East Africa’s Umoja Coin launches on global exchange, promising financial inclusion

Dar es Salaam. Umoja Coin (UMC), a digital currency designed to revolutionise payments in Africa, has officially launched on the global cryptocurrency exchange Azbit.

The listing, which went live on 19 February 2025 at an opening price of $0.75, marks a significant milestone for East Africa’s fintech sector, highlighting the region’s shift towards digital finance.

Umoja Coin’s Chief Financial Officer, Bornmathew Nuru, said the development was important in addressing financial barriers across Africa.

“Umoja Coin was created to bridge financial gaps,” Nuru stated. “With Umojapay, our upcoming payment platform, we aim to make remittances easier, boost cross-border trade, and improve financial access for millions of unbanked people in East Africa.”

According to the World Bank’s Global Findex Database (2021), 42 per cent of adults in Sub-Saharan Africa remain unbanked due to high fees and limited accessibility. While financial inclusion in Tanzania has improved from 58 per cent in 2017 to 68 per cent in 2023, many rural communities still lack formal banking services.

Mobile money platforms such as M-Pesa have helped bridge the gap, but cross-border transactions remain expensive, costing an average of 7.8 per cent per transaction—far above the UN target of 3 per cent.

“Many East Africans depend on remittances to support their families, but existing services are costly and slow,” Nuru explained. “With Umojapay, we’re solving that problem—offering almost instant transactions at a fraction of the usual cost.”

Using blockchain technology, Umojapay aims to cut transfer fees to just 0.5 per cent, providing an affordable alternative for businesses and individuals.

“For a small business in Arusha buying textiles from Nairobi, transactions can be completed in seconds, avoiding banking delays and high fees,” he said. “Similarly, a farmer in northern Tanzania can receive payments instantly through Umojapay, eliminating middlemen and increasing profits.”

Since its launch on Azbit, Umoja Coin has recorded over $100,000 in trading volume within the first 24 hours—a strong indicator of investor confidence.

Nuru stressed that this listing is more than just a financial milestone: “This isn’t just about being on an exchange. It’s about making Umoja Coin accessible to everyone. With Azbit, we now have a global platform for growth.”

Despite its early success, Umoja Coin faces regulatory challenges, particularly in Tanzania and neighbouring countries, where cryptocurrency regulations remain unclear. However, the Tanzanian government has shown openness to fintech innovation, with the Bank of Tanzania recently launching a regulatory sandbox to test blockchain solutions.

Looking ahead, the Umoja Coin team plans to roll out a beta version of Umojapay in Q3 2025, collaborating with merchants and remittance providers. Their goal is to reach over one million users within the first year.

“Financial inclusion isn’t just about access. It’s about giving people the tools to manage and grow their wealth. Umoja Coin is our commitment to that vision,” Nuru affirmed.

A crypto investor from Nairobi, Jane Mwikali, expressed optimism about the project. “I’ve invested in many tokens, but Umoja Coin stands out because it solves real problems—remittances and cross-border payments.”