The most effective way to educate someone about a topic is to demonstrate, through application, how the solution addresses the challenges they face. When you do this, they will be more likely to pay attention to what you have to say.
The Evangelical Church Winning All (ECWA), which is one of the oldest churches in Nigeria, is getting ready to board the moving train. Bitcoin, much like the church, is a symbol of hope, and when the two join together, a greater number of people have a better chance of achieving financial independence.
The origins of ECWA can be traced back to 1893, when three missionaries from the United States and Canada named Walter Gowans, Thomas Kent, and Rowland Bingham arrived in Nigeria to establish what is now known as the Sudan Interior Mission (now Serving In Mission). In 1954, the bodies that operated under this mission merged to form a single indigenous organization that was given the name ECWA.
It is still one of the largest churches in Nigeria and West Africa, with over 6000 congregations and 10 million people belonging to its membership. The church has a charitable wing that engages in activities such as providing homes to individuals who have been displaced as a result of religious and ethnic strife, providing education to those who are less fortunate, and caring for orphans who have been brought to their orphanages. Another major aspect of this organization is the provision of vocational training to the people it serves, with the goal of enabling those people to better provide for themselves in the long run.
The core inflation rate in Nigeria is 17.7 percent, and the food inflation rate is 19.7 percent, making Nigeria one of the countries with the highest inflation rates in the world. As a result, it has become even more challenging for the organization to continue providing food and other necessities to the thousands of children and families that are in its care. The World Bank estimates that the rise in these figures is likely to push an additional one million Nigerians into poverty by the end of 2022. This is in addition to the 6 million Nigerians who were already predicted to fall into poverty this year as a result of the rise in prices, particularly food prices. The World Bank estimates that the rise in these figures is likely to push an additional one million Nigerians into poverty.
For a better understanding of the situation, let's assume that the organization had N10 million in its reserves in July 2021. A year ago, the parallel market exchange rate was N510 per dollar; at today's exchange rate of N640 per dollar, the organization would have lost almost 30 percent of its reserves to inflation in an instant.
This indicates that one of the largest charitable organizations in Nigeria had to reduce the scope of its operations in order to continue existing.
This is a prevalent practice among charitable organizations in Nigeria and other nations with high inflation rates. In emerging economies, inflation is currently a significant barrier that stands in the way of the efficacy of philanthropic organizations.
On the other hand, if they had Bitcoin and had converted it into Naira in order to pay for their responsibilities, they would have had more purchasing power during that time period. Even better, these organizations have the potential to build circular economies because some of the talents learned by persons under their care have the potential to be exported. These organizations can establish trust and community to create circular economies that will solve their problems because they have the power to do so.
Finding a way to solicit financial contributions from existing backers and prospective backers located in every region of the world in a way that is efficient, uncomplicated, and expeditious is one of the most difficult tasks for an organization that relies solely on the generosity and contributions of donors.
The organization now has the ability to receive donations from anywhere in the world because they decided to raise funds through the use of bitcoin rather than opening a GoFundMe account from Nigeria (this was a major pain point that was discussed). Additionally, they do not have to worry about censorship or the seizure of their funds because GoFundMe does not operate in Nigeria.
It is impossible to overstate the significance of the work done by charitable organizations; however, if we make it easier for these organizations to gain access to funding, we can make it that much simpler for them to contribute to the fight against poverty and the distribution of power and freedom to those who are economically repressed. Bitcoin contributes to the realization of these goals.
Bitnob will lend its support by assisting in the collection of donations, educating people about Bitcoin in areas such as self-custody for the organization, circular economies, and the ways in which Bitcoin can be used to move the needle in terms of providing monetary hope to millions of people, and carrying out Bitcoin education.
You are encouraged to make a contribution to this cause and to spread the word to anyone else you know who might be interested in lending their support to this initiative.