Nigerian Archbishop Defends CoinMarketCap-Listed ZugaCoin After Scam Accusations

Here is a summary of M-PESA stats in H1 2022:

* $13.32 million disbursed daily on Fuliza
* $2.4 billion in total lent out on fuliza
* $166 million in total disbursed on M-Shwari pic.twitter.com/z2LPY6FpmM

— BitKE (@BitcoinKE) September 5, 2022

Fuliza, a micro-loan service offered on the M-PESA mobile money platform, sent out an average of $13.32 million daily in the first half of 2022.

In a similar period in 2021, the service lent out $10.9 million daily. According to local reports, over the first 6 months of 2022, Fuliza has sent out $2.4 billion to Kenyans in total.

Fuliza’s loan book is financed by local bank NCBA which is partnering with the mobile money giant to offer its platform that lets users send money, get loans, and make savings by relying on their mobile number accounts on a USSD platform.

According to the report in Kenya, the loan service, which is technically referred to as an overdraft facility, takes out 1.083% in interest, as well as an administrative fee that grows depending on the amount of transaction as well as regular transaction fees on M-PESA.

The two partnering entities, NCBA bank and M-PESA parent, Safaricom, have an agreement for sharing the funds.

For NCBA, the service has reportedly become a major source of income, and was responsible for 85.54% of all disbursements the bank made via digital platforms.

“Obviously given where the macros are we have continued to support our customers through this product.” – Chief Financial Officer, NCBA Group.

Besides Fuliza, NCBA also runs M-shwari in partnership with M-PESA in a much similar agreement, even though M-shwari offers larger loans.

In the last 6 months, NCBA digital loans totalled $2.8 billion, with 85.5% of these digital loans happening via both Fuliza and M-Shwari.

Here is a summary of M-PESA stats in H1 2022:

• $13.32 million disbursed daily on Fuliza
• $2.4 billion in total lent out on fuliza
• $166 million in total disbursed on M-Shwari

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Nigerian archbishop, Sam Zuga, who is the founder of the cryptocurrency called ZugaCoin, is defending the cryptocurrency after accusations that it was yet another crypto scam in Nigeria.

ZugaCoin, which is listed on the coin tracker, CoinMarketCap, is trading at $1.38 with a 24-hour trading volume of $12,700 at the time of writing.

From the description of ZugaCoin, the token aims to kickstart funding for Africa’s economy instead of a reliance on China:

“ZugaCoin is a unique brainchild that aims to rebuild Africa’s dying economy by becoming Africa’s first coin in equity and investment funding for Africa’s governments instead of China.” – ZugaCoin

The project also aims to assist people to get loans to start businesses:

“Starting a business in Africa can often be a gargantuan task, especially since the prospects of obtaining a loan are few and far between. We will give out loans to aid businesses and encourage investors.” – ZugaCoin

The project website indicates they have offices in 15 countries in Africa and 32 states in Nigeria, and they are achieving grassroots penetration.

Here is a Facebook video the project posted during a program in one of the cities in Nigeria:

Reports in Nigeria however indicate that traders and holders of ‘ZugaCoin cryptocurrency’ are unable to make withdrawals.

This is a common trend with crypto scams.

However, Sam Zuga has said ‘there is no problem with the Zuga ecosystem noting that the only problem is people’s ignorance of how the system was designed to work.’

You can see what he wrote here in a Facebook post where he also gives his thoughts and vision for the cryptocurrency and Africa’s financial system:

“There is a provision for withdrawal for both Merchants and the public withdrawal in the Samzuga ecosystem. Both of them can work at the same time effectively. The only challenge is lack of knowledge from the users.

Anyone can withdraw conveniently if the people that are withdrawing are less than the people who are depositing. No system can survive if what is going out is more than what is coming in.”

“I will soon give you the idea that will help you to achieve the withdrawal that you want. You need to do something to achieve something.” – Sam Zuga

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