A conversation with Ruth Iselema, founder/CEO, Bitmama
As the world celebrates Women’s Month in March, it is of great importance to recognize and amplify the voices of women who make significant contributions to male-dominated industries.
We cannot overstate the underrepresentation of women in the world of technology, and with the rise of blockchain and its most common application, cryptocurrency, there is no doubt that this trend of male dominance continues.
In all of this, there are trailblazers and barrier breakers who pave the way for an inclusive and diverse future. The rise of female founders and leaders is an indication that technology can empower women globally.
In a chat with Ruth Iselema, founder and CEO of Bitmama – a leading crypto exchange platform in Africa – we delved into her experiences as a female entrepreneur in the crypto space, and how blockchain can empower women globally while promoting diversity and inclusion.
How did you first venture into the blockchain/crypto industry?
I became involved in the Blockchain industry because of my interest in the technology and its potential to disrupt traditional financial systems.
I especially loved the potential for social impact and financial inclusion for the average person.
In my quest to contribute to development, my passion for creating meaningful solutions using blockchain technology led me to start Bitmama in 2016.
At the time, it was a P2P exchange that quickly grew into one of the first platforms in Africa to allow people to buy and sell cryptocurrency safely and securely.
In no time, I quickly realized that there were many other uses for blockchain technology beyond just buying and selling cryptocurrency.
We saw the pain that users in African markets faced, such as currency shortages and lack of alternative payment methods for cloud services and digital infrastructure.
With our keen insight, we decided to develop and test crypto cards as a solution, which would allow users to store and use their cryptocurrency just like a traditional debit card.
After several months of hard work, we launched the crypto cards and the response from the market was incredible. Within a few months, hundreds of thousands of users had signed up, and volumes skyrocketed month after month.
Our product has truly democratized the use of cryptocurrency beyond trading. Now users can make regular daily purchases online without restrictions and this has created a significant mindset shift among users in Nigeria, Ghana, Kenya and even the diaspora audience.
As a female CEO in a male-dominated industry, what challenges have you faced, how have you overcome them, and what have been the most important milestones in your career?
It is not a strange notion that women have historically been underrepresented in the technology industry, including the blockchain and cryptocurrency space. As a result, I have had my share of unique challenges due to gender bias.
For most women leaders around the world, stereotypes and lack of representation are some of the most prominent issues we experience.
But I’ve learned that good leaders don’t see challenges, we see opportunities to do more. I have intentionally connected with other women leaders in the industry to build a strong network of allies and advocates.
It gives me great pleasure to say that despite these obvious challenges, we have thrived as a company. This is largely due to the solid and quality talents we have at Bitmama.
As a team we love to pioneer Crypto beyond trading in Africa. It’s in our DNA to implement different use cases for crypto, and that’s a good thing too, because we have that pioneering spirit to succeed.
We are proud of the differentiation we have brought to the Fintech space in Africa through constant innovation and relentless focus on customer experience, and we believe our vision and mission reflect that.
It would be impossible to produce results in an environment as dynamic as the financial sector without extraordinary people.
How do you think blockchain/crypto can be used to promote equality and empower women globally?
I love this question! To begin with, I would like to say that charity begins at home. The blockchain ecosystem can take a stand to continuously advocate for gender diversity and equality in the industry.
In addition to this, we also have the potential to promote equality and empower women globally in various ways.
Take economic inclusion for example, women often face economic exclusion, especially in developing countries.
Blockchain and cryptocurrency can help provide access to financial services and empower women to take control of their finances.
With blockchain-based platforms, women can access microfinance loans and make secure and transparent transactions, which can enable them to start and run their businesses.
I especially love that blockchain and cryptocurrency can give women more control over their finances and investments, without the need for intermediaries like banks or governments.
Decentralized governance structures can also give women a voice in decision-making processes that affect their lives.
In your experience, what are some of the key skills and attributes needed to succeed in this field, and what advice do you have for women interested in pursuing a career in blockchain/crypto?
As a rapidly evolving industry, there are many opportunities for women interested in pursuing a career in this field.
However, some key skills and qualities are a must to succeed in the blockchain/crypto industry as a female leader.
