The Maasai community living along the Kenya-Tanzania boarder has embraced the use of ‘Umoja Coin (UMC)’, a digital currency to transact seamlessly through their phones.

With most of the Maasai community members being unbanked, the UMC has facilitated financial transactions and enabled them to buy and sell goods across the border without relying on the traditional financial systems.

For Lemayain Ikoyo, a Maasai herder from Kenya, UMC has reduced his reliance on financial intermediaries and now receives payment directly from buyers in the neighbouring Tanzania who also share the same digital currency.

“With Umoja Coin wallet, I can receive payments directly from a buyer in Tanzania. It’s like having a market that stretches across to Tanzania,” said Ikoyo

Ikoyo said that with cattle being the cornerstone of his life and serving as wealth, currency and a symbol of status, lack of access to formal banking systems limits their trade.

He said his community often relies on barter trade or cash to sell cattle in local markets but it becomes challenging to buy other goods from distant places and the cost and risks are high.

“Cattle are our banks. We use them for trade, for ceremonies, and even for resolving disputes but accessing other broader markets has always been a challenge,” said Ikoyo.

Naorokot Leboo, another Maasai herder from northern Tanzania, said that for decades, Maasai traders have faced logistical challenges, insecurity and exploitation from intermediaries who capitalize on their limited market access.

“It’s frustrating to know that better opportunities exist but remain out of reach because we don’t have a way to connect directly,” said Leboo.

Nuru Bon, the visionary behind UMC, explained that he saw the struggle his community endures as a gap and opportunity for change.

He said UMC was born out of the need to connect people like Ikoyo and Leboo to the larger economic ecosystem.

“This is not just about financial transactions. It is about preserving traditions while opening up new possibilities. With UMC, traders can digitize their wealth and participate in global commerce without a bank account.,’ said Bon. 

As for 27-year- old Yusra Amina, a trader in Mombasa, she has used UMC for a year and has enabled her to pay for her clothes from Uganda instantly without incurring high bank fees and delays.

“UMC has helped me to complete transactions instantly without incurring the high bank fees and delays whenever I purchase clothes from Uganda. This has allowed me to expand my business, employ more people, and contribute to the economy,” said Amina.

According to UMC marketing manager, Paul Oloo, the digital currency was initially designed to facilitate financial transactions for the Maasai community across the Kenya-Tanzania border.

Oloo said the vision quickly expanded to encompass the entire African continent.

He added that the idea was to develop a single digital currency that would dismantle financial barriers, promote unity, and empower communities across Africa.

“The currency has made financial services accessible to everyone especially the unbanked who represent a significant portion of Kenya’s and Africa’s population. The currency allows and empowers people to send, receive and trade money instantly through a smartphone,” said Oloo.

He said that with the listing of the UMC on coin store, the currency will get a greater visibility, credibility and access to global audience.

Oloo said UMC aims to make financial services accessible to everyone, especially the unbanked, who represent a significant portion of Africa’s population.

He said that for UMC users, it means easier access to trading and greater liquidity, which is essential for any cryptocurrency.

“We’re also leveraging this opportunity to educate people about digital finance. A key part of the strategy is working with influencers, creating user-generated content, and engaging directly with communities to show how Umoja Coin is transforming lives,’ said Oloo.

Further, Oloo said that UMC app is designed to be a one-stop shop for financial transactions, offering trading options where users can buy, sell and hold the coins securely.

The app he said also enables quick payment for goods and services, similar to how MPESA operates being a borderless currency.

“Users can track their transactions and monitor their spending patterns. Our app is not just about transactions. It is about creating a financial ecosystem that empowers users,” said Oloo.

He said in the future, plans are to integrate tools that allow users to save and invest in UMC or other digital assets.

Oloo said they have built a partnership with credible organizations to ensure compliance with regulatory standards to eliminate issues of trust.

 “Trust is a cornerstone of our strategy, which is why we are committed to transparency. We have worked hard to build partnerships with credible organizations and ensure compliance with regulatory standards,’ said Oloo.

Regarding volatility, he said UMC is designed as a stable coin, with its value pegged to a stable asset that reduces fluctuations, making it reliable for everyday transactions.

He said they aim to make UMC a default currency for Africa where young entrepreneurs across the globe can easily trade with suppliers without a traditional banks acting as middlemen.