EWealthAtlantic, a Nigerian firm that specialises in providing blockchain technology and digital currency educational services, has introduced a new digital-currency called CoinForAll. The currency is primarily designed for consumers of petroleum and natural gas products in Africa and developing countries in the world.
Information released by the firm showed that arrangements have been concluded for the initial offering of the coin to interested individuals and corporate bodies later in the month.
The Chief Executive Officer, eWealthAtlantic, Miss Faith Titus, said the idea behind CFA was to offer savings to consumers of oil and gas products across the developing world that commit a lot of their financial resources towards meeting their energy needs. The coin, she added, would benefit users of petroleum products users in countries like Nigeria, DRC Congo, Uganda and other Sub Saharan Africa countries, where electricity deficit is very high.
“CFA’s aim is to offer a payment solution to purchasing petroleum/gas products and make financial access more affordable and available to locals by providing a digital decentralized payment system.
“CFA is a utility coin built on its own blockchain based on Bitcoin core, developed with the specific purpose of usage by Africa’s 1.2billion petrol users and to help further advance the field of crypto-currency in Africa,” she stated.
According to her, CFA’s innovations in digital identity, peer-to-peer commerce without middlemen and very little overhead comes with the potential for incredible financial inclusion for the world’s poorest citizens to gain access to electricity at reduced cost.
Titus stated that the expected savings from the use of the coin would lift billions out of poverty and “also from the jaws of the high-interest charging loan sharks by including them in the 21st-century digital financial system.”
She added that the utility value of CFA would also be enjoyed by organisations that have a large fleet of vehicles, logistics firms and those in the transportation business generally as it will grant them the dual benefits of cost reduction and return on investment.
The CFA, according to her, is a decentralized platform with a payment token that gives customers control of their finances, providing a secured network over transactions on blockchain with several petrol and gas station partners targeted across Africa to accept CFA for payment.
The company’s vision, she revealed, was to focus on Africa and be the leading and preferred choice of digital utility currency in Africa, with the main focus of providing financial inclusion for the world’s poorest citizens at a low price for power generation.