The Celo Kenya Shilling (cKES) is Kenya’s maiden stablecoin in the ratio 1:1 to the Kenyan Shilling (KES). It operates mainly on the Celo blockchain network.

The creators of cKES intended to create a cryptocurrency that would guarantee quick, less costly, and safe digital transactions. cKES facilitates smooth international transactions and remittances within Kenya’s growing digital economy.

Inaugurated in May 2024, cKES is backed by the Mento Reserve.  Thus, users are assured of security and stability. Riding on Kenya’s thriving fintech sector and increased adoption of blockchain technology, cKES is set to revolutionize digital transactions in the country.

The cKES Inventors

The idea of Celo Kenya Shilling (cKES)  was a combined initiative spearheaded by the Celo Africa DAO (Celo Africa DAO), Mento Labs, and the Celo blockchain ecosystem. It was released as part of the Mento Protocol– a decentralized system for stable assets on the Celo blockchain network.

The project underwent intense and thorough testing before its launch to ascertain and certify its stability. Platforms upon which it was tested included, Celo Mainnet, Baklava Testnet, and Alfajores Testnet.

Some of the salient features of cKES include:

• Stability & Security: cKES is Pegged 1:1 to the Kenyan Shilling, with reserves managed through the Mento Reserve.
• Low Transaction Fees: Near-zero fees compared to traditional banking and remittance services.
• Instant Transactions: Transfers occur in a flash of a second on the Celo blockchain network.
• Interoperability: The coin easily swaps with cUSD (Celo Dollar), cEUR (Celo Euro), and other Mento stablecoins.
• Transparency: It is built on an open blockchain infrastructure, ensuring public verification of transactions.
• Gas Fee Flexibility: Users can pay network fees using either CELO tokens or cKES

Alt: A person transacting through a cell phone on the Celo network                   Credit: Coin Bureau

Benefits of Using cKES

1. Remittances and Cross-Border Payments

Kenya receives over $300 million in remittances annually. cKES allows Kenyans abroad to send money home quickly, securely, and with minimal fees. Thus, outperforming banks and mobile money service providers.

2. E-Commerce and Business Transactions

Merchants can accept cKES for payments. Thus, reducing costs associated with mobile money and banking fees. Businesses can also settle transactions faster with no risk of chargebacks.

3. Savings & Wealth Preservation

You can store value in cKES. This protects your savings against currency depreciation. Besides, it helps you gain access to crypto-native financial tools like lending and yield farming.

4. Peer-to-Peer (P2P) Transfers

With Celo-powered wallets like Valora, MetaMask, Trust Wallet, and Omni, you can instantly send and receive cKES across Kenya and beyond.

5. Financial Inclusion

Over 80% of Kenya’s population is under 35 years old, with many being unbanked. cKES provides a secure, blockchain-based financial alternative for the youth and businesses.

How to Get and Use cKES

Step 1: Connect to the Mento Stable Exchange

• Visit the Mento app and click “Connect Wallet”.
• Choose from Valora, MetaMask, Trust Wallet, Omni, or WalletConnect

Step 2: Swap Your Tokens

• Select the token you want to swap (e.g., cUSD) and choose cKES as the output currency.
• Confirm the swap details and send the transaction.
• Your cKES balance will be updated in your wallet instantly

The Future of cKES and Blockchain in Kenya

With Celo’s mobile-responsive blockchain system, Celo Blockchain, cKES seeks to fast-track financial revolution and incorporation throughout Kenya.

The developers look forward to:

• Seeing cKES integrate fully with local business ventures
• Break into DeFi (Decentralized Finance) services
• Enhanced cKES accessibility for rural communities
• Partnerships with more fintech startups and payment processors

Conclusion

The Celo Kenya Shilling (cKES) is not just Kenya’s first cryptocurrency. It is a revolutionary payment infrastructure for diaspora remittances, digital receipts and payments, domestic transactions, and financial accessibility.

Whether you’re a businessman, a local or international investor, a Kenyan abroad, etc., cKES offers fast, secure, and cheap financial transactions powered by the Celo blockchain technology.