Announcing NairaCoin A new era of Stable Backed Currency

Flourish Blockchain Software Solutions and Tech Limited . A company incorporated under the Federal republic of Nigeria has announced its plans to develop a Stable Backed Cryptocurrency backed to Nigerian Naira. This plans is aligned with the company’s vision of driving blockchain products for mass adoption. Cryptocurrency is widely known in Nigeria and most developing economies. Nigeria being the 7th largest trader of cryptocurrency worldwide despite the recession the country has suffered in the last three years. Few countries experiencing economic crises have found solace in cryptocurrency to survive hard times. Example is the case of Venezuela where the rate of inflation has skyrocketed more than 1000% since 2017.

At NairaCoin we believe that there is no better time to have a Naira-backed stable coin since the advantages of cryptocurrency has been made evident given the Venezuelan case study. The case was similar in Nigerian context during the few years of recession as many who had knowledge of bitcoin were able to save part of their income in Bitcoin which experienced a rapid rise within that period. However, very few were able to take advantage of the opportunity as the basic arithmetic to understand conversion procedures elude most citizens.

Apart from the ability to have instant access to one’s money whenever and wherever , Nairacoin focuses on development of merchant tools for the region. Nairacoin unveils in its whitepaper and its plans to roll out MPOS software for merchants, Ability to receive money through email and text messages, free transaction within wallets, gift-carding program, low redemption fees and ZERO interest loans for merchants.

SMEs faces a lot of challenges which include lack of credible data to get loans for expansion which leads to death of over 80 percent of new businesses within their first year of operations. NairaCoin inventory and accounting software is about to change that forever. Small and Medium businesses will now have access to all these tools FREE of costs as they embrace the NairaCoin platform. These inventory of check and balances will be part of collateral required to access Naircoin Zero interest loans. POS machines has been one of the innovative technology embraced by merchants with about 170,000 POS machines spread nationwide and transaction averaging between $400m and $500m monthly. its challenges cannot be overemphasized. Merchants like Large supermarkets who implement POS payment systems have complained of poor network, heavy chargebacks and technical malfunctioning as some of the challenges experienced while many SMEs could not accept POS due to cost of purchasing one and high transaction fees.

With over 20 million SMEs spread across the country facing similar difficulty. We believe the market is ripe for mass cryptocurrency adoption in the country. Apart from the fact that NairaCoin would be traded globally against major world currency such as the USD, giving diasporas, importers and exporters instant access to foreign exchange; international remittance and redemption with cheapest cost. We are creating the environment for true digitization of the fiat currency, seamless transaction experience, financial inclusion for the unbanked and equal opportunities for all. Wouldn’t you rather achieve your dreams with us?

Official Links:

Related posts:

Gmail is a great way for you to stay in touch with your friends and family. You can send and receive emails, chat, and manage your contacts. However, this is not without its flaws. Sometimes, people…

Our goal is a simple one — to share our story and make new friends as we learn to live and love like Jesus. This mini-series of Medium articles is a whirlwind introduction to Agile Life. It’s an…

Why you want to buy a house or get married is mostly because you are instructed subconsciously. Our brains are wired to react (and normally do) to what media, government, religious institutions…