Dash is well-positioned to grow in Zimbabwe as a new interim president has been sworn in, heralding a possible end to the Mugabe era.
Zimbabwe has faced a hyperinflationary currency crisis under the several-decade rule of Robert Mugabe. Now that reign is at an end, as Mugabe has resigned following what appears to have been a military coup removing him from power. Now his former vice president Emerson Mnangagwa has been sworn in as interim president, and has made promises to improve his country’s economic situation.
KuvaCash’s aim to help solve Zimbabwe’s cash crisis
In order to provide some relief to the people of Zimbabwe, the KuvaCash project promises to help my introducing new easy gateways for the acquisition of Dash. According to Andreiko Kerdemelidis, finance and technology director of KuvaCash, the local economy currently runs clandestinely off of the US dollar, without much efficiency:
“The informal economy has U.S. dollars in circulation, but they are no longer being managed by banks and are physically quite dirty. People are scrubbing bills and hanging them up on clotheslines to dry, selling the cleaner bills at a 10-20% markup. The bonds the Zimbabwean government introduced in 2009 (pegged against the USD at a 1:1 exchange rate) are a stopgap measure, we don’t know what the long-term plan is for these notes but it is fair to say that Zimbabweans currently prefer USD bills to extant mobile-phone based payment solutions or bond notes. KuvaCash will give locals an ideal alternative to improve their ability to do business and buy everyday goods and services without hassle, overpaying on fees, and using secondary markets. The people of Zimbabwe deserve a far better solution and we plan to give it to them.”
The KuvaCash project aims to provide an easy way for Zimbabweans to exchange cash for Dash, as well as create a remittance system. Dash Core’s CEO Ryan Taylor sees Dash as a prime candidate to assist in solving the region’s currency problems:
“I have been advocating for quite some time the potential benefits Dash can provide to economies with less stable currencies, and Zimbabwe seems a prime location for these benefits. This project in particular is well-researched with value propositions, branding, and go-to-market strategies tailored to the local market. Combining the ideal network – Dash – with a well-considered strategy should lead to a high probability of success.”
Africa poised for strong Dash growth
A number of exciting projects have been coming to fruition in Africa for Dash. Presently, Dash teams operate in over five different African countries, including multiple in Nigeria and Ghana. Most notably in Ghana, the recently debuted DashDirect allows for direct private Dash donations to provide basic income to the region’s poorest, which they will then be able to use at a local storefront to pay for basic needs.