Sam Zuga, the founder of the cryptocurrency,ZugaCoin has refuted allegations that the cryptocurrency was operating a scam in Nigeria.

ZugaCoin was founded to become Africa’s first coin in equity and investment funding for Africa’s governments instead of China.

The token, which operates its offices across 15 countries in Africa also aimed to support the growth of small businesses.

In a Facebook post, Zuga allayed fears that the firm had scammed Nigerians of their fortunes.

‘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.

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 the 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.

I will soon give you the idea that will help you to achieve the withdrawal that you want. You need to do something to achieve something.” he said.

ZugaCoin has also become prominent for its idea of supporting businesses with loans.

According to the firm, over 1000 Merchants have been registered with the platform.

“Over 1000 Merchants have been registered with the platform. The first ever cryptocurrency trade fair in the history of cryptocurrency in the world has been organized successfully across Nigeria. ZUGACOIN was exchanged with goods and services, very soon, Merchants would be allowed to start accepting ZUGACOIN in their business places as many have been requesting.”Zuga said.

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