Africa's unbanked population now have a reason to smile as the Umoja coin officially starts trading today, January 8th 2024.

Created and launched in the East Africa nation of Tanzania in 2021, Umoja coin seeks to eliminate financial obstacles and uniting Africans, it mainly targets the unbanked African population.

According to the World Bank, 66% of adults in Nigeria, 57% in Kenya, and 50% in Tanzania are unbanked. This leaves millions unable to access credit, save securely, or participate fully in global trade.

Umoja Coin leverages the Polygon blockchain to address the unique financial challenges faced by Africa’s unbanked population.

Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly Apps with low transaction fees without ever sacrificing on security. Polygon is a crypto asset that can provide opportunities for crypto investors to earn significant profits.

Unlike traditional banking systems, Umoja Coin offers transparency, low transaction costs, and decentralized accessibility. Transactions are recorded immutably on the blockchain, eliminating the need for collateral or formal credit records.

"There have been concerns about the safety of the mobile applications in cryptocurrency, but ours which is Meta Mask is very secured, so much security measures have been invested in it, this app is your wallet so that's the need for enhanced security. No one can manipulate this application" said Paul Oloo, Umoja coin Chief marketing officer.

Adding " Once you see a coin store in the market, like ours, alot has gone through to ensure it's safety. there has been alot of auditing conducted so let no one have doubt about it."

Umoja Coin’s blockchain-based solution not only lowers barriers but also aligns with Africa’s growing digital economy. By leveraging the Polygon blockchain, the platform ensures transactions are fast, secure, and cost-effective.

"We are also looking at coming up with business models to support farmers across Africa who want to purchase things like fertilizers from abroad." said Oloo

"Our starting prize for trading and transacting starts at 0.75 US dollars."

 John Mwangi, a Kenyan electronics dealer in Nairobi’s bustling Gikomba Market the introduction of Umoja coin has reshaped his business and live.

For years, John Mwangi struggled to import affordable electronics from his Chinese suppliers.

“The bank charges on international transfers were eating into my profits,” he explains. “And then there’s the delay—sometimes the money takes days to reflect. By the time it arrives, the exchange rate might have shifted.”

His sentiments are echoed by  Fatima Adebayo, a Nigerian entrepreneur who recently relocated to Tanzania to expand her fabric business.

Fatima’s vibrant textiles attract customers from across the region, but behind her colorful stall lies a story of frustration and ingenuity—one that’s shared by millions of entrepreneurs across sub-Saharan Africa.

Fatima, like 57% of adults in sub-Saharan Africa, is unbanked. Traditional banking systems, riddled with high fees, rigid collateral requirements, and lack of accessibility, have long hindered small businesses like hers.

“Banks look at me like I’m invisible,” Fatima says. “I don’t have formal records or property to use as collateral, so I’m always turned away when I ask for credit.”