Kenya’s National Fire Brigades Association (KENFIBA) has become the first union in the country to adopt Bitcoin as part of its financial reserves.
The initiative was announced on “X” during the Africa Bitcoin Conference in Nairobi on December 11, 2024.
The announcement was made byProof of Workforce,’ a non-profit organization committed to helping unions and workers adopt Bitcoin.
KENFIBA (Kenya National Fire Brigade Association) becomes the first Kenyan government organization to hold Bitcoin on its balance sheet courtesy of @Beiwatch1 pic.twitter.com/W94RTMKrq9
— Rufas Kamau
(@RufasKe) December 11, 2024
Dom Bei, founder of “Proof of Work”, congratulated the team behind the African Conference. Bei said it Kenya, together with the African continent, will continue to lead the adoption of Bitcoin.
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What are the benefits of adding BTC to the reserve?
The bitcoin donation was transferred into the custody of KENFIBA during the Africa Bitcoin Conference. It is reportedly intended to improve emergency response systems, member recruitment, and overall operational efficiency within the organization.
Magdalena Gronowska, consultant at Proof of Workforce, elaborated on the benefits of the Bitcoin reserve.
According to him the initiative would not only enhance KENFIBA’s emergency response capabilities but also provide its leadership and members access to education, tools and resources from Kenya’s Bitcoin ecosystem.
This includes collaborations with local Bitcoin developers, such as Noelyne Sumba and Jodom Konami, who will support the syndicate in using the cryptocurrency effectively.
KENFIBA leadership, comprising Chief Executive Officer Bernard Omwono and Secretary General Francis Omolo, expressed optimism about the initiative, highlighting its potential to modernize and simplify operations.
Additionally, the Proof of Workforce Board of Directors and its resources are expected to remain available to KENFIBA throughout their journey to Bitcoin.
However, as soon as news of KENFIBA’s adoption of Bitcoin came out, questions were raised over its status as the first syndicate in Africa to hold the cryptocurrency.
James Otudor, a user of “X,” said that an academic staff union at a federal university in Nigeria had already implemented a Bitcoin reserve as part of non-mandatory contributions for members.
“Great but definitely not the first in Africa. I have a group of university academic staff union members in a famous federal university in Nigeria who have been keeping bitcoin on their balance sheet as part of their non-mandatory contributions for over 7 months. They simply shared the proceeds,” he said.
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Bitcoin adoption reflects broader crypto trends in Africa
Also the Africa Bitcoin Conference tweeted that “KENFIBA leadership will have access to visionary Bitcoin builders in Kenya.” This includes the assistance of Noelyne Sumba and Jodom Konami, both local Kenyans who are building the Bitcoin ecosystem, in providing the syndicate and its members with tools, education and resources.
Countries such as Kenya, Nigeria and South Africa have already introduced policies to stimulate innovation in these fields. Meanwhile, countries like Egypt, Algeria and Rwanda have done so launched national programs dedicated to Artificial Intelligence (AI).
Kenya has embraced blockchain and cryptocurrency as part of its efforts to modernize industries and improve financial inclusion. In the context of the Kenyan cryptocurrency market, the number of users is expected to achieve 733.30k users by 2025.
Nigeria maintained its position as a major global player in the Global Adoption Index, ranking second globally, while Ethiopia (26), Kenya (28) and South Africa (30) also entered the top 30.
Approximately 40% of the population of the African continent is 15 years old or younger and demographically constitutes 27% of the world population. Call forecast for Africa’s digital economy to grow by up to 600% by 2050.
The economic outlook across the continent appears set for rapid expansion, with an expected growth of approximately 3.7% in 2024 and 4.3% in 2025.
In the meantime. the Middle East and North Africa (MENA) region ranks as the seventh largest cryptocurrency market globally in 2024, with an estimated on-chain value of $338.7 billion received between July 2023 and June 2024, equal to 7.5% of the total volume of global transactions.
The post Kenya Fire Brigades Union Adopts Bitcoin Reserve, Increase in Adoption Expected appeared first on 99Bitcoins.