Empowa Launches in Nigeria to Bring Blockchain to Housing Cooperatives
Empowa, a fintech company, has launched in Nigeria, marking a significant step in its mission to use blockchain technology for affordable housing. The company aims to create scalable, on-the-ground impact in Africa's largest economy, where over 100,000 housing cooperatives exist.
Empowa's platform, EmpowaPay, will enable cooperatives and their members to use EMP tokens as collateral in their home savings process. This will embed the token in local housing ecosystems, creating natural demand as each transaction generates fees used to buy EMP tokens on the open market.
The Nigerian government's proposed legislation requiring cooperatives to digitize their operations presents an opportunity for Empowa. The company has partnered with PropPay and The Housing Cooperative Collective to navigate local regulations and deploy blockchain-based solutions to housing co-ops.
Empowa's immediate next steps include onboarding pilot co-ops, aligning project timelines with co-op financing, finalizing a listing on a regulated Nigerian centralized exchange to simplify Naira-to-EMP conversions, and launching community outreach initiatives.
Empowa's launch in Nigeria opens up a significant market for its digital housing loan solutions. By leveraging the proposed digitization legislation and partnering with local organizations, Empowa is well-positioned to create scalable impact in Nigeria's housing sector.
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