AFRO Foundation, a non-governmental organisation based in Geneva, Switzerland, has launched the first Pan-African cryptocurrency – the AFRO which is dedicated to growth and development in Africa.

With the numerous national currencies affecting trade and economy on the continent, the launch of AFRO provides a reliable, safe and secure solution suited to Africa’s development challenges.

The advances of blockchain technology has largely been responsible for the development of cryptocurrencies, which are now being actively used by millions of people around the world. With the widespread mobile payments in Africa, digital currencies represent a veritable revolution. Interest grows exponentially on the African continent for this new form of currency, which can be used to carry out secure, traceable and low-cost financial transactions.

The AFRO is the first cryptocurrency designed for Africa and dedicated to Africa’s economic growth and societal development. It is expected that AFRO will significantly lower transfer and transaction costs, facilitate trade exchange between African countries and regions, and contribute to the financial inclusion of individuals and African SMEs.

An amount of 750 billion AFRO was issued on 19th June 2018, correlated with Africa’s GDP and monetary stock, which symbolically equates to 600 AFRO per African inhabitant.