The long-awaited Akoin cryptocurrency (AKN), created by Senegalese-American singer and philanthropist Akon, has begun trading against BTC and USDT on the Bittrex Global exchange. Simultaneously, it is being deployed as a means of payment in Mwale Medical and Technology City (MMTC) in Kenya, a pilot project for the planned $6 billion Akon City in Senegal.
MMTC Pilot: 35,000 Residents and 2,000 Merchants Go Crypto
Julius Mwale, principal investor of MMTC, revealed in a podcast that the $2 billion city — centered around a 5,000-bed medical and tech complex — is expected to be fully completed by end of 2020. "We're going to use exclusively akoin by the end of 2021," he stated. With currently 35,000 residents and over 2,000 merchants, all will gradually adopt the Akoin system. Mwale forecast that more than 20,000 workers will be paid in Akoin by next year.
An initial 30,000 transactions are scheduled to begin next month, allowing residents to swap between Akoin, mobile minutes, M-Pesa, and U.S. dollars. After that, a credit card will launch to enable Visa/Mastercard merchants to accept Akoin. The system will then scale to handle 1.5 million transactions monthly, covering 5,000 workers' economic activities.
Zero Fees vs. High-Cost M-Pesa
Mwale highlighted that M-Pesa, the dominant mobile money service in the region, charges transaction fees that are burdensome for low-income residents. In contrast, the Akoin ecosystem imposes no transaction fees internally; only external withdrawals incur charges. "People are very excited — they'll save a lot of money," he said. He also noted that the Kenyan government has effectively banned cash transactions since the COVID-19 pandemic, mandating digital payments, creating a favorable environment for Akoin adoption.
Paving the Way for 'Real-Life Wakanda'
Akon (Alioune Badara Thiam) is building the futuristic $6 billion Akon City in Senegal, dubbed a 'real-life Wakanda.' In September 2020, he unveiled its seven major districts. "Akoin is going to be the exclusive cryptocurrency for Akon City. This is the test ground before it moves into Akon city as we start building there next year," Mwale explained, aiming to transform Africa into a crypto ecosystem within a decade.
With Akoin now trading on a global exchange and gaining real-world utility in Kenya, Akon's vision of a crypto-powered city is moving closer to reality.