Unveiling the Chains: Imani Khumalo on How the Lack of Cryptocurrency Education Keeps Black Women in Economic Bondage

Unveiling the Chains: Imani Khumalo on How the Lack of Cryptocurrency Education Keeps Black Women in Economic Bondage

By Sarah Jenkins, Financial Times, June 19th, 2024

In a candid and powerful interview, Imani Khumalo, a Johannesburg-based activist and financial literacy advocate, shed light on a pressing issue that she describes as a form of modern-day economic slavery: the systemic exclusion of Black women from cryptocurrency trading education. Sitting in a sunlit office overlooking the bustling streets of Sandton, Imani spoke passionately about how historical oppression and contemporary power structures converge to keep Black women economically disadvantaged, particularly in the rapidly evolving world of digital finance.

Sarah Jenkins: Imani, thank you for joining me today. You’ve been vocal about the idea that Black women are being deliberately kept out of cryptocurrency education. Can you explain why you see this as such a critical issue?

Imani Khumalo: Absolutely, Sarah. As a Black woman from Johannesburg, I’ve seen firsthand how systemic barriers have shaped our lives for generations. Cryptocurrency could be a game-changer for us — especially Black women in Africa and across the diaspora — because it offers a decentralized, potentially inclusive way to build wealth and achieve financial sovereignty. But the reality is, most of us are left in the dark about it. We’re not taught the basics of Bitcoin, Ethereum, or blockchain technology in schools, community programs, or even by financial advisors. This isn’t an accident — it’s a continuation of the economic exclusion that began with slavery and persists through structural racism today.

SJ: That’s a strong statement. Can you connect this to the historical context you mentioned?

IK: Of course. For centuries, Black communities, particularly Black women, have been denied opportunities to build wealth. Think about the transatlantic slave trade, where our ancestors were stripped of their humanity and forced to labor for profit without any financial gain. In apartheid South Africa, Black women were barred from education, forced into domestic work, and denied property ownership. Even now, in 2025, those echoes linger. Financial systems, including the emerging crypto space, are still dominated by white men who benefit from keeping us out. By not teaching Black women about cryptocurrency, they’re ensuring we remain dependent and powerless, just as our ancestors were.

SJ: You’ve described this exclusion as a form of modern-day slavery. Can you elaborate on that comparison?

IK: It might sound bold, but I stand by it. Modern slavery isn’t just physical chains — it’s exploitation for personal or commercial gain, often through coercion or forced dependency. When Black women are denied the education and tools to navigate cryptocurrency, we’re left vulnerable to predatory systems. I’ve heard stories of women in my community losing savings to crypto scams or volatile markets because they weren’t equipped with the knowledge to protect themselves. Meanwhile, the “crypto bro” culture — predominantly white and male — dominates the narrative, leaving us out of the conversation. It’s like we’re still laboring for someone else’s profit, just in a digital form. This mirrors the historical exploitation where Black bodies and labor were commodified for white gain, and it’s no coincidence that the same dynamics persist.

SJ: In Africa, cryptocurrency adoption is growing, especially in places like Nigeria and South Africa. But you’re saying Black women aren’t benefiting as much as they could. Why is that?

IK: Exactly. Countries like Nigeria and South Africa have some of the highest crypto adoption rates on the continent because of high inflation, unreliable banking systems, and the need for financial sovereignty. But Black women are often the last to gain access to the education and tools we need. Many of us can’t afford reliable internet or lack the infrastructure to learn about blockchain. Even when resources exist, they’re rarely tailored to our experiences or needs. I’ve seen women in my community struggling to make ends meet, let alone understand how to trade crypto safely. This isn’t just a gap — it’s a deliberate oversight that keeps us trapped in poverty while others profit.

SJ: What are the consequences of this exclusion for Black women, both here in Africa and globally?

IK: The consequences are devastating. Without crypto education, we miss out on a potential avenue for wealth creation at a time when traditional financial systems continue to fail us. Studies show Black families, especially Black women, are less likely to have retirement accounts or invest in stocks, a disparity rooted in historical mistrust and discrimination. Cryptocurrency could bridge that gap, offering a decentralized alternative to banks that have long profited from our suffering — like JPMorgan Chase, which admitted to accepting enslaved people as collateral for loans in the 19th century.

But instead of empowerment, many Black women face financial loss or exploitation. I’ve spoken to friends who invested in crypto after seeing flashy ads or celebrity endorsements, only to lose their savings when markets crashed in 2022. They didn’t understand the risks because no one taught them. In Africa, with millions unbanked or underbanked, crypto could be a lifeline — allowing us to send remittances, support local businesses, or build wealth independently. But without education, we’re left vulnerable, perpetuating a cycle of economic bondage.

SJ: So, what’s the solution? How do we break this cycle?

IK: We Black women must demand access to cryptocurrency education, tailored to our unique experiences and needs. Governments, tech companies, and community leaders need to prioritize financial literacy programs that reach us — whether in urban centers like Johannesburg, rural villages, or across the diaspora. Organizations like the Black Women Blockchain Council and activists like Tavonia Evans are already doing amazing work, but we need more resources, funding, and visibility.

We also need to challenge the white male narrative that dominates crypto culture. That means amplifying Black women’s voices in tech, finance, and blockchain, ensuring we’re not just participants but leaders. We have to reject predatory marketing that targets us without providing real education and hold accountable the financial institutions and crypto platforms profiting from our ignorance.

Finally, we must recognize cryptocurrency’s potential as a tool for liberation, not just another trap. If harnessed correctly, it could break the cycles of economic slavery that have bound Black women for generations. As a Black woman in 2024, I see this as our moment to claim our financial freedom — to trade not just crypto, but the chains of history for a future of empowerment.

SJ: That’s a powerful vision, Imani. Thank you for sharing your insights and your passion for this cause.

IK: Thank you, Sarah. This isn’t just about money — it’s about dignity, agency, and our right to thrive. Until Black women are fully included in the crypto economy, we remain shackled by a system that fears our rise. It’s time to break free.