Interview with James Saruchera, Co-founder of Afrik Foundation
James Saruchera co-founded Afrik Foundation, a digital platform that supports Africa’s economic growth by enabling alternative, sustainable financing models. The platform focuses on providing funding to entrepreneurs in tech and green energy sectors, accelerating development across the continent.
Background and Experience
James has spent 15 years working in technology, particularly in advanced fields like machine learning. His experience spans both private and public sectors internationally. After establishing a fintech company that served users in over 40 countries and launching Africa’s first USD stablecoin, he recognized a pressing issue: African per capita income has declined in many places despite technological advances. This motivated him to create new ways to speed up Africa’s economic progress and secure a stronger position in the global economy.
Fostering Growth and Driving Impact
Afrik Foundation addresses a critical funding gap for African entrepreneurs. Over 90% of development funding goes to government projects, leaving the private sector—where entrepreneurs operate—underfunded. Afrik’s platform enables:
- Increased funding for infrastructure projects relevant to the Fourth Industrial Revolution, such as renewable energy and data centers.
- Faster access to capital for entrepreneurs, reducing the typical 18-month wait to secure funding.
- A smoother flow of capital from investors to innovators, improving efficiency in financing.
Risk Mitigation and Financial Transparency
Afrik uses smart contracts to manage funding release based on project milestones. This approach reduces perceived risks, a major barrier to investment in Africa, by embedding clear rules into code. Funds are deployed only after verification of progress, ensuring transparency throughout the project lifecycle.
Democratizing Finance and Promoting Economic Inclusion
The platform allows anyone globally interested in Africa’s development to participate financially. Since the digital asset market is now roughly the size of Africa’s GDP, Afrik channels some of this capital directly to African businesses. Automation with smart contracts simplifies the process and ensures transparency, making participation easier for a broad audience, including members of the Web3 community.
Funding Commitment and Project Selection
Afrik plans to launch its platform on May 25th, 2025, coinciding with Africa Day. The platform will simulate voting on over $15 billion worth of projects across Africa, allowing users to have a say in which initiatives receive funding. Afrik is already engaging with financial institutions and Web3 stakeholders to mobilize capital at this scale.
The initial focus is on renewable energy projects that have secured power purchase agreements. This criterion helps de-risk investments by ensuring a clear off-taker for generated power. Additional criteria include strong, experienced teams and necessary permits. Key markets include Nigeria, Egypt, and South Africa, chosen for their energy needs and large diasporas, which can support investment remotely.
Launch in Nigeria
Afrik’s Nigerian launch is set for May 25th, 2025. Nigerians and global participants can test the voting platform by visiting vote.afrik.info and obtaining a free test token. The platform will feature Nigerian projects and gather user feedback before full deployment.
Partnerships and Collaborations
Afrik seeks partnerships with developers working on renewable energy, data centers, and other data infrastructure projects. The foundation also supports entrepreneurs addressing local challenges who need capital to scale their solutions. Their goal is to accelerate impactful initiatives by providing easier access to funding.
Economic Benefits and Long-term Growth
Afrik aims to accelerate Africa’s Agenda 2063 economic goals by shortening the timeline for doubling per capita income. Instead of waiting decades, the foundation targets achieving significant growth by 2033. The continent’s vast renewable energy resources—accounting for about 60% of global capacity—represent a major strength. Unlocking this potential faster will drive new businesses, create jobs, and increase economic output from roughly $3 trillion to $4-5 trillion within 20 years.
By focusing on sustainable energy and tech infrastructure, Afrik Foundation contributes to creating conditions that support rapid economic development and inclusion.
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