Using crypto-currencies to boost intra-Africa trade

In a recent interview with CNBC Africa, Isaac Muthui, the founder and CEO of the cryptocurrency Nurucoin, highlighted how the unique selling proposition of their crypto-currency is its African roots. Muthui emphasized that Nurucoin has been crafted by Africans, for Africa, with a deep understanding of the continent's specific challenges and needs, particularly in the realm of boosting intra-Africa trade. One of the key pain points that Nurucoin aims to address is the lack of trust and reputability in online transactions within Africa. Muthui pointed out that while Africa trades internally at a mere 11%, the rest of the world accounts for a whopping 66% of Africa's trade. This significant discrepancy is largely attributed to the inherent mistrust and uncertainty prevalent in African online commerce. The Nurucoin platform incorporates smart contracts to establish a system of trust and reputation among buyers and sellers. By allowing both parties to review each other post-transaction, Nurucoin aims to foster a sense of security and transparency in intra-Africa trade. Moreover, the utilization of smart contracts ensures timely execution of agreements, thereby minimizing delays and disputes in payments and deliveries. Muthui further underscored the severe delays in cross-border payments across Africa, which can extend up to 15 days, hindering the efficiency of trade and supply chains. By leveraging Nurucoin's token system, users can swiftly convert their funds into a stable African currency, facilitating instantaneous transactions between countries. This streamlined process not only accelerates trade but also mitigates the profound volatility associated with Africa's native currencies, such as in Zimbabwe or the Democratic Republic of Congo. In contrast to carrying bags of unstable currency, Nurucoin enables seamless and secure transfers of funds, enhancing the fluidity of intra-Africa commerce. Addressing concerns about accessibility, Muthui recognized Africa's burgeoning mobile penetration rates as a pivotal factor in ensuring widespread adoption of Nurucoin. The Nuru application has been designed to be user-friendly and intuitive, catering to both tech-savvy individuals and those new to digital currencies. With a vision for the future, Muthui expressed his aspirations for Nurucoin to revolutionize the landscape of African business over the next decade. He articulated a goal of increasing intra-Africa trade from its current 11% to surpassing 50%, envisioning a paradigm shift where African countries rely more on regional trade for their goods and commodities. By facilitating seamless transactions and fostering trust among traders, Nurucoin aims to catalyze economic growth and prosperity across Africa, reshaping the way business is conducted on the continent.