Resource

A Community-Based Entrepreneurial Ecosystem Powered by cUSD and Valora

A year into the COVID-19 pandemic, overseas Filipinos who lost their job and were repatriated as a result of the pandemic were eager to find opportunities that would provide an alternative and sustainable livelihood for their families once they returned home. In response to this, Grameen Foundation implemented the Celo Social Dividend Campaign which focused on the plight of 800 Overseas Filipino Workers (OFW) and their families.

With funding from Celo Foundation, Grameen partnered with Ekolife Marketing Cooperative (Ekolife) and local non-government organization (NGO) Atikha Overseas Workers and Communities Initiative (Atikha) to identify, onboard, and train beneficiaries who would each receive 200 Celo Dollars (cUSD - a digital cryptocurrency) as capital support to start their own business and contribute to an entrepreneurial ecosystem running on cUSD in their communities.

The pilot project created a digital currency ecosystem where the beneficiaries and cooperatives actively took part as producers, merchants, and consumers using cUSD.