By Kebba Ansu Manneh
Archbishop Sam Zuga, Dubai-based Nigerian billionaire and Chief Executive Officer (CEO) of Zuga Coins has called on all Africans to embrace the digital economy and crypto-currencies as dictated by the new world order, observing that the world is moving in this direction after witnessing barter exchange, trading in cowries, pennies, paper and plastic monies.
He made this call at the inauguration ceremony of the new executive committee of the Nigerian Community in The Gambia, where he said the biggest challenge confronting the continent is the establishment of the African Time.
“The direction of the world is the digital economy, we started this world with trade by barter and as I am talking to you now, we graduated from that to cowries and from cowries to pennies from pennies to paper and from paper to plastic money that some people are having in their pockets” he explained.
“As we are speaking now, Plastic money is also showing signs of going and here come digital money and the digital economy. If you don’t want to be left out in the new world you must practice digital economy,” Archbishop Sam Zuga encouraged Africans about crypto-currencies.
He explained further that “In the digital economy, we have what they call crypto-currencies and it is not yet in Africa, all that are existing are in foreign (countries) and when the time comes for trading in crypto-currency we will become slaves to others because there is none in Africa. We will be using our monies to buy these crypto-currencies and eventually the little we are left with will be used to buy these abroad.”
The Chief Executive Officer (CEO) of Zuga Coins said his decision to return to Africa is to help address the many leakages that characterized the African economy, noting that the quest to find solutions to these problems is what necessitated the establishment of the Zuga Coins as a model for crypto-currency in Africa.
According to him, Zuga Coins is one of the first crypto-currency in the world that can serve multiple purposes in facilitating trade, while disclosed that the Zuga Coin serves as a store of value thus it can serve as gold, commodity, and cash that is convertible to local currencies.
He continued that his company has completed the building of a financial system that allows Africans to send money to any part of the world in under 20 seconds, adding that this has conquered the stresses of many Africans who found it difficult to send money to friends and loved ones at ease and comfort.
“Devaluation of currency is a major concern and right now almost every country in Africa is having the problem of devaluation of currencies, they keep falling, falling, and falling. But why are our currencies keep on falling while other currencies keep on growing? These are the problem we want to solve and right now we have created a digital platform that can protect these problems and keep your money growing instead of falling,” Zuga Coins CEO disclosed.
Disclosing his plan, “I’m in The Gambia to introduce a new era of money where you don’t need to labor, it is just like you plant a tomato even if you are sleeping money is growing. So, now is the time to engage in smart activities, start actions, the world has moved to a smart level you don’t need to labor, you just have to nurse money and enjoy life.”
According to him, the biggest problem confronting and underpinning the development of Africa is the establishment of an African Time that has now become a mystery for the entire continent, noting that the world has no African Time but only 24 hours that will determine whether one is to be rich and poor and the 24hours will determine how wealthy you can become.
He noted that Africa’s weak point is that the people of the continent tried to have their own time on the planet called African Time, “one of the weak points in the life of a black man.”