ZUGA COIN: Archbishop Sam Zuga discusses how he founded digital currency after emerging from extreme poverty.
Archbishop Sam Zuga is a man of many passions and specialties. His most recent endeavor was launching Zuga Coin, a business created with the goal of enabling Nigerians’ fortunes and promoting inclusiveness in the nation. He was able to discuss his goals and reasons while Sunday Vanguard sat next to him.
Aside from the work you do as a cleric, you are into so many other things. Can you tell us about yourself and your other interests?
My entire life has been dedicated to serving people and worshipping the Almighty God. I enjoy helping others and finding answers; therefore, I’ve become engaged in a variety of activities dating back to my youth. As a family, we faced adversity and poverty as we grew up. At the age of 14, a specific occurrence brought me to God, and He heard my plea to remove the disgrace from our family. And He came to make me a distributor of everything our family lacked.
The suffering story goes beyond what you may expect; at the age of 14, I ate rice for the first time! In reality, once a year, I worked relentlessly to guarantee that we were nourished, worked on other farms for a fee when the rains arrived, and struggled on my own farm—all in order to support my younger children. That money was utilized to pay school fees and to care for my younger siblings.
People recognize me as someone who assists. When the time came for me to leave the village for the city, and God provided for me so that I could start producing money, the first thing I committed to doing was establishing a secondary school in my village so that the children in my town would not suffer as I had. Because of the long distance between our hamlet and the school, many of them did not go, so I created the village’s first secondary school.
Government Day Secondary School, Abako, is its new name. In my village, that is the only government institution. In the course of my business, I engaged in manufacturing, researched soap and cosmetics, and founded Tiv Land’s first soap and cosmetic firm. My name is Tiv, and I am from Benue State.
I created ‘Sa Tiv Soap,’ which translates to ‘We Tiv Soap,’ to offer my people a sense of belonging and encouragement. This firm employed many young people and once again became a supplier of necessities for my family and others. I also started looking at how to offer food to the community and began supplying dried cassava chips, garri, and guinea corn to them with a long-term plan to ensure there is no scarcity during critical times of the year.
I’ve also provided free medical care. While making soap, I decided to set aside a percentage of my monthly revenues to pay for my people’s medical expenditures. I would hire any hospital I chose. In one instance, an elderly lady was in financial difficulties, and I devoted all of my resources to helping her. Her position, however, was terrible. It seemed to me that we needed to strengthen this, so we assembled several physicians who advised us on structure, medicine supply, and equipment procurement, and we began providing free medical treatment to the surrounding communities.
Later on, I got a revelation that God would use me to cure sick people. My mother was the first to receive the present, followed by my sister, and this is how the gift has continued to touch the lives of everyone around me. As this expression got more visible, it became impossible to conceal, so I became mobile and began to wander from place to place across Africa from 2003 to the present.
I utilize food as suggested and use these items for medical treatment. I couldn’t utilize traditional treatment since God had given me a solution to my problems. Over 20 million Africans have already benefited from free medical care. Then I moved to Dubai, obtained a residency visa, and began my business there, as well as becoming active in humanitarian initiatives.
My encounters with other Africans and Nigerians who were in need drove me to establish a free coffee shop where we could help individuals in need of food, housing, and other necessities. The number of people we were aiding grew over time.
An experience with an incredibly troubled young Nigerian man who came in considering suicide captivated me to the point where I realized Dubai was only a temporary basis for all the work we were doing. It was time to return to Nigeria and concentrate on constructing a new Nigeria within Nigeria. Some folks decided to join me and migrate to this project.
My first intention was to offer individuals loans, and when they returned them, I provided others the opportunity to receive assistance as well. So a corporation was formed, and before making any payments, we traveled across Nigeria and met individuals. We then reevaluated our position based on our overall views, concerned about our capacity to recuperate funds. As with the new world movement, the notion of a democratized and inclusive system of banking and funding came to us in the form of cryptocurrency.
This brings me to the next question, which is about the Zuga coin. What is Zuga Coin, and how did it come about? What brought the inspiration?
A great deal of thought and effort has gone into building our position in cryptocurrency. And it is time for Africa to lead rather than follow, as it has done in the past. Akon of Senegal established his own crypto-currency, with several faults.
