Luisa Crawford
Aug 06, 2024 20:17
Fernanda Orduña Rangel, co-founder of Decaf, shares insights on how the wallet app is transforming financial access in Latin America and Africa.
Fernanda Orduña Rangel, co-founder of Decaf, recently discussed the impact of her wallet app on financial freedom in Latin America and Africa. According to Stellar (XLM), Decaf enables users to hold value in US dollars using USDC and invest their money, aiming to protect them from inflation and devaluation.
Addressing Financial Exclusion
Orduña Rangel highlighted her personal experiences with financial exclusion in her hometown, driving her to find solutions for similar issues across Latin America. She noted, “The place where I am from, for example, I have seen and I know what it is like to have a financial system that doesn’t work really well. People are being excluded. They don’t have many options. They don’t have financial freedom.”
She emphasized the widespread need for better financial solutions in countries like Argentina, Venezuela, and Colombia, where traditional banking systems are often expensive and slow. “I realized that the technology was ready to start building solutions that substitute the traditional banking system,” she added.
Focusing on Adoption
Initially, Decaf aimed to facilitate everyday purchases with cryptocurrency. However, the team soon recognized the need for broader adoption first. Orduña Rangel explained, “We focused on this app where people can invest, hold their value, protect themselves from inflation and devaluation, which is a huge use of crypto in general and many people don’t even think about it.”
Expansion into Africa
While Decaf initially targeted Latin America, it has surprisingly gained more users in Africa. Orduña Rangel shared, “We’re focusing in Latin America and Africa now. Initially we were focused only on Latin America, but now we actually have more users in Africa, which was a surprise. We’re actually going this year to Africa.”
She expressed her satisfaction with the app’s growth and its positive impact on users. “In the moments that I see someone tweet ‘I just used Decaf’ and I don’t know who this person is, but they used it and it was great for them, it’s so fulfilling,” she said, adding that it’s gratifying to know that their work is helping people solve their financial problems.
Broader Implications
Decaf’s success in providing decentralized financial solutions highlights the potential of blockchain technology to address systemic issues in traditional banking. As more users in Latin America and Africa adopt Decaf, it becomes evident that decentralized applications can play a crucial role in enhancing financial inclusion and freedom.
The journey of Decaf and its co-founders serves as an inspiring example of how technology can be leveraged to create meaningful social impact, especially in regions where financial systems are inadequate or exclusionary.
Image source: Shutterstock
