Tanzania's digital finance sector sees growth with Umoja Coin listing
What you need to know:
- Umoja Coin was launched on January 8, 2025, at $0.75, and rose to $0.78 within 24 hours, with a trading volume exceeding $108,000.
Dar es Salaam. Tanzania’s financial sector is experiencing changes as Umoja Coin (UMC) debuts on Coinstore, a Singapore-based cryptocurrency exchange.
This happens as the Bank of Tanzania (BoT) is assessing the adoption of a Central Bank Digital Currency (CBDC).
Umoja Coin was launched on January 8, 2025, at $0.75, and rose to $0.78 within 24 hours, with a trading volume exceeding $108,000.
Co-founder BornMathew Mollel said the project aims to establish itself as a leading blockchain solution in Africa.
Meanwhile, BoT Governor Emmanuel Tutuba told The Citizen that the bank’s study on CBDC is nearing completion.
“This study, initiated in 2023, has involved gathering stakeholder input and data to assess the viability of CBDC in Tanzania’s financial system,” he said.
Umoja Coin is already being adopted across various sectors. Traders such as Halima Mwinyi see its potential in facilitating cross-border transactions.
“I struggle to send payments to suppliers in Kenya, but with Umoja Coin, I will be able to do it in minutes with minimal fees,” she said.
Real estate professionals also note its benefits. Agent Joseph Ngowi highlighted blockchain’s role in addressing fraud and inefficiencies in title verification.
“In my years of practice, I’ve seen disputes over forged titles and incomplete ownership records. The document verification process is cumbersome, requiring multiple office visits and weeks of waiting,” he said.
Coffee farmer Emmanuel Kimaro pointed to blockchain’s potential in ensuring transparency and prompt payments in supply chains.
Reports indicate that Umoja Coin operates on the Polygon blockchain, offering low transaction fees and scalability, making it a viable alternative to traditional remittance services.
Coinstore’s endorsement reflects the coin’s potential in driving blockchain adoption in Tanzania and Africa.
“Umoja Coin represents a new chapter in Africa’s digital finance journey,” said Coinstore’s Listing and Global Partnership Manager, Jing Wei, Sr.
As Umoja Coin gains momentum, it highlights blockchain’s role in economic empowerment and financial transparency.
