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- Sarafu-Credit (sarafu is the Kiswahili word for 'currency') is a community currency system operated in Kenya. It is used by five different communities, all located in informal settlements or slum areas, including small businesses and schools. The community currency system takes the form of paper notes, circulating alongside the national currency, the Kenyan shilling. It aims at fostering local trade by mobilizing under-used resources, and at satisfying basic needs (such as accessing food and paying school fees) by allowing users to trade even when the national currency is scarce. The adoption of the community currency has generated an average 22% increase in participating businesses' incomes. In using communities, up to 10% of local food purchases are being done using the community currency. Field studies have also shown that Sarafu-Credit usage is positively correlated to increasing levels of trust among community members. Such monetary innovation is designed to go beyond official development assistance, by considering the nature of money or credit and alternatives way it can be created. The Sarafu-Credit system has been developed and is implemented by a Kenyan-based non-profit foundation called Grassroots Economics. (en)
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- Grassroots Economics Foundation (en)
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- Kenyan local communities (en)
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- Sarafu-Credit (sarafu is the Kiswahili word for 'currency') is a community currency system operated in Kenya. It is used by five different communities, all located in informal settlements or slum areas, including small businesses and schools. The community currency system takes the form of paper notes, circulating alongside the national currency, the Kenyan shilling. It aims at fostering local trade by mobilizing under-used resources, and at satisfying basic needs (such as accessing food and paying school fees) by allowing users to trade even when the national currency is scarce. (en)
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