Blockchain Firms Join to Loan $10 Million in Crypto to Sub-Saharan Farmers
- The loans are intended to help farmers purchase supplies that will maximize their agricultural output.

The loans are reportedly the first initiative in a series of projects that will target the development of the sub-Saharan agricultural commodity market.
50,000 small farmers spread across Uganda, South Africa, the Republic of Congo, Malawi, Zambia, and Zimbabwe will receive loans, which are intended to assist in the purchase of fertilizer. If all goes according to plan, the fertilizer will allow farmers to maximize their outputs; at the same time, the partnership will provide blockchain-based tools to track their commodities.
Chris Cleverly, CEO of Block Commodities Ltd., believes that the initiative is “a giant step in the right direction to tackle and solve the financial inclusion problem that impacts half the world’s population,” adding that blockchain technology presented the opportunity for a “potential reset for finance in Africa.”
Can Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term reduce global poverty? Find out from Wala CEO @TriciaTita https://t.co/bQD4xJnEOE #cryptocurrency #blockchain #ethereum #poverty #UnitedNations #BehavioralEconomics #incentives #EmergingMarkets #bitcoin #ico #Token #TokenSale
— Wala (@GetWala) December 7, 2017
This partnership is only the latest for Wala, which has made an effort to develop services for independent merchants and small businesses in the past. Wala has already partnered with two platforms for small business owners across Africa: mobile point-of-sale service Mvendr and e-commerce management platform Spazapp.
Both of these partnerships that have allowed Wala users the opportunity to cash in and out with Dala tokens at more than 100,000 merchants across the continent.
A revolution for the unbanked
The innovations and digital payment and financial storage solutions have been making waves around the globe, but their impact is perhaps the most powerful in places like rural Africa - parts of the world with extremely limited financial infrastructure.
In a piece for CoinTelegraph, writer Darryn Pollock described what he calls crypto’s ability to “leapfrog” Africa into the future. The “leapfrog” phenomenon is demonstrated with the evolution of the telecom industry in Africa; the infrastructure necessary to support landline telephones simply never reached much of the continent. However, many of the same areas that were inaccessible for landlines now support an abundance of mobile telephone services.
In the same way, traditional brick-and-mortar banks as they exist in European and North America are unsuited to large portions of Africa. There are large swaths of that simply don’t have the transportation and building infrastructure to sustain banks the way that people in the ‘western’ world think of them. However, mobile banking solutions and other mobile financial services (like cryptocurrency wallets and exchanges) are expanding at unprecedented rates.
As some African countries have descended into financial crises, some residents have also turned to Bitcoin or other cryptocurrencies as a safe haven for their savings.
In any case, the African cryptocurrency market is full of opportunities for entrepreneurs as well as users. Wala CEO and Founder Tricia Martinez said that “in agriculture, retail, enterprise and other industries, partnerships like these are helping us move consumers throughout Africa closer to financial prosperity, eliminating the traditional gap between consumers and financial service providers.”
The loans are reportedly the first initiative in a series of projects that will target the development of the sub-Saharan agricultural commodity market.
50,000 small farmers spread across Uganda, South Africa, the Republic of Congo, Malawi, Zambia, and Zimbabwe will receive loans, which are intended to assist in the purchase of fertilizer. If all goes according to plan, the fertilizer will allow farmers to maximize their outputs; at the same time, the partnership will provide blockchain-based tools to track their commodities.
Chris Cleverly, CEO of Block Commodities Ltd., believes that the initiative is “a giant step in the right direction to tackle and solve the financial inclusion problem that impacts half the world’s population,” adding that blockchain technology presented the opportunity for a “potential reset for finance in Africa.”
Can Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the networks which are used to authenticate blockchain technology. Cryptocurrencies can be thought of as systems that accept online payments which are denoted as “tokens.” Tokens are represented as internal ledger entries in blockchain technology while the term crypto is used to depict cryptographic methods and encryption algorithms such as public-private key pairs, various hashing functions, and an elliptical curve. Every cryptocurrency transaction that occurs is logged in a web-based ledger with blockchain technology.These then must be approved by a disparate network of individual nodes (computers that maintain a copy of the ledger). For every new block generated, the block must first be authenticated and confirmed ‘approved’ by each node, which makes forging the transactional history of cryptocurrencies nearly impossible. The World’s First CryptoBitcoin became the first blockchain-based cryptocurrency and to this day is still the most demanded cryptocurrency and the most valued. Bitcoin still contributes the majority of the overall cryptocurrency market volume, though several other cryptos have grown in popularity in recent years.Indeed, out of the wake of Bitcoin, iterations of Bitcoin became prevalent which resulted in a multitude of newly created or cloned cryptocurrencies. Contending cryptocurrencies that emerged after Bitcoin’s success is referred to as ‘altcoins’ and they refer to cryptocurrencies such as Bitcoin, Peercoin, Namecoin, Ethereum, Ripple, Stellar, and Dash. Cryptocurrencies promise a wide range of technological innovations that have yet to be structured into being. Simplified payments between two parties without the need for a middle man is one aspect while leveraging blockchain technology to minimize transaction and processing fees for banks is another. Of course, cryptocurrencies have their disadvantages too. This includes issues of tax evasion, money laundering, and other illicit online activities where anonymity is a dire ingredient in solicitous and fraudulent activities. Read this Term reduce global poverty? Find out from Wala CEO @TriciaTita https://t.co/bQD4xJnEOE #cryptocurrency #blockchain #ethereum #poverty #UnitedNations #BehavioralEconomics #incentives #EmergingMarkets #bitcoin #ico #Token #TokenSale
— Wala (@GetWala) December 7, 2017
This partnership is only the latest for Wala, which has made an effort to develop services for independent merchants and small businesses in the past. Wala has already partnered with two platforms for small business owners across Africa: mobile point-of-sale service Mvendr and e-commerce management platform Spazapp.
Both of these partnerships that have allowed Wala users the opportunity to cash in and out with Dala tokens at more than 100,000 merchants across the continent.
A revolution for the unbanked
The innovations and digital payment and financial storage solutions have been making waves around the globe, but their impact is perhaps the most powerful in places like rural Africa - parts of the world with extremely limited financial infrastructure.
In a piece for CoinTelegraph, writer Darryn Pollock described what he calls crypto’s ability to “leapfrog” Africa into the future. The “leapfrog” phenomenon is demonstrated with the evolution of the telecom industry in Africa; the infrastructure necessary to support landline telephones simply never reached much of the continent. However, many of the same areas that were inaccessible for landlines now support an abundance of mobile telephone services.
In the same way, traditional brick-and-mortar banks as they exist in European and North America are unsuited to large portions of Africa. There are large swaths of that simply don’t have the transportation and building infrastructure to sustain banks the way that people in the ‘western’ world think of them. However, mobile banking solutions and other mobile financial services (like cryptocurrency wallets and exchanges) are expanding at unprecedented rates.
As some African countries have descended into financial crises, some residents have also turned to Bitcoin or other cryptocurrencies as a safe haven for their savings.
In any case, the African cryptocurrency market is full of opportunities for entrepreneurs as well as users. Wala CEO and Founder Tricia Martinez said that “in agriculture, retail, enterprise and other industries, partnerships like these are helping us move consumers throughout Africa closer to financial prosperity, eliminating the traditional gap between consumers and financial service providers.”