|Population||> 206 Million|
|Minimum wage||77 USD|
|GDP per capita||2,097 USD|
According to 2021 sources, in the past 12 months, the Nigerian Naira has devalued from ₦361 per dollar to ₦413 per dollar on the international market, and as high as ₦565 as of Oct 23, 2021, on the black market.
Let’s take a fixed income earner on a minimum wage of ₦30,000 (< 77$), saving 10% of his/her salary ₦3,000(< 7.7$) monthly between Oct 23, 2020 - Aug 23, 2021.
By the end of the savings period, she would have successfully saved ₦30,000, which by now is worth less than it used to be due to the continuous rising inflation rate.
By Aug 23, 2021. The savings value in USD is no more worth about 77$ but instead is only worth approximately $63.91.
The difference is a whopping $14. Which when converted back to Naira, is equal to the person losing Two months savings, when converted back to Naira.
If there were to be an easy, cheap, and very accessible means for the savings to be in USD which is a more stable currency than the Nigerian Naira, Such loss would have been prevented.
In the above case study, it may not seem like much was lost, but if you apply the figure to a larger number the difference would surprise you.
A Defi savings platform without the need of an Ethereum client such as Metamask, that allows anyone in Sub Saharan Africa suffering from inflation to save in a stable currency such as the US Dollars, by leveraging on stable cryptocurrencies such as BUSD and generating interest on savings by staking in lending protocols.