A Kenyan-based startup, Nuzo has developed a Blockchain-powered initiative that allows small and medium enterprises (SMEs) to buy and sell their goods online.
In turn, the users will be able to earn Nuzo coins, which can be used to buy airtime and goods.
The new financial benefit for users increases as more transactions is made with Nuzo coin.
Nuzo also allows users to swap their coins with other crypto tokens.
The token also promises a 90 percent reduction in transaction fees for customers when customers send money to friends, family, and businesses.
Commenting on the development, the Founder of Nuzo, Charles Nichols said that the emergence of Blockchain tokens now allows the community to participate in the ownership and governance of such platforms.
By allowing users to participate in the ownership and governance of such e-commerce platforms, the fourth of e-commerce will be accelerated, Nichols said.
“We believe that including the community in ownership and governance of digital platforms is the best way to unlock the true potential of digital commerce in Africa,
“We have seen firsthand at Nuzo that by including our community in ownership, we have been able to build a popular marketplace that is growing very rapidly. The high engagement of the Nuzo Community enables us to create new marketing opportunities for businesses that can’t be found anywhere else,” he stated.
In essence, Nuzo Coins are like cash, but their value appreciates rather than depreciates like many African currencies affected by high rates of currency devaluation and inflation.