Co-Founder, Savecoins Technologies.
One of the most significant impediments to wealth accumulation is inflation. This is because it gradually and steadily erodes the value of money. Unfortunately, inflation is a persistent problem across Africa, and many people are unaware of it.
To illustrate the devastation that inflation can cause, consider this: if you had N1 million in 2010 and did not invest it, your N1 million is now worth N323,010.97 in 2020 because of the ten-year average inflation rate was 11.8 percent. That is, your N1 million is worth approximately N323 000. In other words, your N1 million will buy goods worth N323 000 in 2010.
With the growth of crypto adoption in Africa, there is still a lack of understanding of how to invest in cryptocurrencies and also a barrier of entry for low and middle-income earners. Some of the reasons for these are poor education on personal finance and investing, understanding crypto investment options, and confusing user experience for newbies.
The path towards building a possible solution led to the founding of Savecoins. We intend to create a platform that simplifies crypto savings and investment options through dollar-cost averaging and investing in low-risk crypto investment products like staking, crypto index funds, and USD for inflation-hedged savings while protecting the purchasing power of low and middle-income earners by providing access to savings in cryptocurrencies, both stable & volatile assets with the possibility of an increase in the value of their volatile speculative assets.
In the following months, we will be sharing our journey as we build our products and continue to serve Africans specifically Nigerians, and push them towards financial independence through simplified and low-risk crypto investment options.
