Kenya To Become First in Africa To Officially Adopt Mainstream Crypto Payments
Pilot scheme of Musician Akon’s Akoin Completed
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After a successful pilot phase since November 2020, Akoin is now set for a countrywide rollout in Kenya following months of testing.
Mwale Medical Technology City (MMTC), a smart city building out in Butere, Western Kenya, East Africa, has been the testing ground for the pilot phase of the project.
MMTC is building a 5,000-bed capacity hospital and was used to test payments using the Akoin cryprocurrency. According to Julius Mwale, the projects principal investor, the city has 35, 000 residents and 2, 000 merchants all who were targeted by the pilot.
The pilot tried to have residents make and accept payments using the cryptocurrency and then immediately convert Akoin into mobile airtime. The Akoin (AKN) cryptocurrency is described as a utility token that facilitates swapping of cryptocurrencies, fiat, and mobile credits.
Various reports indicate that the project is now loooking to deploy at a larger scale within the medical city, with projections that over $5 million in transaction value have already occured using $AKN tokens so far.
The Akoin team has indicated to news sources that by end of 2022, AKN will be accruing between $1.7 billion and $2 billion annual transactions volume.
The Akoin project looks to implement several uses for the currency:
- To have the coins accepted as salaries by residents and workers
- The currency to become transferrable through a P2P system
- To be used for mobile airtime top-ups
Following the first phase, the project is looking to expand Akoin use across Kenya.
Reports indicate that Akoin is expected to attend the launch event in Kenya in September 2020.
In April 2021, Akon announced plans to build another city in Uganda, East Africa, after meeting the country’s president, Yoweri Museveni.