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Old foe, New strategy: A bold approach to Africa’s inflation woes 

NM Partners by NM Partners
August 29, 2024
in Companies, Corporate Updates
Old foe, New strategy: A bold approach to Africa’s inflation woes 
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  • Stablecoins offer a promising solution to Africa’s inflation crisis. Finna Protocol is pioneering this approach, allowing users to leverage stablecoins for everyday transactions and collateralized loans, potentially revolutionizing financial stability across the continent. 

 For Africans, the narrative of economic struggle has become painfully familiar. Rampant inflation, weakening currencies, and scarce financial safeguards have been the backdrop of daily life for years.

Yet, this familiarity does nothing to soften the blow.

Millions still grapple with the relentless task of preserving wealth and securing their financial future, a stark reminder that the repetition of a problem doesn’t make it any easier to solve. 

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Looking at the most recent data, at least 24 African countries currently have an annual inflation rate higher than 5%, which is generally considered the threshold for high inflation. In 14 of those 24 countries, the rate is higher than 10%. In Nigeria, for instance,  where the average annual inflation rate currently stands over 20%, both purchasing power and savings are significantly impacted. Similar stories unfold in countries like Zimbabwe, Ghana, and Sudan, where citizens watch helplessly as their hard-earned money loses value by the day. 

Traditional financial systems have proved incapable of providing adequate solutions to these challenges. The most obvious solution, savings, treasury bills and bonds, all considered low-risk investments, typically underperform the inflation rate. 

Enter stablecoins — digital assets designed to maintain a stable value by pegging to low-inflation currencies and reserve assets like the U.S. Dollar, Euros, and Gold. These cryptocurrencies offer a solution to the inflation problem by providing Africans with a store of value resistant to local economic uncertainties. 

 However, the mere existence of stablecoins isn’t enough. For these digital assets to truly make a difference, they need to be integrated into everyday financial activities. This is where innovative fintech solutions come into play. 

 Finna Protocol, an upstart in Africa’s fintech scene, is tackling this challenge head-on. By building an inflation-resistant ecosystem powered by stablecoins, Finna is working to unlock financial freedom and resilience for Africans. 

The company’s suite of products makes stablecoins not just accessible, but genuinely useful for everyday transactions. Users can easily swap between different stablecoins, send them to USD bank accounts, and even use them as collateral for fiat loans in their local currencies. 

This last feature is particularly inventive. By allowing users to collateralize their stablecoins for loans in local currencies like the naira, Finna offers individuals a way to benefit from the stability of dollar-pegged assets while still meeting their day-to-day financial needs in local currency. 

The possibilities that stablecoin-collateralized naira loans bring are significant, especially considering the de-dollarization push by many African economies. It offers a way for Africans to shield their savings from inflation without completely disconnecting from local economies. 

Early signs have been positive. Despite being relatively new in the market, Finna Protocol has already processed over $1.5 million in transactions, transaction volumes, and users growing steadily monthly. 

The company’s thoughtful approach hasn’t gone unnoticed in the broader crypto community either. Recent backing from established players in the space including Celo — a mobile-first blockchain network and the issuer of the second largest stablecoin in terms of on-chain daily active users (DAU) — suggests growing confidence in the potential of stablecoin-powered solutions to address real-world financial challenges in Africa. 

Still, the road ahead is long, and challenges remain. Regulatory hurdles, technological adoption, and entrenched financial habits all present uncertainties. However, the potential rewards — financial stability, economic empowerment, and increased resilience against local economic shocks — make the adventure worthwhile. 


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Tags: Finna Protocol
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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