VOA interviewed a user of the Sarafu Credit community currency and how they use the currency to purchase basic essentials in order to survive the harsh economic conditions brought on by Covid-19.
Home to at least 80,000 people, Mukuru-Kayaba is one of the more-populated slums in Nairobi, and the currency initiative, being supported by the Kenya Red Cross, is signing up about 500 people every day.
Upon signup, residents are awarded 400 Saraful tokens. One Sarafu token is equivalent to one Kenya Shilling.
There are about 100 stores within the Mukuru-Kayaba area which currently accept and do about USD $10,000 worth of business each day using Sarafu.
The Sarafu Credit is a practical real use case of blockchain-based cryptocurrencies and how they can be used to solve real-world problems in emerging markets like Africa.
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