Afribit: Bitcoin Circular Economy in Kenya

Description

Afribit is building a Bitcoin Circular Economy in Kibera, one of the world’s largest slums, home to over one million people in Nairobi, Kenya. Kibera is an unauthorized settlement where most residents live in extreme poverty, earning less than $2 a day. High unemployment and rampant crime make financial stability a challenge.

Afribit empowers the community through financial inclusion, merchant adoption, youth empowerment, and education. By leveraging Bitcoin and the Lightning Network, Afribit enables underserved communities to earn, save, and transact without traditional financial barriers. This initiative offers an alternative to unreliable local currency and costly remittance services.

What Problem is Afribit Solving?

Many Kibera dwellers face financial exclusion due to limited access to banking services, high transaction costs, and inflationary currency. Traditional financial system in Kenya often leave out the unbanked, making it difficult for the poor to participate in the global financial system.

Afribit addresses these challenges by creating a self-sustaining Bitcoin ecosystem that allows individuals and businesses to transact efficiently, earn income, and build wealth without dependence on traditional banking institutions. By integrating Bitcoin into everyday transactions, Afribit fosters financial autonomy and community-driven economic growth.

What Does Afribit Do?

Afribit empowers communities to redefine financial freedom through the following initiatives. Some of these are operational, while others are plans that are not yet being implemented.

Merchant Payments

Afribit enables business owners in Kibera to accept Bitcoin for goods and services, reducing reliance on volatile local currencies and high transaction fees associated with traditional payment methods. This increases financial stability and opens access to a broader customer base, including international buyers.

Recycling and Waste Management

Afribit introduces a circular economy model where youth and local residents earn Bitcoin by collecting and sorting recyclable waste. This initiative not only promotes environmental sustainability but also provides an additional income stream for the community.

Education and Skills Training

Afribit incentivizes participation in educational workshops with Bitcoin rewards. This approach encourages skill development in financial literacy, Bitcoin adoption, and entrepreneurial training, equipping individuals with tools to navigate the digital economy.

Work and Freelancing

Afribit supports community members in finding work opportunities where they can provide services and receive payments in Bitcoin. This creates new avenues for earning income while promoting Bitcoin as a viable medium of exchange.

Afribit Wallet

A wallet to provide users with secure Bitcoin storage and Lightning Network integration for savings and everyday transactions. The wallet will link to Afribit Rewards for earning loyalty points and connect to Afribit Exchange for Bitcoin purchases.

Afribit Exchange

A platform to convert fiat to Bitcoin and vice versa. The exchange will power Afribit Wallet with Bitcoin liquidity and enable collateral management.

Bitcoin Lending

Afribit will provide merchants in the slum with access to Bitcoin-backed loans for scaling businesses within the ecosystem.

Afribit Business Accelerator Program

The program offers merchants education on Bitcoin usage and business growth strategies through the Waste Management Pilot Project.

Bitcoin Circular Economies: Driving Financial Inclusion in Africa

Afribit’s initiative in Kibera is part of a broader movement of Bitcoin circular economies emerging across Africa. From Bitcoin Ekasi and Bitcoin Ubuntu in South Africa to Gorilla Sats in Uganda, these communities are driving grassroots Bitcoin adoption where traditional financial systems remain out of reach for many. By enabling financial inclusion, merchant adoption, and sustainable economic growth, these initiatives are playing a key role in pushing for Bitcoin adoption and hyperbitcoinization on the continent. As the number of Bitcoin circular economies continues to grow, they offer a viable alternative to unstable local currencies and restrictive banking systems, empowering millions with a decentralized, borderless financial future.