In the Zimbabwean cryptocurrency space, there have been a couple of players that have been focused on Bitcoin as a currency alternative. On this list, there’s Bitmari – a startup that has been laying the groundwork to be the country’s first Bitcoin remittance startup.
While the startup wrestles with the regulatory aspects associated getting its primary service off the ground the Bitmari team has extended its services to the financing of the agricultural work of a small number of rural women.
Bitmari is leading the efforts of the Zimbabwe Women Farmers Accelerator a new entity set up to work with 10 women farmers from each of the 10 provinces and help them access support such as farming assistance from agricultural experts as well as inputs.
All this is being paid for through a crowd fund of US$22,500 started by Bitmari. Each of the farmers will get support for their project in the form of Bitcoin which they will receive on their Bitmari Bitcoin Wallets.
They will then redeem the Bitcoin for the necessary farming input from selected suppliers. After a successful season, the farmers are expected to repay the money and it will be used by the next group of farmers.
So far $17,000 has been raised for the fund and in the meantime, Bitmari has already started work on educating the participants on the alternative currency.
The work has been a joint effort with Agribank, some select suppliers of farming inputs and The Women Farmers Land and Agriculture Trust – a small-scale farmers trust.
For Bitmari the idea here seems to be to raise awareness on the Bitcoin and its advantages, especially in communities that would ordinarily wouldn’t adopt a digital cash alternative that hasn’t become as mainstream as mobile money.
It’s also a chance to throw in the idea of a new type of money that farmers can receive from the diaspora (Bitmari is still gunning for remittances over and above everything) with the crowdfund element passing on the financial obligation to a supporting community.
If it’s successful it could become one of the ways that Bitcoin, a bond note Zimbabwean currency alternative, and cash crisis solution will be evangelised in outlying communities.
7 comments
Bitmari is a great idea but you guys are not telling us all the steps to buy the bitcoins.
for example if you try the bitmari app to buy you should connect glidera/ coinbase but both these sites DO NOT WORK IN ZIM .
who will be paying for the internet connectivity to use the Bitmari app? According to this very site connectivity in Zimbabwe is $30/month for 1gb.
if this is included somehow, then why work the fields when you have a loan and free internet – you could start another business instead, perhaps reselling the materials you have access to via the loan?
We are a Pan-African platform so at the moment our diaspora clients can use are platform to buy in US, Canada and U.K. We are not allowed to do so in zim as of yet. Sorry for the inconvenience. We value your critical feedback and patience. #DecoloniseYourLife
haazi madhiri e MMM here aya in a sheep’s suit?
They are giving money for farming inputs , which has to be returned at 0% interest and given to fund another group for next season …Hakuna MMM yakadaro
Is it legal in Zim??
Yes since bitcoin is only being used to redeem farming inputs as a coupon not to buy them as a currency.