Overcoming many obstacles in a shaken Kenya, we had an amazing launch today of the third community currency in Kenya! Kangemi-Pesa is also tradeable with Gatina-Pesa their neighboring community, who came out in force to support the program along with the area chief. These two community currencies are the beginning of a grassroots economic network of decentralize monetary systems.
The event was honored with students and teachers from 8 different schools in the area that will be accepting Kangemi-Pesa for school fees - helping to raise the salaries of local teachers by allowing parents to pay with their goods and services.
We are also on track to launch Lindi-Pesa in Kibera, and two more currencies in Mombasa this year! These programs would not be possible without Nyendo a German organization that works with local schools, LUSH who have helped sponsor our Nairobi programs and DOEN who are helping with our Mombasa programs. Chiemgauer and Regios from Germany also kindly helped with printing of the Kangemi-Pesa.
Community Currencies represent the foundation of what is rapidly becoming a global movement toward democratic and decentralised monetary systems. With immediate social and financial impacts, these currencies bypass the limitations of crypto-currencies and micro-finance, by enabling resilient markets across Africa.
Currently community currencies are now trading in areas effecting over 100,000 people with over 500 local businesses in Nairobi and Mombasa. Four more programs have already started this year in Kenya and two in South Africa via FlowAfrica which will put community currencies unlocking the trade potential of over 200,000 people by 2016. Each community currency so far can increase local trade in impoverished communities by as much as 100K EUR each year. Increasing trade in Africa by more than 10 Billion Dollars a year is not only possible but within our reach. Support for these programs has enabled communities to being to sustainably trade goods and services, raising standards of living and even allowing people to pay for school fees.