A Nigerian blockchain technology and digital currency firm, eWealthAtlantic, has introduced a new digital currency, called CoinForAll.
The firm said in a statement that the currency was primarily designed for consumers of petroleum and natural gas products in Africa and developing countries in the world.
It said arrangements had been concluded for the initial offering of the coin to interested individuals and corporate bodies later in the month.
The Chief Executive Officer, eWealthAtlantic, Faith Titus, said the idea behind the CFA was to offer savings to “consumers of oil and gas products across the developing world that commit a lot of their financial resources towards meeting their energy needs.”
She stated that the coin would benefit users of petroleum products in countries like Nigeria, DRC Congo, Uganda and other sub-Saharan African countries, with high electricity deficit.
According to her, the CFA’s innovations in digital identity, peer-to-peer commerce without middlemen and very little overhead come with the potential for incredible financial inclusion for the world’s poorest citizens to gain access to electricity at a reduced cost.
She said, “CFA’s aim is to offer a payment solution to purchasing petroleum/gas products and make financial access more affordable and available to locals by providing a digital decentralised payment system.
“The CFA is a utility coin built on its own blockchain based on bitcoin core, developed with specific purpose of usage by Africa’s 1.2 billion petrol users and to help further advance the field of cryptocurrency in Africa.”
Titus said the expected savings from the use of the coin would lift billions out of poverty and from “the jaws of the high-interest-charging loan sharks” by including them in the 21st-century digital financial system.
She stated that the utility value of the CFA would also be enjoyed by organisations with large fleet of vehicles; logistics firms, and those in the transportation business generally, as it would grant them the dual benefits of cost reduction and return on investment.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.