A Uganda energy company has partnered with a local blockchain startup to facilitate the supply of clean energy to thousands of Ugandans via cryptocurrency payments.
Uganda’s local currency, the Ugandan shilling, suffers from high volatility and excessive banking fees. As a result, many Ugandans struggle to make basic purchases such as mobile data and electricity.
To combat this issue, a local blockchain startup called Wala developed a mobile app earlier this year which acts a digital wallet and payment platform in the country. The Wala app uses Ethereum-based DALA tokens and has already facilitated 2.5 million transactions since its release.
Now, Wala is joining forces with CleanPath Emerging Markets (CPEM) and the Ugandan Ministry of Energy and Mineral Development to build a massive solar energy plant that will accept payments in DALA tokens. The initiative aims to provide not only a much-needed service to thousands of locals but also reduce the countries environmental impact.
Managing Partner and Co-Found of CPEM, Prince Kudra Kalema of the Bugandan Kingdom, is one of the main driving forces behind the project. He noticed early on that Ugandans faced problems with affordable access to clean electricity and saw the potential in blockchain and cryptocurrency to solve two problems in one.
The prince hopes to provide energy to 25 percent of the population via the giga-watt scale power plant and create 200,000 new jobs.