Nigerian archbishop, Sam Zuga, who is the founder of the cryptocurrency called ZugaCoin, is defending the cryptocurrency after accusations that it was yet another crypto scam in Nigeria.
ZugaCoin, which is listed on the coin tracker, CoinMarketCap, is trading at $1.38 with a 24-hour trading volume of $12,700 at the time of writing.
From the description of ZugaCoin, the token aims to kickstart funding for Africa’s economy instead of a reliance on China:
“ZugaCoin is a unique brainchild that aims to rebuild Africa’s dying economy by becoming Africa’s first coin in equity and investment funding for Africa’s governments instead of China.” – ZugaCoin
The project also aims to assist people to get loans to start businesses:
“Starting a business in Africa can often be a gargantuan task, especially since the prospects of obtaining a loan are few and far between. We will give out loans to aid businesses and encourage investors.” – ZugaCoin
The project website indicates they have offices in 15 countries in Africa and 32 states in Nigeria, and they are achieving grassroots penetration.
Here is a Facebook video the project posted during a program in one of the cities in Nigeria:
Reports in Nigeria however indicate that traders and holders of ‘ZugaCoin cryptocurrency’ are unable to make withdrawals.
This is a common trend with crypto scams.
However, Sam Zuga has said ‘there is no problem with the Zuga ecosystem noting that the only problem is people’s ignorance of how the system was designed to work.’
You can see what he wrote here in a Facebook post where he also gives his thoughts and vision for the cryptocurrency and Africa’s financial system:
“There is a provision for withdrawal for both Merchants and the public withdrawal in the Samzuga ecosystem. Both of them can work at the same time effectively. The only challenge is lack of knowledge from the users.
Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in.”