We have promised not to repeat the same errors. Zuga Coin is one of the first African cryptocurrencies to be traded on the international market. Zuga Coin is a type of digital money. A cryptocurrency is a type of digital currency that is based on blockchain technology, which is currently the most secure and accountable system.
The procedures for creating a coin are developed in this; you finish building it before connecting it. Tokens are available on blockchains such as Ethereum, Binance, and others. Once this is accomplished, you will email connections to exchanges and trackers. The trackers examine it, and if it fits worldwide criteria, they will start tracking your currency. In December 2020, Zuga Coin met worldwide requirements. That’s when it went worldwide.
For ordinary Nigerians who want to get involved, what should they do?
Zuga Coin was born out of a desire to help others. I did not sell my first venture. I distributed it at no cost. Those loans have gone to those who have registered as members of my NGO. We will multiply N500 by 20 and give it to you if you register with N500.
So, rather than carrying money to buy them, I gave them out for free. Many Zuga coin owners received it for free. After I gave them, I said, “Okay, go sell,” so as they sell, the money goes into their pockets rather than the company’s, and many individuals who are selling make money; that is how I got started.
Right now, anybody who wants to participate is welcome; unlike other crypto-currencies, we don’t tell you exactly how much we pay you. For example, if you donate N100,000, we would give you N200,000 immediately. We will design it so that it may be a profitable venture for you.
The difficulties were primarily caused by people’s negative encounters with cryptocurrency. You are aware that everything that has benefits also has drawbacks. Compliance and fraud have been problems with the use of cryptocurrency in this country.
As a result, when you upload your data, you will be interacting with someone you know. Your name must be on your means of identification, and you will upload that means of identification. After uploading it, we have developed a technology that requires you to put that identity card on your face, so the computer can scan and see the face that is actually doing the transaction.
So, when you upload this data, humans must review and approve it before making a judgment. So that component of money laundering has been addressed, and if you do anything suspicious, there is a mechanism for us to track you down.
Then there’s the explorer, who records every transaction that happens all around the world. Whatever happens, right now is being recorded so that you can keep track of it.
For Nigerians who may not have heard anything about crypto-currency, what kind of benefits can they get from getting involved?
On regular ground, you work for money, but when you engage in cryptocurrency, money starts working for you. Zuga Coin, as you are aware, allows you to sell when the market is rising. We don’t want people to experience that tension, but if you follow the market, you can sell when it’s up and earn money.
Every action we take in this case is typical. Therefore, there is already a defined profit margin. As soon as you walk in, you put your money down first. Then, we’ll give you back twice as much. You quickly benefit there, just instantly.
Considering that we are preventing money laundering, it is twofold. This one will grow, so you won’t be able to utilize it right away; you’ll need to seek additional cash. You may come back the next day to see that the market has increased from 200,000 to perhaps 300,000 or 350,000 Naira because the market is expanding. You will misuse it if we permit you to use it that way; therefore, you must work for it. You are only permitted to obtain 30% of this amount every day, therefore.
Due to their desire to avoid being involved in a Ponzi scam or 419-style business, people are typically hesitant to make this type of investment. What distinguishes Zuga Coin from other cryptocurrencies where users have lost money?
The first is that cryptocurrency is an anonymous endeavor; you just face the computer, conduct business with the computer, and go. You are unsure of where to flee if something bad happens. But the primary distinction with Zuga Coin is that it has a face.
Someone voluntarily offers his name and image as collateral. My family name is Zuga. The first thing you should know about me is that my name is Sam Zuga, and if you look at the logo, my face is depicted there. As collateral, I offered just my name and face. You have my word that if anything goes wrong, I’ll be held responsible.
Our offices are number two. When something goes wrong with cryptocurrency, you don’t know who to contact at anyone’s office, but with us, you can always stroll to an office near you if you have a problem. The council and ward levels of the offices are being added as we speak.
The individuals with whom you are interacting are known to you. Although we are a global company, we created a community cryptocurrency. Don’t conduct this Zuga Coin transaction online; instead, do it with a person you know. This was done so as to dispel any misconceptions that people may have. If you are confident that you are not a thief, approach someone and have a conversation with them; if anything bad happens, the person will hold you responsible.
Disclaimer
Comments expressed here do not reflect the opinions of ProbabaFX or any employee thereof.
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