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SAFCOIN, an exclusive African cryptocurrency, has launched out in Nigeria and Uganda, allowing the unbanked to participate in the digital economy.
It will also help small businesses to establish an e-commerce presence with no start-up costs, and empowering
more Africans to access global work opportunities through
MobiJobs.Africa .
Launched in South Africa in 2018 after a successful Initial Coin
Offering (ICO), SAFCOIN is built on its own decentralised
blockchain, which is protected by a network of miners. The SAFCOIN
Exchange supports trading in SAFCOIN, Bitcoin, and money trading pairs.
It is also one of the first cryptocurrencies in the world to offer mobile money deposits, as well as card and bank deposits.
Commenting on the difference SAFCOIN would make in the African market, SAFCOIN CEO, Neil Ferreira, said: “This is significant, since 62 per cent of sub-Saharan Africans are unbanked. Users can add funds to their SAFCOIN wallets through mobile money networks including Paga, MTN, and Airtel. Aside from not needing a bank account, the SAFPay payment gateway facilitates these transactions securely and with very low – or no – transaction fees.”
According to Ferreira, “This is
because SAFPay eliminates financial intermediaries, which drastically reduces the cost of sending and receiving digital money.”
Mobile money Mecca
Africa is the world leader in mobile money. There are 100 million active
mobile money accounts on the continent. In 13 African countries, over a third of adults are active mobile money users, representing 45.6 per cent of the
region’s population. This is expected to rise to 66 per cent by 2025.
The proliferation of mobile money accounts throughout Africa supports SAFCOIN’s mission to demystify cryptocurrency and blockchain technology, and to empower more people to be part of the global digital currency revolution and Africa’s cryptocurrency history.
Empowerment through Education
“Blockchain technology is still confusing to many Africans and is
preventing its widespread adoption. It’s a relatively new concept for
many people, who don’t know how to invest, where to invest, or what
cryptocurrency to invest in,” said Ferreira.
“We have two goals. First, we want to simplify the cross-border
payment processes between African countries, by eliminating red tape and bulky transaction processes. We hope to see SAFCOIN become an
Africa-wide accepted form of payment that boosts trade between
countries.
“Second, we believe that everyone in Africa should have an opportunity to understand and trade with cryptocurrency, and we want to educate them
on the power of this alternative asset class and the opportunities it
creates. To this end, we will soon open call centres and walk-in centres in Kampala and Nigeria, where users can learn how to trade with SAFCOIN cryptocurrency, on the exclusive SAFCOIN Exchange and on local and international exchanges.”
He added , “From our experience in South Africa, these centres have been instrumental in helping people far beyond cryptocurrency. They’ve offered support with setting up email accounts, joining online banking for the first time, and accessing mobile applications, bringing more people into the digital economy.”
Jobs for Africa
These centres will also provide assistance with MobiJobs, AFRICA’S
FIRST BLOCKCHAIN-POWERED MICRO JOBS PLATFORM, aimed at connecting businesses and gig economy workers across Africa, for free.
MobiJobs enables start-ups and SMEs list jobs, search freelancer
profiles, and establish an online presence without set-up, hosting, or
development costs. It also lets freelancers market their skills, build their experience, and “buy” listed jobs, even if they don’t have a
bank account. There are no joining, account, or transaction fees, and
jobs are paid for in SAFCOIN , via the SAFPay payment gateway.
SAFPay aims to simplify and reduce the cost of e-commerce trading. It
provides an easy way for users to make online payments using SAFCOIN – for free. It also serves as a cheaper, easy alternative for micro traders and small businesses to trade online and access a larger, more dispersed market.
“For businesses, it means frictionless trading across borders. For individuals, it means being able to send money home without paying any transaction fees. Cryptocurrency has the potential to radically transform trade, and SAFCOIN is proud to be part of that revolution,” Ferreira maintained.
