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Catalyzing worker co-ops & the solidarity economy

Community Currency Use Increases During Covid Crisis

[W]hat has been truly astounding has been the uptake due to COVID-19. In the past we have seen that CIC [community inclusion currency] usage goes up when National Currency is lacking but never to the extent it has now.

There has been a huge increase in usage since COVID-19 and specifically in Mukuru, Kayaba where we started working with Red Cross on April 6th (roughly a month ago) we have seen 95.6K USD worth of transactions on the network with 22,702 transactions via 2,588 users to which 12.7k CIC tokens have been distributed.

2.78K USD of donor funds have been used via Mpesa (1:1 with National Currency) to purchase back these vouchers from chamas (savings groups). Comparing transaction volume to to donor aid for Kayaba we see 34x the amount of volume compared to injected donor funds.

Read the rest at Grassroots Economics

 

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