This session at the Black Blockchain Summit 2023 focused on the transformative potential of decentralized finance (DeFi) and decentralized autonomous organizations (DAOs) in empowering Black communities globally. Panelists discussed how DeFi democratizes financial services by enabling anyone with internet access and a smartphone to participate in investment, lending, and banking without traditional intermediaries. They highlighted projects like Elephant Money, a decentralized community bank with strong African diaspora involvement, showcasing resilience and growth. The conversation also emphasized the importance of mobile optimization, localization in native African languages, and accessible on-ramps that connect traditional finance to crypto, enabling inclusion for underserved and remote populations. Additionally, DAOs were described as automated, community-led investment clubs that streamline governance and treasury management, facilitating collective financial action and impact. Overall, the session underscored DeFi and DAOs as powerful tools for financial inclusion, economic empowerment, and scalable community-driven change within marginalized communities worldwide.
