The Kenya National Fire Brigade Association (KENFIBA) has become the first union in the country to adopt Bitcoin as part of its financial reserves.
The initiative The “X” was announced at the Africa Bitcoin conference in Nairobi on December 11, 2024.
The announcement was made by ‘Proof of Workforce, a non-profit organization focused on helping unions and workers adopt Bitcoin.
KENFIBA (Kenya National Fire Brigade Association) becomes the first government organization in Kenya to hold Bitcoin on its balance sheet thanks to @Beiwatch1 pic.twitter.com/W94RTMKrq9
—Rufas Kamau
(@RufasKe) December 11, 2024
(@RufasKe) Dom Bei, founder of Proof of Work, congratulated the team behind the African Conference. Bei said that Kenya, alongside the African continent, will continue to play a leading role in the adoption of Bitcoin.
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The Bitcoin donation was transferred to the custody of KENFIBA during the Africa Bitcoin Conference. It would aim to improve emergency response systems, member recruitment and overall operational efficiency within the organization.
Magdalena Gronowska, advisor for Proof of Workforce, explained the benefits of the Bitcoin reserve.
According to him, the initiative would not only enhance KENFIBA’s emergency response capabilities but also provide its leaders and members with 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 help the syndicate use the cryptocurrency effectively.
KENFIBA executives, which include CEO Bernard Omwono and Secretary General Francis Omolo, expressed optimism about the initiative, highlighting its potential to modernize and streamline operations.
Additionally, the Proof of Workforce board and its resources are expected to remain available to KENFIBA throughout its Bitcoin journey.
However, upon the announcement of KENFIBA’s adoption of Bitcoin, questions were raised about its status as the first union in Africa to hold the cryptocurrency.
James Otudor, a user of ‘X’, has claimed that an academic staff union at a federal university in Nigeria has already established a Bitcoin reserve as part of its non-compulsory contributions for its members.
“Great but certainly not the first in Africa. I have a group of academic staff union members of a popular federal university in Nigeria who have been keeping bitcoin on their balance sheet as part of their non-compulsory contributions for over 7 months now. They just shared the profits,” he said.
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Bitcoin adoption reflects broader crypto trends in Africa
The Africa Bitcoin conference also tweeted that “KENFIBA executives will have access to visionary Bitcoin builders in Kenya.” This includes help from Noelyne Sumba and Jodom Konami, both local Kenyans building in the Bitcoin ecosystem, to provide the union and its members with tools, education and resources.
Countries like Kenya, Nigeria and South Africa have already put in place policies to stimulate innovation in these areas. Meanwhile, countries like Egypt, Algeria and Rwanda have launched national programs dedicated to Artificial Intelligence (AI).
Kenya has adopted blockchain and cryptocurrency as part of its efforts to modernize industries and improve financial inclusion. In the context of the cryptocurrency market in Kenya, the number of users is planned to reach 733.30k users by 2025.
Nigeria maintained its position as the world’s leading player on the Global Adoption Index, ranking second globally, while Ethiopia (26), Kenya (28) and South Africa (30) featured also in 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 for forecasts for Africa’s digital economy to grow by up to 600% by 2050.
The economic outlook across the continent appears geared towards rapid expansion, with growth expected at approximately 3.7 percent in 2024 and 4.3 percent in 2025.
In the meantime. The Middle East and North Africa (MENA) region ranks as the seventh largest crypto market in the world in 2024, with an estimated on-chain value of $338.7 billion received between July 2023 and June 2024, which represents 7.5% of the total global trading volume. .
The article Kenya Firefighters Union Adopts Bitcoin Reserve, Adoption Expected to Rise appeared first on 99Bitcoins.
