Recap 2024
A look back at 2024 and the steps
taken on our journey to unlock the
$1 trillion African affordable housing market
Empowa Annual Report 2024 Achievements and Milestones
As we reflect on the year 2024, we are excited to share with you the significant milestones and achievements that Empowa has accomplished in its mission to empower communities and provide affordable housing solutions across Africa. Here is an overview of the key developments:
February:
The Marketplace
In February, we ran a successful Catalyst Fund 11 campaign, raising funds to build an open-source marketplace for NFT sales using native project tokens. This marketplace facilitated our first collateral NFT sale and is now available for the broader Cardano ecosystem.
March:
First Collateral NFT Sale
In March, we launched our first collateral NFT sale, locking up 370,000 EMP and delivering a return of 11.1%. The sale was a resounding success, selling out in just 4 hours.
April:
Home Value Milestone
By April, we surpassed $8.5M in total home value tracked on Empowa Pay. We also signed a partnership with Reall, a leader in affordable housing innovation, with over 400,000 homes delivered to date.
May:
Global Recognition
The final impact report from our Mercy Corps Ventures partnership, conducted by 60 Decibels, highlighted the transformative work in Mozambique. This report has significantly enhanced our credibility within the impact investing community.
Glen presented at the African Union for Housing Finance Conference, showcasing Empowa to key industry decision-makers in Africa and beyond. At this conference, in recognition of the work done to date and transformational impact, Empowa was awarded the AUHF Award for the most innovative technology in 2024.
June and July:
NSE Partnership
In June and July, we announced our project with the Nairobi Securities Exchange (NSE), funded by Catalyst Fund 12. This project aims to launch a Cardano-based capital-raising solution for affordable housing in Kenya and beyond.
August:
Community
Liquidity Drive
In August, we launched our Liquidity Drive to encourage community participation in adding liquidity to our Minswap and Sundaeswap pools, a drive that is ongoing and has secured 400k+ ADA to-date.
September and October: International Roadshow and Industry Awards
In 2024 we presented Empowa at affordable housing finance conferences and workshops in Japan, Germany, Switzerland, Nigeria, Kenya, and Tanzania.
Over and above the AUHF Award, Empowa was also recognised in Nigeria winning the Innovation Award at the 7th Nigeria Affordable Housing Finance Summit. Empowa innovation and impact was also recognised at the Cardano Summit where Empowa was awarded the Blockchain for Good Award for the second time.
November:
NSE Partnership Kickoff
November marked our first visit to Kenya post-NSE deal, where we met housing developers and officially joined the NSE Ibuka program.
December:
Second Collateral
NFT Launch
This December, we are set to launch our second collateral NFT, underwriting 56 affordable homes in Nairobi and locking up an additional 3M EMP. Combined with staking and the first collateral NFT, 12% of our circulating supply will be locked by year-end.
Looking ahead to 2025
Progressing the NSE Partnership
In Q1, we aim to launch the NSE platform, with plans to take it live by the end of the quarter.
Phase 2 in Mozambique
We will begin collaborating with GAPI, a local development bank, on Phase 2 of our Mozambique pilot. This partnership marks a milestone as the first use of Empowa’s tech by a development bank to service affordable housing finance in Africa.
Nigerian Launch
We are finalizing a partnership with a Nigerian affordable housing co-operative to introduce an Empowa-powered solution for their members. This initiative will see us expand our offering to one of Africa’s largest economies and fastest growing populations.
With these initiatives planned for Q1, 2025 promises to be another impactful year.
Challenges
Innovation and transformation are never easy, especially in finance.
Recognizing the work required to integrate affordable housing finance into the DeFi ecosystem, we chose to focus on traditional funding sources while building the necessary tools and technology. In 2024, we dedicated ourselves to developing these technologies and fostering relationships to unlock funding for the vast informal market. This journey has demanded patience and perseverance as we navigate the slow adoption of new systems, technologies, and products.
Despite the challenges, the traction we are now gaining from diverse capital sources in Mozambique, Kenya, and Nigeria demonstrates significant progress. We will continue educating stakeholders about these innovations and using data to showcase both success and the strong investment case. While the pace of progress has been slower than anticipated, we are confident that we have established the right foundation to achieve success at scale.
We are deeply grateful to our community for standing by us through the crypto winter. We encourage you to remain part of this journey because we firmly believe it will be rewarding for everyone involved.
We also acknowledge that the EMP token price is not where we would like it to be. Our focus remains on delivering real-world financial value and measurable impact, which we believe will directly and sustainably support the token’s value. At the same time, we understand the importance of effectively communicating how this value is being created. For example, initiatives like the upcoming Nairobi project will drive more home financing, further locking up tokens, reducing circulating supply, and stimulating demand. As we scale our efforts, these examples will multiply, further demonstrating the strength of our tokenomics.
Partnerships such as the Nigerian cooperative initiative will further boost demand for EMP. Additionally, we are improving liquidity through ongoing community-driven initiatives and plan to launch an LSPO to raise ADA for our liquidity pools, ensuring smoother trading experiences. To enhance access and trading opportunities, we are also exploring a centralized exchange (CEX) listing. These measures are designed to create a stronger, more sustainable token economy.
Thank you for your continued support and belief in our mission. Together, we look forward to scaling even greater heights, delivering significantly more affordable housing in Africa, and driving long-term value for the EMP token.
Warm regards,
Glen, Greg, and the Empowa Team
