Skip to main content

Akon's Investment in Kenya


American Singer, Akon will be investing in Western Kenya through his sole-currency, Akoin. 

Akoin will be sole-currency of a multi-billion dollar city in Kenya 🇰🇪🇰🇪

Akoin, the cryptocurrency project created by global music star Akon, has secured a deal to become the main currency of the $2 billion technology city in Western Kenya 🇰🇪🇰🇪. The Mwale Medical and Technology City (MMTC) is home to over 35,000 people and thousands of businesses, all of which will be using Akon’s Stellar-based cryptocurrency, the company said in a press release shared with CryptoSlate.

Major Kenyan tech hub to use Akoin as the main currency
The grammy-award winning artist and producer Akon has secured a major deal for his cryptocurrency project Akoin which will make it the official currency of a burgeoning tech hub in Kenya.

During a speech at the BlockDown 2020 conference, Akon, who celebrated his 47th birthday today, said that the Akoin payment system will be able to compete with the already hugely popular mPesa. Unlike the Vodafone-owned mobile payment provider, there will be no transaction fees on the Akoin network in order to incentivize mass use. The only time when fees will be charged, though, will be when users withdraw their funds from the Akoin network.

Kenya is extremely well-positioned to adopt a payment system such as Akoin—the country has banned cash transactions to prevent the spread of the coronavirus and has a history of quickly adopting new technologies, especially those mobile-based.

“This strategic partnership with MMTC will give Akoin a dominant position to control the market of 400 million people in East and Central Africa, many of who rely on mobile digital transactions for their financial services.”

While only 85 percent of the Mwale Medical and Technology City has been completed to date, the entire development should be completed until the end of the year. Implementing Akoin to Mwale’s ambitious urban development is just the first step in the network’s overall strategy.

According to Akon and other company representatives, Akoin plans on capturing the market in the rest of Eastern Central Africa in phase 1 of its development. Phase 2, which is expected to be completed by 2025, will focus on capturing the Western African market.

https://www.google.com/amp/s/cryptoslate.com/stellar-xlm-based-akoin-will-be-sole-currency-of-a-multi-billion-dollar-city/amp/

Nb I don't have the copyright to the article. It is copied from Akon’s Facebook. 

Comments

Post a Comment

Popular posts from this blog

GOVERNOR WAIRIA VS PASTOR NG'ANG'A

3 comments
Read more

TOP FIVE PROJECTS THAT WILL MAKE HON. KWENYA THUKU RE-ELECTED

 In every political life , there is a score card that one presents to his of her voters for another chance in the office. while many people have failed to present a reasonable score card, Hon Kwenya Thuku still tops amongst all Kinangop Constituency contestants. below is a reason why.  1. KENYA MEDICAL TRAINING COLLEGE (KMTC KINANGOP CAMPUS) KMTC   For the first time , Kinangop constituency has a medical training institute. For many years, those seeking for a chance to join KMTC were forced to travel far and wide for their studies. Now with the new KMTC Kinangop Campus, this will be history.  2. KINANGOP TECHNICAL TRAINING INSTITUTE TTI   Now, truth be told, Hon Ngugi, purchased the land for the college, Hon KK, built the structure, Hon Kwenya thuku installed mechanical machinery, worth 100 millions. He also made the college a fully fledged institution with over 25 government paid Tutors. Now the college has more than 400 students. 3. TARMAC ROADS  also rea...
Post a Comment
Read more

NAKURU GIRL WITH A GOLDEN HEART

PHOTO COURTESY OF SARAH THEURI Being human is a benevolent virtual, its natural and a gift in a way or should I say Very Rare to find! The greatest person on earth is the one who helps those disadvantaged in the society. "Let us touch the dying, the poor, the lonely and the unwanted according to the graces we have received and let us not be ashamed or slow to do the humble work." Mother Teresa. PHOTO COURTESY OF SARAH THEURI PHOTO COURTESY OF SARAH THEURI Meet Tracy Akinyi, middle aged first month student   at Rift Valley Institute of Business Studies, who sacrificed her   cash and service to help a street and physically challenged, lady by doing her hair.     According to Tracy, it’s vocational and she does it regularly. Tracy hails from Siaya County, and now lives in Kaptembwa, Nakuru county  with her single mother. Her father passed on in 2012. She is the firstborn in a family of FIVE siblings. PHOTO COURTESY OF SARAH THEUR...
5 comments
Read more