A Nigerian blockchain and digital currency firm, EWealthAtlantic, has unveiled its new digital-currency, CoinForAll (CFAcoin) designed to serve the users of petroleum and natural gas in Sub-Saharan Africa.
The CFAcoin is a decentralized platform/digital utility currency with a payment token that gives customers control of their finances, providing a secured network over transactions on blockchain with many petrol and gas station partners targeted across Africa to accept CFA for payment.
Designed for the purchase of petroleum/natural gas products in Sub-Sahara Africa, the CFAcoin aims to foster digital inclusion and innovation in Africa, by offering a payment solution to customers purchasing petroleum/gas products in marginalized sections of society to gain access to petroleum/ gas products at comparably lower prices through a digital decentralized payment system.
This would benefit users of petroleum products users in countries like Nigeria, DRC Congo, Uganda and other Sub Saharan Africa countries, where access to electricity is very poor. Hence creating a platform for small businesses to grow.
According to its roadmap, the initial offering of the coin will be to interested individuals and corporate bodies later in this quarter. The coin sale, according to its website, would be used to increase the adoption of the digital currency as well as raise funds for the proper development of the coin’s ecosystem.
Once the payment is made and confirmed, the CFAcoins would be distributed immediately and investors would have a choice to choose whether to store the Investors during the ICO may choose to store their coins on the CFA coins on the online wallet or the downloadable desktop wallet (although both are linked).
With the Tumble in Cryptocurrencies, Would this Work?
The biggest challenges of launching a digital currency in Africa are mainly accessibility and trust. Different African countries having different access to technology, and even with the high penetration of cell phones, what many of the marginalized sections of the society have are still feature phones, which may not be able to access the digital/online wallets. Also, this is Africa where there is a shady public perception of cryptocurrencies and as such most people are still cautious about using digital currency because they are used to being able to see and touch their money.
It would really be nice to see how CFAcoin plans achieve its potential of having an incredible financial inclusion for the continents’s poorest citizens to gain access to electricity at a reduced cost.
Currently, CFA, has four partnered petrol and gas stations in Nigeria with these retailers agreeing to accept the CFA coin as a method of payment for the purchase of petroleum/gas products. The company is still working on further partnerships in other Sub-Saharan African countries such as Ghana, South Africa, Uganda, Angola, and Kenya.
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