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FAQ: Blockchain-Based Community Currency and Local Economic Impact
TL;DR
Encointer's blockchain system multiplies economic impact by 240%, giving communities a significant advantage in local economic development through enhanced cash transfer efficiency.
Encointer combines blockchain cash transfers with local savings systems and digital currencies to create reserve-backed community economies that circulate funds internally.
This initiative strengthens community relationships, reduces poverty through local economic empowerment, and creates more resilient societies with improved livelihoods for all participants.
Aisha's MoZa Cosmetics grew from 15 to 40 monthly clients using the Nyota currency, showing how digital tools can transform small businesses in emerging economies.
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The pilot aims to demonstrate how blockchain-based systems combined with local cultural practices and cash transfers can boost local trade, strengthen community resilience, and enhance the effectiveness of development aid.
The community currency multiplied the economic impact of cash transfers by 240%, significantly increasing local economic activity and business growth.
The system uses two approaches: direct cash transfers to individuals who pool resources using traditional savings systems, and cash transfers that fill a reserve securing the issuance of local digital currency that circulates within the community.
Encointer, a Swiss-based NGO, is collaborating with Jukumu, a local Tanzanian NGO dedicated to combating poverty at the community level.
The pilot launched in late 2023 in the Nyota community of Dar es Salaam, Tanzania, and has grown to include over 100 active participants as of November 2025.
Participants report stronger community relationships, increased savings, reduced costs for products and services, and business growth - such as MoZa Cosmetics expanding from 15 to over 40 clients per month.
Encointer is scaling its model by conducting deeper impact assessments, integrating savings groups and microloan mechanisms into their app, expanding partnerships, and launching new communities in countries like Nigeria.
It combines blockchain technology with local cultural practices like rotating savings systems, creating community-owned digital currencies that keep money circulating locally rather than flowing out of the community.
Cash transfers fill a reserve that secures the issuance of the local digital currency, allowing community members to exchange it for national currency when needed while keeping most currency circulating locally.
Curated from 24-7 Press Release
