Updated: Apr 19, 2020
In the last few weeks we have seen the largest usage of community currencies we have ever, reaching near 7k USD traded daily among thousands of people living below the poverty line in rural villages and urban settlements. We are proud to be part of supporting and spreading these open source solutions as far as possible.
In 30 days we have seen that by injecting a medium of exchange in the form of CICs nearly 100,000 USD have been traded (with over 1,600 daily transactions on the xDAI blockchain) among vulnerable communities at a cost of 8k USD in National Currency - this is roughly 12x the impact of typical donor funds and we expect to see it grow.
CIC pilots - Nairobi, Mombasa, Kwale and Kilifi Total CICs distributed ( and in circulation): 6,369,254 (Kenyan Shillings equivalent) Total Recipients (All time): 14,756 (each receive roughly 400 CICs + weekly support) CIC totals: New Recipients (30 Days): 3,283 New Recipients (7 Days): 1,273 Trade volume (30 days): 9,544,439 Trade volume (7 days): 2,861,829 Active Users (30 days): 5,981 Transactions (30 days): 22,082 Mpesa distributed (30 days): 830,915 Ksh
Anyone with a sim card can be a CIC recipient of an initial 400 tokens which can be used with other users and supporting businesses. Users receive addition CICs daily based on their usage. Savings groups receive donations in Mpesa (national currency) based on their CIC usage.
CIC circulation keeps supply chains running so that communities can do as much as possible to support each other when there is not enough money, food, soap, water and so on.
CIC totals: (Mukuru, Kayaba) Mukuru is one of the largest informal settlements in Nairobi and where the Red Cross have taken a leading role in pilotting CICs. CICs in circulation (Mukuru): 340,426 Total Recipients (Mukuru): 762 New Recipients (30 Days) (Mukuru): 398 Trade volume (30 days) (Mukuru): 1,669,884 Active Users (30 days) (Mukuru): 477 Transactions (30 days) (Mukuru): 3,461 Mpesa distributed (30 days) (Mukuru): 109,814 Ksh Mukuru Trade Volume by category (30 days): Food/Water: 669,981 Shop: 504,720 Savings Group: 328,761 Farming/Labour: 129,791 Education: 18,650 Fuel/Energy: 12,085 Transport: 8,630 Environment: 6,700 Health: 2,220
We are so thankful to all the people and teams working on Community Inclusion Currencies:
Red Cross: Implementation and scaling
Commons Stack: Guidance
Bancor: Open source blockchain contracts
Sempo: Open source trading platform