Eco-Pesa
Eco-Pesa is the name of a Kenyan community currency, used to reduce poverty and support environmental conservation in a slums areas inside the Kongowea Location, Mombasa District, Kenya. Pesa is the Kiswahili word for money. Eco-Pesa's was in circulation for one year and was considered the pilot that resulted in the more sustainable Bangla-Pesa model of community currencies that have been duplicated in five communities in Kenya and two in South Africa.
Issuance
Residents could obtain Eco-Pesa through being part of a business network or participating in community events (such as trash collection days)[1] or through local sales and services.[2]
Introduction
Eco-Pesa were introduced by William O. Ruddick, May 2010 to three slum villages (or informal settlements) inside the Kongowea Location in Mombasa County, namely: Kisimu Ndogo, Shauri Yako and Mnazi Mmoja. Once registered, local businesses become part of an Business Network. Once in this network, businesses are allowed to exchange their Eco-Pesa Voucher for the national currency Kenyan shillings backed by donor funds. They also receive business and environmental training. Businesses included but were not limited to general shops, pharmacies, health clinics, child care, haircuts, charcoal kiosks, produce sellers, poultry sellers, transportation providers, water sellers, and distributors. The Eco-Pesa themselves were security printed with several security features including: Visicoin printing, UV ink, security designed backgrounds and watermarked paper with UV fibers, as well as serial numbering.[3]
The Eco-Pesa vouchers were available in 5/ep, 10/ep, and 20/ep denominations and depict local landmarks such as the Kengelele Bell, Nyali Beach and the Nayli Bridge.[4]
Post Eco-Pesa Pilot Expansion
William O. Ruddick later founded Grassroots Economics Foundation and in 2013 developed the Bangla-Pesa model based on the results of Eco-Pesa, in the informal settlement of Bangladesh, Kenya. Grassroots Economics is working to employ mobile phone systems to trade community currency. The Bangla-Pesa uses a [mutual credit] model where there is no longer need for national currency or donor funds to keep it running.[5]
Other currencies in Kenya that follow the Bangla-Pesa model include: Gatina-Pesa in Kawangware, Kangemi-Pesa in Kangemi, Lindi-Pesa in Kibera, Ng'ombeni-Pesa in Mikindani. K'Mali in Kokstad South Africa as well as Berg-Rand or BRAND in Bergrivier South Africa also follow a similar model.[6]