It is not limited to technical skills, although it is also important to know about blockchain technology, having business acumen is also a top priority.
The blockchain/crypto industry is a mixture of technology and business. Having the ability to develop and execute business strategies is fundamental.
The cream of the crop is having good networking skills. The blockchain/crypto industry is highly connected and relies on a strong network of professionals.
Building relationships and networking with industry leaders is important to staying up-to-date with the latest trends and opportunities.
For women interested in pursuing a career in the blockchain/crypto industry, I would say: get hands-on experience.
Seek opportunities to work on blockchain/crypto projects and gain hands-on experience. Be safe! Refuse to be intimidated by the industry’s male-dominated history. Believe in yourself and your abilities, and look for opportunities to prove yourself.
What role do you see women playing in the future of blockchain/crypto, and what steps do you think we need to take to ensure more women are represented in leadership positions in this industry?
As women, we have a critical role to play in the future of blockchain and crypto. We bring unique perspectives and experiences that can help drive innovation and ensure that these technologies are inclusive and accessible to all.
However, to ensure that more women are represented in leadership positions, there are some criteria that must be met to encourage more women to enter and thrive in the industry such as; offer educational and networking opportunities.
If more organizations offer workshops, mentoring programs, and networking events specifically designed for women in the industry, it will tremendously help women develop the skills and connections needed to succeed in the industry.
How does your company support diversity and inclusion, and what impact do you think this has had on the success of Bitmama?
At Bitmama Inc, we take a proactive and intentional approach to promoting gender diversity and inclusion in the blockchain/crypto industry.
We make it our duty to hire exceptional female talent. This is one of the many ways in which we promote diversity and inclusion.
We have created a work culture that is welcoming and inclusive of women, and that actively seeks out and hires women for management positions.
What initiatives do you think are needed to promote greater gender diversity in the blockchain/crypto industry
Hmm…, there are several ways to highlight the importance of diversity and inclusion in the industry. It will help a lot if the blockchain ecosystem will encourage and support women-led projects and initiatives in the industry.
We can do this while taking giant steps to challenge gender bias and stereotypes that exist in the industry by actively promoting and recognizing the contributions of women in the industry.
Needless to say, it would help women gain visibility and recognition for their contributions to the industry.
How do you think blockchain/crypto can be used to address some of the most important challenges women face today, such as access to finance, healthcare, education and employment opportunities?
Access is the very essence of the blockchain and crypto ecosystem. Its beauty is its ability to empower the disenfranchised.
That is why it can give women access to financial services and opportunities that were previously unavailable or limited.
For example, blockchain-based platforms can allow low-cost and secure transactions, making it possible for women
to send and receive money without intermediaries regardless of their location or socio-economic status.
If our healthcare industry would be so keen to leverage the decentralized nature of the blockchain, patients and healthcare providers could access health records, enabling women to take control of their health data and improve health outcomes.
In addition, blockchain can be used to create health insurance programs that are transparent, affordable and accessible.
At Bitmama, we are proud that our innovations are developed inclusively and fairly, taking into account the specific needs and challenges women face.
We have deliberately educated women on the intricacies of blockchain technology, even going as far as storming reputed institutions and campuses in Nigeria with our messages and solutions.
We plan to do a lot more in the coming months. We have a very diverse team as we offer job opportunities for women.
What is your vision for the future of blockchain/crypto and how do you see it changing the world for the better?
Oh, I can assure you that our vision is progressive. And we have barely scratched the surface. We aim to use blockchain/crypto to continue to empower individuals and businesses in Africa by providing them with a reliable and secure means of payment that can be used globally.
To a fair extent, we have made astonishing progress in achieving this with our products Bitmama and Changera.
We’ve helped individuals and businesses grow, improve financial inclusion and reduce barriers to trade and commerce across borders.
In addition, by leveraging the key features of blockchain technology, such as security and transparency, we offer our users a more efficient and cost-effective way to transact across borders.
Overall, Bitmama’s vision for the future of blockchain/crypto is focused on promoting financial empowerment and unlocking new financial opportunities for individuals and businesses in Africa and beyond.
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