AFRICA’S FIRST DIGITAL UBI
Putting digital currency in the hands of South Africans to pursue their dreams
Rightful Share is setting out to prove that a basic income can strengthen entrepreneurial activity and boost incomes.
By deploying a digital UBI (Universal Basic Income) we want to make the economy accessible to millions of aspirational and ambitious South Africans who are currently locked out of opportunities. We want to give them the chance to increase and diversify their income streams, to learn and to build their wealth.
We want to demonstrate that it is possible and more effective to give socio-economic investment money directly to citizens. Socio-economic investment can go straight into the hands of beneficiaries as a basic income. It will save corporates time and money by removing the need for overly bureaucratic programmes and complicated scorecards.
Blockchain technology further reduces the opportunities for corruption by reducing the discretionary power of government officials and cutting out intermediaries.
Karen Jooste is Founder and Director of RightfulShare an Income Movement. She is a crypto enthusiast, NFT collector, and a previous Member of the South African Parliament.
I did not initially support the idea of a basic income. This changed when, during a caucus meeting at Parliament, Mmusi Maimane, former leader of the largest opposition party, asked why the party was perceived as ‘uncaring’. At first the question sparked an academic interest, but it later turned into a fascinating personal journey.
There are so many creative, talented and skilled individuals in the rural towns across South Africa. People who make a living and run businesses with very little support from authorities and the formal financial sector. For example, Ansie who sells Tupperware, Sheila with her tuckshop, and Delano with a goat business. But, time and again their aspirations are hampered by limited access to resources and insufficient funds.
It is time to change all that. Our first pilot project will channel a basic income directly to beneficiaries, allowing them to increase their economic activity, reduce their debt, and increase their savings. But, most importantly, it will allow them to tell their stories.
It is the story of what happens when you believe each individual has inherent worth, when you trust that they will act in their own self best interest, and when you give them access to resources and funds. It is the untold story of the informal economy, its resilience, and the massive opportunity it holds.
This story is important because if we want to replace a socio-economic system that creates elite access to the economy with one that creates fair access – we first have to change the values that underpin it.
There has never been a better time than right now. Significant political realignment is taking place in South Africa and the time is ripe for new policy ideas. I believe that a basic income in the form of a ‘RightfulShare’ will channel money to our most important economic players, micro entrepreneurs and creators, while also supplementing the incomes of those who rely on jobs and labour. It is affordable if we draw on technology and use existing ‘empowerment money’ in more socially just, efficient and effective ways. The best way to go about this is to experiment and show South Africans the way forward. I want to invite you to join us on this journey and to ultimately build a thriving, fair economy that allows millions of South Africans to be their own boss.
We’ve just come back from Devcon 6 in Bogota, Colombia. The event was incredible, and we’re excited to share some highlights with you.
Help us put money into the hands of ordinary South Africans.
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