adoption.

Crypto Growth: Women Face

Cryptocurrency is a wide and complex topic, and the lack of knowledge and resources in South Africa and Africa at large is holding back the crypto women in Africa. 

The COVID-19 pandemic brought uncertainty in economies worldwide, and crypto and blockchain were where many consumers interacted with spare time online instead of outside.  A stand out in adoption was Africa in 2022, which recorded three top African countries using cryptocurrencies. The youth and unstable economies drew users online and to engage with digital assets.

Although these figures were reached, most South African women still don't know what and how cryptocurrency works.

We interviewed Isabelle Heyl, blockchain specialist for Moore Johannesburg, to analyze how the limited crypto understanding and resources are impeding the adoption of crypto among South African women.

Lack of Resource and Crypto Education

“Currently, Blockchain and crypto are huge topics in the financial industry, but crypto is complex and not easily understood. This alone makes it hard for women in South Africa to accept cryptocurrency,” said Heyl. 

Based on the research from Kasi Insight, a Kenyan data provider, 82% of African participants refrained from buying any cryptocurrency due to a lack of comprehension of how to purchase and store it. Additional obstacles to the widespread use of Bitcoin were distrust and concerns regarding the fluctuations in Bitcoin's value.

“Although I'm speaking to several girls concerning cryptocurrency, lack of resources is posing a challenging threat. However, I've recruited more than 20 girls,” Heyl surmised. 

Moreover, the lack of African crypto education has made it vulnerable to crypto scammers. These fraudulent activities in the cryptocurrency space vary from Ponzi schemes offering high returns to DeFi projects guaranteeing above-average profits on tokens and yield farming. This is undermining the trust needed for broader acceptance.

“Another challenging and sensitive topic is volatility,” Isabelle added. “Volatility and online scamming are discouraging a lot of women and men from joining crypto in SA,” Heyl concluded. 

However, a significant trend is the increasing adoption of cryptocurrency in key African economies such as Nigeria, South Africa, and Kenya. Nevertheless, South Africa has adopted a more forward-thinking approach, as the government is actively investigating the possible incorporation of cryptocurrencies into its financial infrastructure.

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