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New Digital Currency, Stellar, Aims for Financial Inclusion for Girls in South Africa

We have summarized this news for you:

  • Stellar is inspired by the crypto-currency, Bitcoin, but is designed as an intermediary between conventional currencies or assets
  • Targeted towards girls in South Africa to educate them on financial decisions as part of their existing social networking experience, with rewards in form of airtime minutes
  • Features are powered by a text based mobile technology, Vumi, used by UNICEF, USAID and Gates Foundation
  • Current supporters of Stellar include Stripe and Praekelt Foundation in South Africa; could expand to Indonesia in coming months
  • Success of service will depend on regulatory approval and wider adoption by other agencies with similar objectives

(Sources: stellar.org; vumi.org; MIT Technology Review)

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