It is no longer news that Africa is coming up as a cryptocurrency frontier, topping peer-to-peer (P2P) payment in terms of transaction volume across all regions.
Binging on the revolutionary blockchain technology’s ability to multiple opportunities and instill transactional trust, making a new Africa possible. The continent’s low banking rate and high mobile phone subscriptions make it the perfect place to implement these new digital currencies.
We had a chance to learn and share with Eric Osuorah (Nigeria), Founder and CEO of AFOMA a Next generation commerce catalyst and Social Impact Driver , leveraging emerging technologies including Blockchain and AI, to create new marketplaces that provide fair market access and the establishment of trust.
Through AFOMA , He is creating a decentralized ecosystem that offers incentives, a crypto wallet, a marketplace, NFTs, and a humanitarian coalition.
What is AFOMA and what inspired the project – The journey so far.
AFOMA which means “Goodwill” in the Igbo language (fun fact) is a blockchain technology company. We will leverage a digital asset utility token designed and built to drive a social impact ecosystem with a focus on promoting marginalized artists and artisans across the globe. AFOMA was inspired through the humanitarian efforts I am doing through my not-for-profit organization, AZONETA. I wanted to be creative in finding ways to support humanitarian efforts across Africa and the rest of the globe. So, building a social enterprise was the idea of choice for what AFOMA should represent.
What has the experience been like for AFOMA especially as it concerns cryptocurrency adoption and blockchain based transaction / incentives ?
The AFOMA Utility Token has not been listed yet. We are looking at a public sale sometime around 1st or 2nd quarter of next year.
However, we are seeing a lot of excitement from the cryptocurrency, blockchain and social impact communities about our project. So, we hope to build on this excitement into our public sale.
Are they any regulatory blockers – How can we as stakeholders begin to drive meaningful regulatory conversations to shape policies in the Crypto – DeFi space.
Regulation is important. And I encourage this for the purpose of protecting crypto investors from scam projects. However, in saying this, we must strike a balance between regulation and the need for innovation. At AFOMA, we understand the need for regulation and compliance as this enhances trust. Trust is one of our core values at AFOMA.
As we start to see more applications of crypto in real world use cases, I believe it will start to change the narrative in the hopes of seeing the positives in its adoption which will possibly lead to meaningful conversations around cryptocurrency regulations.
Stakeholders need to continue engaging regulators. We need to look at these engagements from a partnership perspective. Both parties need to continue to show the values they bring to the table and what’s at stake regarding policies that limit innovation. In the case of stakeholder, we must emphasize and drive towards innovation using crypto, and in addition, we must understand that regulations are key to protect our investors (accredited and retail investors). This is very important.
What is your team size at AFOMA how has it grown over the months, what is AFOMA current user base
Over the past few months, our team has grown to a size of 12 exceptional individuals that provide a specific skillset to our project. We have individuals that bring experience around blockchain, artificial intelligence, business, marketing, social media management, e-commerce, cloud devops and full stack development.
Our user base continues to grow significantly as we are seeing a lot of excitement about our vision at AFOMA.
What is the Tokenization process for artisans and how does is resonate with UN SDGs
The AFOMA Token ($OMA) is key towards our vision at AFOMA. On our e-commerce marketplace (SELLITIC), we will be leveraging the OMA token as a utility token to reward our artisans for delivering key requirements which will be determined leveraging artificial intelligence and smart contracts.
In addition, we will be donating a percentage of our revenue towards supporting UN SDG goals such as poverty alleviation and advancing quality education just to name a few.
Is AFOMA Africa focused or are they prospects of positioning AFOMA globally. If the goal is to be global, what should we look out for?
AFOMA is a global organization. However, our vision is to be inclusive, which means our business model is driven to lift developing nations. Through our ecosystems, starting with our decentralized e-commerce marketplace is to allow artisans and artists from marginalized regions to partake in the global economy. Our platform, in fact, our entire ecosystem will be driven by this reason alone. We want to tap into the potential that the marginalized have to offer and we will achieve this through collaboration and cooperation which will be enabled by AFOMA.
Keep an eye out for events or updates across our social media channels for AFOMA and SELLITIC (our e-commerce marketplace).
What are your thoughts on the future of Crypto related projects in Africa, do you see a continuous upward spike in adoption and what are the likely key drivers.
The future is bright. Nigeria is ranked high in the adoption of cryptocurrency. However, to enhance this momentum, governments across Africa need to put aside policies that hinder innovation leveraging the adoption of crypto. I must point out, one of the driving factors or influencers for the adoption of cryptocurrency in Africa especially in my home country Nigeria, is poverty. We need to leverage or apply cryptocurrency towards social impacting projects and that is what AFOMA and its ecosystem is designed to achieve.
As we continue to rethink and disrupt the current financial order so that it can proactively tackle the challenges of the digital era. Africa’s youth are what’s called a “leapfrog population.” They skipped landlines and computers, and went straight to mobile phones and mobile payments.
They have big ideas. And crypto is the foundation for those amazing ideas to manifest. Decentralization and cryptocurrency will allow for a new financial framework to develop on the continent, empowering entrepreneurs to build and execute their businesses digitally across borders.