Fortune struck Kenya’s Mwale Medical Technology City, or MMTC, after Akoin, a digital asset project developed by the famous Senegalese-American Singer Akon, has landed successfully in its initial pilot testing. The success of Akoin’s first pilot test at West MMTC has set the stage for unveiling Akoin’s national rollout across Kenya in a major event next month, featuring Akon and the founder of MMTC Julius Mwale.
Akon’s very own digital asset Akoin is designed to help business owners, entrepreneurs, and social activists. Akoin’s design ensures that entrepreneurs and activists can carry out transactions locally without impeding the emerging markets in Africa.
Akoin’s pilot testing started in November 2020, according to a spokesperson from Mwale Medical Technology City, Akoin’s launch is expected to pave the way for $5 million worth of transactions every month at MMTC. A recent report stated the pilot stage allowed the local residents to pay for Akoin or be paid for using the cryptocurrency. The report also explained that all transactions had converted into cell phone minutes or some other form of exchange and incentives.
Akoin is expected to be fully implemented at the start of September, and it is estimated that monthly transactions may skyrocket by the end of the year. According to the forecast report, Akoin transactions will surge beyond $2 billion by 2022. By next year, Akoin will be established as the only platform for conducting business transactions in Mwale Medical Technology City.
In order to fully implement Akoin in a successful manner, the project will be targeting about 5,000 workers in the first six months after launch, and 20,000 workers by the end of next year. MMTC intends to unveil Akoin in a major launch event in September, by doing so Akoin will have a broader reach and be widely accepted throughout the city and beyond.
According to the spokesperson of MMTC, Akoin is expected to become the second most popular platform in the city, only behind M-Pesa. Akoin will be marked as famous cellphone-based money transferring and micro-financing platform, popular in Africa and other parts of the developing world.
Mwale Medical Technology City is a newly built city in Kenya that consists of a variety of medical and technological complexes. Akoin’s pilot testing is considered as a stepping for the adoption of cryptocurrencies by the most anticipated Akon City project in Senegal.